Ultra-low temperature freezers (ULT freezers) are among the most crucial equipment used in healthcare sector to preserve biological samples, drugs, pathogens and others. ULT freezers are designed to operate between -460C to -860C. Thus, ultra-low temperature freezers have become highly popular in medical and R&D sectors to effectively preserve drugs, body organs and blood samples among others. Rising incidences of cancer and other infectious diseases is one of the prominent factors stimulating the market growth.
According to product type, the market is segmented into chest and upright ultra-low temperature freezers. Upright freezers dominated the market in 2016, owing to higher reliability and sophisticated design. Industry players are concentrating more on reducing energy consumption and further enhancing product design. Subsequently, the segment would retain its dominance in the market over the forecast period. Cost-effectiveness coupled with high storage capacity provided by chest freezers is estimated to ensure high segment growth worldwide during the forecast period. However, high energy consumption and manufacturing cost are some of the challenges for the market.
Rising investment towards life science research & development of orphan drugs is positively impacting the ULT freezers market growth. Presence of organizations (including Bills and Melinda), funding for effective research to cure widespread diseases is further expected to drive the ULT market in coming years. Technological advancement in ULT freezers including mobility, natural refrigerants and provision for maintaining temperature uniformity has ensured strong penetration of these equipment across the world.
Growing adoption of personalized medicines is also one of the most promising factors, influencing the demand for ultra-low temperature freezers. Similarly, rising demand for high value pharmaceuticals storage from hospitals, blood banks and research & academic institutes is another important factor supporting the market growth. Presence of microprocessor control panel coupled with air filters are some additive factors, stimulating the market growth. Furthermore, growing awareness about blood donation camps and body organ donations also has significant contribution to ULT freezers market growth.
Major drivers of ultra-low temperature freezers:
Rising prevalence of chronic diseases
Universal demand for high efficiency products
Growing investments in life science research
Growing emphasis on temperature uniformity
Major restraint of ultra-low temperature freezers:
The global ultra-low temperature freezer market is segmented on the following basis:
Key players identified for ultra-low temperature freezer market include but are not limited to:
Eppendrop AG, Antech Group, Inc., Helmer Scientific, Panasonic Healthcare Co., Ltd., Thermo Fisher Scientific, Inc., Arctiko A/S, Bionics Scientific Technologies Pvt. Ltd., GlenDimplex Company, Haier Biomedical, LABCOLD Ltd. and others.