Ultra-low Temperature Freezer Market Size, Share & COVID-19 Impact Analysis, By Type (Chest and Upright), By Capacity (Less than 300 Liters, 301-500 Liters, 501-700 Liters, 701-900 Liters and More than 900 Liters), By Application (Bio Banks & Hospitals, Academic & Research Laboratories and Others) and Regional Forecast, 2020-2027

The global ultra-low temperature freezer market size was USD 547.0 million in 2019 and is projected to reach USD 783.1 million by 2027, exhibiting a CAGR of 4.6% during the forecast period.

Ultra-low temperature (ULT) freezer is predominantly used for storing products for their preservation at very low temperatures. This aids in gathering and preserving valuable and exclusive drug compounds, biological samples, and specimens. Thus, ULT freezers are standard in R&D and medical segments for efficiently keeping drugs, blood samples, body organs, and others. This has led to the adoption of safe and advanced storage devices.

COVID-19 Pandemic: Reduced Supply and Movement of Raw Materials to Hinder Growth

The impact of the COVID-19 pandemic on the market has been comparatively limited. In the short term, the influence mainly lies in the disruption of the supply chain and difficulty in production, owing to the reduced demand and movement of raw materials. Moreover, COVID-19 is expected to have a relatively positive impact on the companies, with the increasing time frame, attributable to the rising number of biobanks and plasma treatments. In the long term, the manufacturing industry should get back on track, thus, resulting in the stabilizing demand for ULT freezers.

LATEST TRENDS

Government Support for Clinical Trials & Research Activities in Emerging Economies is a Vital Trend

ULT freezers are highly dependent upon the government support provided to research activities done in the life science field, along with various other researches. These researches require the storing of many products such as plasma, blood samples, enzymes, vital organs, drugs, vaccines, chemicals, cell preparations, viruses, tissue samples, and bacteria. The increasing support of the government in the emerging economies for conducting advanced research in this field is expected to result in the rising demand for ULT freezers. Also, with the increasing threat of bio-war, almost every major economy is focusing on surging their spending on research and healthcare facilities. It would result in a high demand for these freezers.

DRIVING FACTORS

Increasing Investment in Life Science Research & Development to Boost Growth

The rising investment for research & development in life science such as child drugs, vaccines, and others is set to drive the growth of the market. Besides, the increasing adoption of modified medicines is also expected to surge the investments in life science, thereby raising the demand for these freezers.

Similarly, the increasing demand for pharmaceuticals storage equipment from blood banks, academic & research institutes, and hospitals is another important factor that would increase investments in research in the field of life science. Furthermore, the growing awareness about body organ donations and blood donation camps would also aid in the study in the life science department. Therefore, this factor is expected to contribute immensely to the ULT freezers market growth.

RESTRAINING FACTORS

High Initial Investments in Developing Ultra-low Temperature Freezers May Impede Growth

The huge capital expenditure required for setting up the facilities to manufacture these freezers is primarily set to hamper the overall market growth. Numerous ULT freezer companies are expected to make huge investments in installing new and advanced machines for their automated production process, which will further increase the cost. Moreover, these machines require regular maintenance for their efficient and safe operations, thereby incurring high costs to the end-use companies.

SEGMENTATION

By Type Analysis

Upright Segment to Hold Dominant Share Owing to Its Ability to Provide Large Storage Capacities

Among upright & chest types of freezers, upright ultra-low temperature freezers are the most widely used freezers. This is attributable to their lesser carbon footprint and ease of access for sample collection. The upright segment held a dominant share of the global market in 2019, and it is expected to increase over the forecast period. These freezers provide large storage capacities and possess technical improvements in terms of reduced carbon footprint, lower energy consumption, and lesser noise.

The chest ULT freezers segment is estimated to exhibit steady growth during the forecast period. They have an automatic defrosting function. But the storage capacity and cooling temperature in these freezers are comparatively lesser than upright freezers. Also, the convenience in storage and energy-saving efficiency is comparably lesser in these than the upright freezers. Hence, this segment is expected to showcase significantly lower growth.

By Capacity Analysis

Less than 300 Liters Segment to Exhibit Highest CAGR Backed by High Demand from Bio Banks

By capacity, the market for ultra-low temperature freezer is segmented into less than 300 liters, 301-500 liters, 501-700 liters, 701-900 liters, and more than 900 liters. The less than 300 liters segment is anticipated to showcase the highest CAGR, as these freezers are the most viable solutions for most of the biobanks, pharmaceutical companies, and others.

Furthermore, the 501-700 liters segment is anticipated to hold a significant share of the market. These freezers provide more capacity, as well as variability in the sizes of products that can be kept under the freezers. Also, these freezers are mostly installed by research institutes and hospitals, as their requirement varies according to the demand from the market. Besides, the 301-500 liters, 701-900 liters, and more than 900 liters segments are expected to show moderate growth owing to their specific requirement from end-users.

