Ultra-low Temperature Freezers Market: Preservation of Valuable Biological Samples to Drive Growth
The global ultra-low temperature freezers market was valued at US$ 500.0 Mn in 2017 and is projected to expand at a CAGR of 5.0% from 2018 to 2026 to reach US$ 800.0 Mn in 2026. Rise in demand for collection & preservation of rare and valuable biological samples for scientific research and future references is projected to drive adoption of ultra-low temperature (ULT) freezers. Advances in research and knowledgebase of various disease and disorder pathologies is resulting in the development of new therapeutics such as biological drugs, personalized medicines, and stem cell based therapies. This is expected to drive demand for their safe and long-term preservation, thereby creating demand for advanced ULT freezers. Lower replacement rate owing to long life of ULT freezers and practice of shared facilities are the key areas of concern.
Read Report Overview: https://www.transparencymarketresearch.com/ultra-low-temperature-freezers-market.html
In terms of product, the upright freezers segment accounted for leading share of the global ultra-low temperature freezers market in 2017. The segment is likely to continue to dominate the market during the forecast period. Floorstanding upright freezers offer large storage capacity and lower footprint, easy access to samples, and are witnessing rapid advancements. This has contributed to the high adoption of these freezers. Chest freezers are more energy efficient and recommended for long term preservation. High footprint and difficulty in accessing samples are the key concerns in their adoption. In terms of application, the biological samples segment held major market share in 2017. Rise in number of biobanks and increase in demand for preservation of biological samples for scientific research and development of new therapeutics are anticipated to drive adoption of ULT freezers during the forecast period. Unmet needs in rare disease therapeutics and intense competition among pharmaceutical & biotechnology companies to develop and introduce new disease therapeutics are likely to increase the number of new drug molecules, drug excipients, and other drug compounds in the next few years. This is projected to propel the uptake of large capacity and advanced ULT freezers.
Based on end-user, the pharmaceutical & biotechnology companies segment accounted for major market share in 2017. Pharmaceutical & biotechnology companies are the key end-users of ULT freezers for preservation of disease biological samples and storage of drug compounds. Increase in the number of pharmaceutical & biotechnology companies in emerging economies and surge in R&D activities are anticipated to drive the adoption of ULT freezers during the forecast period. Biobanks is expected to be the second leading segment of the global ultra-low temperature freezers market. Rise in demand for personalized medicines and new therapeutics is augmenting the biobanking industry. Increase in sample volume for storage has driven the number of private biobanks for the storage of cord blood stem cells, tissue, and organs. Surge in public & private funding for biobanks is likely to augment the global ultra-low temperature freezers market.
Perceive the Sample of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=47625
In terms of region, North America accounted for significant share of the global ultra-low temperature freezers market in 2017 and the trend is projected to continue during the forecast period. North America has large number of biobanks and pharmaceutical & biotechnology companies. High adoption of technologically advanced ULT freezers, stringent regulations for replacement of these freezers, and high cost are anticipated to contribute to North America’s high share of the market. The market in Asia Pacific is expected to expand at a rapid pace during the forecast period driven by increase in purchasing power, rise in the number of pharmaceutical & biotechnology companies, and surge in public & private sector funding for scientific research.
Prominent players operating in the global ultra-low temperature freezers market include Thermo Fisher Scientific, Inc., PHC Holdings Corporation (Panasonic Biomedical), Haier Biomedical, Eppendorf AG, Arctiko A/S, Helmer Scientific, Abzil Telstar S.L., Labcold Ltd., Bionics Scientific Technologies (P) Ltd., and Global Cooling, Inc. Thermo Fisher Scientific offers one of the industry leading and widest range of ULT freezers and has strong presence in the global market. Panasonic Biomedical and Haier Biomedical are leading players in their respective domestic markets, Japan and China. These players also account for significant share of the global market. These key players emphasize on development and introduction of new and advanced ULT freezers to remain competitive in the market. Moreover, there are several players at regional level who compete on pricing. Post sales services and support is one of the key differentiating criteria among the key players.
Obtain the Brochure of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=47625
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Transparency Market Research
90 Sate Street, Suite 700
Albany, NY 12207
USA – Canada Toll Free: 866-552-3453