Ultra-Low Temperature Freezer Market Revenue to Cross US$ 764.6 million 2027 says, The Insight Partners

Ultra-Low Temperature Freezer Market expected to grow at a CAGR of 4.4% from 2020 to 2027

NEW YORK, UNITED STATES, December 8, 2021 /EINPresswire.com/ -- According to The Insight Partners new market research study on "Ultra-Low Temperature Freezer Market to 2027 Global Analysis by Type, End User (Bio-Banks, Hospital, Pharmaceutical and Biotechnology Companies, Academic and Research Institute," The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth.

Strategic Insights:

Report Coverage (Details)
Market Size Value in (US$ 551.1 million in 2019)
Market Size Value by (US$ 764.6 million 2027)
Growth Rate (CAGR of 4.4% from 2020 to 2027)
Forecast Period (2020-2027)
Base Year (2020)
No. of Pages (135 )
No. Tables (85)
No. of Charts & Figures (65)
Segments covered (by Type, End User and Geography)
Regional scope (North America; Europe; Asia Pacific; Latin America; MEA)
Country scope (US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)
Report coverage (Revenue forecast, company ranking, competitive landscape, growth factors, and trends)

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Increasing Demand for Blood and Blood Components

Blood and blood components perform numerous vital functions in the body. Consequently, severe blood loss could result in life-threatening conditions such as hypovolaemic/hemorrhagic shock, which require immediate blood transfusion to prevent organ failure and death. Blood transfusion is also used as supportive therapy for surgery, chemotherapy, and stem cell and organ transplantation, as well as in the treatment of acute and chronic diseases caused by deficiencies or defects in plasma proteins or cellular blood components, to avoid complications such as life-threatening hemorrhage or improve quality of life by reducing anemia-related symptoms.

For instance, as per the data provided by the WHO, anemia affects ~25% of the population or 1.6 billion people worldwide; toddlers and children of preschool age have the highest prevalence of anemia at 47.4% of their population group. According to the International Journal of Drug Regulatory Affairs with more than 1,200 road accidents occurring every day in India, 60 million surgeries are performed in the country, 240 million primary operations, 331 million cancer-related procedures such as chemotherapy, and 10 million pregnancy complications all require a severe call for blood transfusion. The need for blood transfusion may arise at any time in both urban and rural areas. Unfortunately, millions of people are exposed to unsafe blood due to poor storage and inappropriate checking. The laboratory freezers play a life-saving mission, where the blood and blood components are stored safely by adhering to strict regulations. Blood bank refrigerators have evolved to become more than just reliable cold storage devices.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Based on the type, the global ultra-low temperature freezer market is segmented into upright ULT freezers and chest ULT freezers. The upright ULT freezers segment held a larger share of the market in 2019, and it is also estimated to register a higher CAGR during the forecast period. The projected growth of the market for this segment is attributed to the advantages such as upright freezers need lesser floor space than the chest freezers. Additionally, unlike chest freezers, the ergonomic design of upright freezers eliminates the need to bend.

Moreover, increasing adoption rate due to technological advancements leading to better supervision of operations and ease of access would augment the upright freezers market growth over the forecast period. For instance, Thermo Scientific Revco RLE -86°C upright freezers are available in five capacities, storing 300 up to 700 2-inch boxes. These freezers achieve outstanding thermal performance, along with ensuring safety and security through state-of-the-art engineering.

Based on end user, the global ultra-low temperature freezer market is segmented into bio-banks, hospitals, pharmaceutical and biotechnology companies, and academic and research institutes. In 2019, the bio-banks segment held the largest share of the global ultra-low temperature freezer market

Ultra-Low Temperature Freezer Market: Competitive Landscape and Key Developments

Helmer Scientific Inc., Eppendorf Ag, Thermo Fisher Scientific Inc., Arctiko, Bionics Scientific Technologies (P). Ltd, Haier Biomedical, Labcold, Remi Group,
PHC Holdings Corporation, Esco Group of Companies.

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Rising number activities involving the collection of biosamples and increasing number of biobanks around the world are the factor boosting the demand for ultra-low temperature freezers. Moreover, increase in genomic research activities for studying diseases, and growing trend of conserving cord blood stem cells of newborns would further fuel the growth of the market for biobanks in the coming years.

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The Insight Partners
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