Global Ultra-Low Temperature Freezer Market Overview
Ultra-low temperature freezers provide essential parameters for the storage of bulk reagents; delicate tissue samples, drugs, enzymes, chemicals, viruses, bacteria, cell preparations, and others. Ultra-low freezers find wide variety of application in biotech as well as biological storage. The product is also used in research universities, medical centers, hospitals, blood banks and forensic labs for storage of biological component. In the latter instances they may be used for long-term evidence storage. Besides this, manufacturing firms and testing units are also using the freezer to determine the ability and durability of the product under severe low temperature. New technological advanced products are featured with front-mounted eye-level control system which displays real time clock, event logging, alarm history, advanced alarms, alarm test and memory functions and others.
Market Size & Forecast
Ultra-low temperature freezer market is projected to grow exponentially during the forecast period, witnessing a compound annual growth rate (CAGR) of 4.1% over the period 2016-2023.By product type segment, chest ultra-freezer market is expected to observe a robust growth over the forecast period. The reason behind the expansion of market is attributed towards the increasing investment of government for technological advancement in health sector all over the world.
Geographically, North America is anticipated to hold the largest share in the market till 2024 due to highly developed healthcare infrastructures, presence of world’s leading biomedical companies and the huge investment in the research and development for healthcare facilities. Further, on the back of positive growth of global healthcare industry, ultra-low temperature freezers market is anticipated to be the most growing market in the near future.
Demand Analysis Based on Market Segmentation
By Product Type
On the basis of shape of the product, ultra freezers can be segmented in to following categories:-
There are several designs for ultra-low temperature freezers with varying sizes depending on space need for storage. On the basis of storage capacity, the ultra-low temperature freezer is segmented into following categories:-
By Temperature Range
Depending upon the application, ultra-low temperature freezers are available with following temperature range:-
Ultra Low Temperature Market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Rapid increase in the demand for blood and blood components due to increasing blood disorder diseases, increasing global demand for personalised drug, new government regulation towards better healthcare facilities, growing research and development expenditure of government on clinical trial, huge investment of pharmaceuticals companies on product development are some of the major factors driving the growth of ultra-low temperature freezer market across the globe.
The introduction and adoption of technologically advanced products such as radio frequency identity RFID-enabled equipment, multiple compressor equipment are likely to combat the problems related to breakdown of ultra-low temperature freezer such as compressor breakdown and will further fuel the market over the forecast period. Wide scope of application in biological as well pharmaceutical sector, increasing demand for advanced medical facilities and rising incidence of disease are anticipated to intensify the growth of ultra-low temperature freezer market over the forecast period.
Besides this, high cost of the product and high maintenance cost are the major factor restraining the growth of the market.
Scope and Context
Overview of the Parent Market
Global Ultra-Low Temperature market has been studied on countries and regions like:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization
Great focus on accuracy and quality of the research
(U.S.) - +1 646 586 9123
(Canada) - +1 437 889 3230
(U.K.) - +44 203 608 5919
(India) - + 91 120 660 5495