Hospitals Continue Exhibiting Ultra-low Temperature Freezer Demand, Accounting for 40% Sales: Fact MR

Post COVID-19 Boon will Enable Ultra-low Temperature Freezer Sales total US$ 750 Mn by 2031: Fact MR

The Fact.MR market analysis offers a comprehensive study on the ultra-low temperature freezer market. It offers refined demand outlook for the forecast year 2021 to 2031, identifying hidden growth opportunities across key segments in terms of type, degree of cooling, application, and end user.

NEW YORK, July 30, 2021 /PRNewswire/ — Fact MR forecasts the ultra-low temperature freezer market to register steady growth for the forecast period. As per the study, the global ultra-low temperature (ULT) freezer market is likely to surpass a valuation of US$ 750 million by the end of 2031.

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Rising investment towards research & development (R&D) activities to bolster new drug development will enable the market register a CAGR of 4.4% between 2021 and 2031.

Surging demand for blood and blood components is spurring the market growth. According to a study conducted by the American Red Cross, in the U.S., within every 02 seconds, someone needs blood.

Nearly 36,000 units of red blood cells are required every day in the country alone. Ultra low temperature freezers play are important for storing blood and blood components. Considering this, their demand is likely to increase at a steady pace through the forecast period.

Hospitals are anticipated to dominate the end user segment. In response to the increasing demand for ultra-low temperature freezers for blood and blood products, chemicals, enzymes, tissue samples storage amid COVID-19, the demand for ultra-low temperature freezer will rise in hospitals and healthcare centers.

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Fact MR has projected to account for 40% of the market share in 2021 among end users. The exponential rise in demand for blood and blood component due the pandemic outbreak has made ultra-low temperature freezers highly sought-after among healthcare organizations.

“Companies operating in the market are increasingly focusing on developing technologically advanced upright ULT freezers with high storage capacity and efficiency to cater to surging demand from biobanks, pharmaceutical & biotechnology companies, hospitals, and medical research institutes,” says the Fact.MR analyst.

Key Takeaways from Ultra-Low Temperature Freezer Market Study

  • The U.S. ultra-low temperature freezer market is dominating in North America owing to the increasing demand for blood and blood components in the country.

  • The ULT freezers market in the U.K. is likely to exhibit steady growth supported by the surging investment in the healthcare domain.

  • Asia Pacific is estimated to emerge as a lucrative market driven by the increasing number of hospitals, medical institutes, and pharmaceuticals companies.

  • India, being one of the largest drug manufacturing countries, is anticipated to register rapid growth on the back of increasing R&D activities for developing novel drugs.

  • Upright ultra-low temperature freezers are leading the product type segment, accounting for over 60% of the market share in 2021.

Key Drivers

  • Rising demand for blood and blood components is creating prospects for ultra-low temperature freezers sales.

  • Surging R&D activities for developing novel coronavirus vaccines is spurring the sales of ultra-low temperature freezer.

  • Increasing number of hospitals, pharmaceutical companies, and medical institutes across the globe is estimated to drive the market.

Key Restraints

  • High cost of installation is anticipated to hamper the growth of the ultra-low temperature freezers market.

  • High maintenance cost associated with the ultra-low temperature freezers is expected to restrain the market growth.

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Competitive Landscape

Manufacturer in the ultra-low temperature freezer market are developing new products and services to expand their product portfolio. Besides this, some of the key players are engaging into collaboration with other players to strengthen their market footprint. For instance,

  • In April 2018, Haier Biomedical announced a launch of its new products, Twin cool ULT freezers, laboratory refrigerators, and spark free freezers, aiming to expand its product portfolio.

  • In October 2020, Stirling Ultracold, an American company, announced collaborating with several communities for COVID-19 vaccination administration. This collaboration will assist the company to strengthen its market position and generate more revenue share.

Top manufacturers of Ultra-low Temperature Freezers profiled by Fact.MR are:

More Valuable Insights on Ultra-Low Temperature Freezer Market

Fact.MR, in its new report, offers an unbiased analysis of the global ultra-low temperature freezer market, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on in the ultra-low temperature freezer market with detailed segmentation

Type

Degree of Cooling

  • -41 to -86 Celsius

  • -87 to -150 Celsius

Application

  • Blood & Blood Products

  • Flammable Materials

  • Biological Samples

  • Drug Compounds

  • Others

End User

Region

  • North America

  • Latin America

  • Europe

  • Asia Pacific

  • Middle East & Africa

Key Questions Covered in the Ultra-Low Temperature Freezer Market Report

  • The report offers insight into ultra-low temperature freezer demand outlook for 2021-2031

  • The market survey also highlights projected sales growth for the ultra-low temperature freezer market between 2021 and 2031

  • Ultra-low temperature freezer market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry

  • Ultra-low temperature freezer market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others

Explore Fact.MR’s Coverage on the Healthcare Domain –

Biomedical Refrigerators and Freezers MarketVaccines and other biomedical products will continue to be in high demand due to the prevalence of numerous diseases. Furthermore, due to increased investment in research and development by educational and scientific organizations, the use of biomedical refrigerators and freezers will continue to rise. Healthcare businesses prefer to store diverse biomedical items in biomedical refrigerators and freezers as the necessity for precise and accurate storage conditions arises. Growing demand for tailored vaccines as a result of increased demand for cellular therapy will continue to have an impact on worldwide market growth.

Freezing Bags MarketThe increasing usage of freezing bags for storage in the food and pharmaceutical industries is a primary driver for the global market for freezing bags. The rising usage of freezing bags in the fruit and vegetable business, as well as the meat and poultry industry, will contribute to the global market’s growth. The worldwide freezing bags market will continue to grow as technology advances in the manufacturing of existing types of freezing bags, as well as innovations to bring in new types of freezing bags. Customers’ changing lifestyles, in which they prefer better packaging and want more food storage options, could be another driving element in the industry’s rapid expansion.

Blood Thawing System MarketThe expansion of industry players is projected to be aided by an increase in demand for both manual and automated blood thawing systems from hospitals, blood banks, and transfusion centers. Furthermore, a strong preference for dry plasma thawers is projected to boost demand in the coming years. Sales of blood thawing systems are projected to increase in the near future as prominent manufacturers begin to incorporate cutting-edge technologies. Increased demand from major end-use sectors, combined with a flurry of new inventions from leading manufacturers are expected to significantly boost the industry value for blood thawing systems.

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