By Application Analysis

Bio Banks & Hospitals Segment to Dominate Fueled by Need to Store Blood Components

By application, the market is segmented into biobanks & hospitals, academic & research laboratories, and others (pharmaceuticals, etc.). The biobanks & hospitals segment accounted for approximately 50% market share in the year 2019. It would grow substantially during the forecast years. The rising applications of ultra-low temperature freezers for storing white blood cells, red blood cells, plasma products, and other blood components will enhance the growth of the segment. Also, increasing emergency cases and accidents will strengthen the requirement for these products, thereby aiding growth.

Furthermore, the academic & research laboratories, and others segments are expected to exhibit steady growth over the forecast period. The demand for vaccines, treatments, and increasing research in the field of life science, gene modification, and mutations are expected to boost the growth of this segment further.

REGIONAL INSIGHTS

North America is anticipated to generate a dominant market share and steady growth over the forecast period, owing to the presence of various market leaders in the region. Furthermore, significant investments in the field of ultra-low temperature freezers by new and local players are expected to result in the procurement of large investments in freezing equipment to cater to the rising demand for the preservation of various products.

The United States is the largest market for ULT freezers across the world. Increasing initiatives and investments by both private and public organizations in the healthcare industry are expected to enhance the ULT freezer market growth in the country. Also, the rising emphasis of companies in R&D activities for the development of efficient products to reduce energy consumption by the freezers will further enhance the ULT freezers market size.

Asia Pacific is expected to exhibit significant growth in the market owing to the increasing number of biobanks & hospitals in the region. Moreover, a rise in scientific research, R&D activities, and the increasing number of biotechnology & pharmaceutical companies are expected to enhance growth.

Europe, the Middle East & Africa, and South America are expected to showcase moderate growth, owing to the shift of the market from North America to Asia Pacific. Furthermore, several companies in the European region are also shifting their R&D and production facilities in Asia Pacific. Hence, these regions are expected to exhibit slow growth during the forecast period.

KEY INDUSTRY PLAYERS

Key Players Focus on Developing Advanced Ultra-low Temperature Freezers to Expand their Product Portfolios

Prominent players dominate the global ultra-low temperature freezers market. However, regional and local markets are highly fragmented with the presence of several small and medium manufacturers. PHC Holdings Corporation, Eppendorf AG, Thermo Fisher Scientific, Inc., and Haier Biomedical are some of the major players, which contribute to ~53% - 58% market share.

Thermo Fisher Scientific & PHC Holdings Corporation have strong product portfolios and industry-leading freezers, which will contribute to their combined highest market share. These players are nowadays focusing on new product development with specifications such as increased storage space, energy efficiency, and sample security. They have also distinguished their freezers by adding additional features such as device networking solutions, RFID remote temperature monitoring, and enabled sample tracking.

LIST OF KEY COMPANIES PROFILED:

• Thermo Fisher Scientific Inc. (United States)


• PHC Holdings Corporation (United States)


• Eppendorf AG (Germany)


• Esco Micro Pte Ltd. (Singapore)


• Helmer Scientific (United States)


• Arctiko A/S (Denmark)


• BIONICS SCIENTIFIC TECHNOLOGIES (P) LTD. (India)


• Glen Dimplex (Ireland)


• Haier Biomedical (United Kingdom)


• LABCOLD (United Kingdom)


• BINDER GmbH (Germany)

KEY INDUSTRY DEVELOPMENTS:

• In July 2021, PHC Corporation launched the new models of their sliding door pharmaceutical refrigerators i.e product models: MPR-S500H/S500RH) & pharmaceutical refrigerators with freezer i.e. product models: MPR-N250FH/N250FSH. These models equipped with inverter compressors, CFC-free natural refrigerant & are especially made to be used in research facilities & medical institutions.


• In March 2021, Thermo Fisher Scientific Inc. launched the Thermo Scientific AerosolSense Sampler. It is new & modern surveillance solution that is outlined to provide quick and reliable insight into the existence of SARS-CoV-2 & in-air pathogens.


• In May 2020, Esco launched the new CO2 Incubator with High Heat Sterilization i.e. Esco CelCulture® comprised of CCL-HHS. This new incubator is effectively in kills’ bacterial spore, vegetative cells resistant fungi that are contaminate, along with adapting dry heat of upto 180°C sterilization system.


• In March 2020, Eppendorf acquired the Koki Holdings Co Ltd’s centrifuge business along with himac their premium brand. This acquisition is a strategic move by Eppendorf AG to grow their centrifuge business and strengthen its position as a leading manufacturer of high-end centrifuges for the pharmaceutical, life science industry, along with the commercial & academic research..

REPORT COVERAGE

The ultra-low temperature freezer market research report provides a detailed analysis of the industry. It focuses on key aspects such as leading companies, product/applications, and leading applications of the product. Besides, it offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation