PUBLISHER: The Business Research Company | PRODUCT CODE: 1429974
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429974
Ultra-low temperature freezers, also referred to as minus 80 freezers or negative 80 freezers, maintain temperatures ranging from 80 to 86 degrees Celsius below zero. These specialized freezers are designed to preserve sensitive materials at extremely low temperatures.
The market for ultra-low temperature freezers, as covered in this report, is segmented by type into chest freezers and upright freezers. Additionally, it is categorized by application, including blood & blood products, organs, pharmaceuticals, forensic applications, and genomic research. Furthermore, it is divided by end-users such as bio-banks, pharmaceutical and biotechnology companies, academic and research laboratories, among others.
The ultra-low temperature freezers market covered in this report is segmented by type into chest freezers and upright freezers. Chest freezers are a type of household appliance designed for the storage of frozen food items at low temperatures. They are used in various applications such as blood components and specimens, organs, pharmaceuticals, forensic, genomic research, and other applications, and by end-users in bio-banks, pharmaceutical and biotechnology companies, academic and research laboratories, and others.
The ultra-low temperature freezers market size has grown strongly in recent years. It will grow from $0.87 billion in 2023 to $0.92 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. Historical growth can be credited to the upsurge in genomic research and technological advancements, amplified R&D efforts aimed at introducing novel drug compounds, augmented investments in life science R&D, escalating government initiatives, and an increased need for food storage in ultra-low temperature freezers. A deterrent to growth during this period was the elevated expenses associated with acquiring new equipment.
The ultra-low temperature freezers market size is expected to see steady growth in the next few years. It will grow to $1.08 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. Forecasted growth is due to increased demand for blood components, government support for research and clinical trials, and the need for COVID-19 vaccine transportation. Major trends include innovative products, tech advancement, strategic partnerships, connected features in freezers, energy efficiency, IoT integration, portable freezers, V-drive tech, and mergers/acquisitions.
The surge in demand for ultra-low temperature freezers is attributed to the impact of the COVID-19 outbreak, as researchers and scientists intensify efforts to develop vaccines and rely on these specialized freezers and incubators to preserve COVID-19 samples securely. The BINDER CO2 freezer serves as a notable example, aiding researchers in retaining COVID-19 samples with essential features such as protection and anti-contamination measures. The COVID-19 outbreak has thus become a catalyst for the growth of the ultra-low temperature freezer market, playing a crucial role in supporting scientific endeavors focused on understanding and combatting the emerging respiratory illness.
The global demand for blood components has been a significant driver for the growth of ultra-low temperature freezers. These freezers, capable of maintaining extremely low temperatures between -20°C and -86°C, are vital for the safe preservation of blood components and specimens utilized in various medical applications. The American Red Cross reported in March 2021 that in the United States alone, there is a daily need for approximately 29,000 units of red blood cells, 6,500 units of plasma, and about 5,000 units of platelets. Additionally, nearly 16 million blood components are transfused annually. This escalating demand for blood components necessitates the use of more ultra-low temperature freezers to ensure their safe preservation, thus contributing to the growth of the market.
The prevailing trend in the ultra-low temperature freezers market is the rising popularity of innovative product launches, particularly driven by the need to preserve novel COVID-19 samples and support scientific research on this emergent respiratory ailment. Major market players are actively introducing new products, emphasizing the critical role of ultra-low temperature freezers and incubators in preserving such samples. During the pandemic, the efficient use of ULT freezers, with a particular focus on lower-cost -80°C freezers, became pivotal for the cold chain handling of RNA vaccines up to the point of administration. In February 2021, Godrej Appliances responded to this demand by launching advanced ultra-low temperature freezers designed for vaccine storage. These medical freezers can preserve life-saving medical supplies, including critical vaccines, below -80°C, contributing to the enhancement of both Indian and global medical cold chains.
A notable trend is the increasing awareness of the advantages offered by portable ultra-low temperature freezers. These portable systems, easily movable and powered by battery, provide a solution for storing temperature-sensitive items such as vaccines, drugs, and fluids. These compact and lightweight devices play a crucial role in maintaining the required temperature, preventing damage and loss of stored items. In February 2021, Elan Professional Appliances Pvt. Ltd. (Elanpro), an India-based company, launched a portable COVID-19 vaccine freezer capable of maintaining a temperature as low as -86°C. This portable freezer is designed to support the government's efforts to maximize the COVID-19 vaccine drive, ensuring widespread distribution to reach every Indian. It strengthens the cold chain for vaccine transportation to various healthcare facilities, including hospitals, clinics, and pharmacies.
In March 2021, BioLife Solutions, a US company specializing in cryogenic storage solutions and ultra-low temperature freezers, acquired Stirling Ultracold for an undisclosed sum. This strategic move allows BioLife Solutions to broaden its range of cold chain freezers, enabling expanded services within the biopharmaceutical market. Stirling Ultracold, also based in the US, specializes in manufacturing ultra-low temperature freezers.
Major companies operating in the ultra-low temperature freezers market report are Thermo Fisher Scientific, Eppendorf AG, PHC Holdings Corporation, Avantor Inc., Haier Biomedical Co. Ltd., BioLife Solutions Inc., Azbil Corporation, Helmer Scientific, Binder GmbH, Arctiko A/S, Bionics Scientific Technologies (P) Ltd., Remi Group, Esco Group Of Companies, Zhongke Meiling Cryogenics Co. Ltd., Labxyi, Zhejiang Iceshare Refrigerating Appliance Co. Ltd., Labfreez, Blue Star, Godrej Appliances, Antech Group Inc., Mitsui & Co, Haier Medical, Acuma, Biobase, Arctiko, Binder, Labcold, Fisherbrand, Isotemp, Stirling Ultracold Storage, Helmer Scientific Inc., Nuaire, Telstar, Emphor Dlas
North America was the largest region in the ultra-low temperature freezers market in 2023. The regions covered in the ultra-low temperature freezers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the ultra-low temperature freezers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The ultra-low temperature freezers market consists of sales of swing door freezer, PID controller freezer. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Ultra-low Temperature Freezers Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ultra-low temperature freezers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for ultra-low temperature freezers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The ultra-low temperature freezers market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.