Ultra-Low Temperature Freezers Market

Ultra-Low Temperature Freezers Market Outlook

Demand for ultra-low temperature freezers is expected to surge 1.5x from 2021-2031, being valued at US$ 782.98 Mn. As of 2021, the market is anticipated to reach US$ 509.09 Mn. Hospitals are anticipated to be the primary end users of these freezers, accounting for 2 out of 5 sales throughout the forthcoming decade.

Consumption Analysis of Ultra-low Temperature Freezers 2016-2020 Vs Market Outlook 2021-2031

As per Fact.MR – a market research and competitive intelligence provider, during the historic period of 2016 to 2020, the market expanded at a CAGR nearly 4%. Growing research & development activities among key players and government support for clinical trials have also proven to be propellers for the expansion of the ultra-low temperature freezer market size.

Amidst all these factors, the COVID-19 pandemic has also notably affected the market in a positive way. Due to the pandemic, there has been an exorbitant increase in blood & blood component demand throughout the globe, thereby boosting sales of ultra-low temperature freezers.

Considering these factors, the global market is slated to expand at around 4.4% CAGR over the next ten years (2021-2031), anticipated to reach a value of US$ 782.98 Mn.

Will the Increasing Demand for Blood and Blood Samples Propel Growth?

Blood transfusion is considered a supportive therapy for surgery, chemotherapy, and organ transplantation along with the treatment of acute and chronic diseases. Various conditions and situations lead to an increased amount of blood loss. According to the World Health Organization (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. 

In addition to this, the Centers for Disease Control and Prevention reported that each year, 1.35 million people are killed on roadways around the world. Road traffic crashes are a leading cause of death in the United States for people aged 1–54. To save people from dying of blood loss, the demand for ULT freezers is projected to rise globally. 

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. This leads to the increased need for blood transfusion. The ULT freezers play an important role in ensuring the safe storage of blood and blood components while adhering to strict regulations. 

Demand for Storing Vaccine Formulations Stimulated Demand for ULT Freezers during COVID-19?

The COVID-19 disease caused by SARS CoV-2 coronavirus has had a significant negative impact, globally, from a business standpoint. However, the case has been the opposite for the ultra-low temperature freezers industry. Due to the worldwide threat caused by the pandemic, there has been a substantial boost in demand, as hospitals and research institutes have shown an increasing need for these products, owing to the rising requirement for storage facilities for all end-user segments of this market.

Prominent pharmaceutical entities have been working ceaselessly to ensure that adequate vaccine dosages are available to all countries. For instance, in February 2021, Godrej Appliances is developing specially refrigerated mobile vans and ultra-low temperature freezers to aid in transporting COVID-19 vaccines across India. These refrigerators maintain a temperature of 2-8o Celsius, suitable for storing the highly temperature-sensitive COVAXIN and Covishield vaccines.

Similarly, in December 2020, Scientific Laboratory Services (SLS) and Eppendorf signed a contract to supply ultra-low temperature freezers across the U.K for transporting COVID-19 vaccines. Additionally, the contract has provided for equipping two central storage sites and 54 regional hubs with necessary laboratory equipment to safely and securely store these vaccines.

Region-Wise Analysis

Increasing Demand for Blood Transfusion Requirements Impelling ULT Freezers Demand across Asia?

According to the World Health Organization, there is a marked difference in the level of access to blood between low and high-income countries. Median blood donation rate across high-income countries is 31.5 donations per 1000 people, compared to 5 per 1000 across low-income countries.

Amongst the latter bracket, there are 6 regions across South-Eastern Asia, which includes the Indian sub-continent. Factoring in this trend, governments across these countries are making efforts to ensure that adequate blood is available to those in need, which is augmenting demand for ultra-low temperature freezers.

A well-coordinated blood and blood product systems could enhance life-saving impact of hospitals and other healthcare settings in the region. In May 2020, PHCbi announced that its TwinGuard ultra-low temperature freezers would be available across a broad range of countries, suitable to be used across biotech laboratories and blood banks, with India being one of the recipients. According to Fact.MR, Asia is anticipated to surge at around 6% CAGR.

Increased Cancer Research & COVID-19 Drug Discovery Broadening Prospects across Europe?

According to the World Health Organization (WHO), Europe comprises only one-eighth of the total world population but has around one-quarter of the global total of cancer cases with some 3.7 million new patients per year. Hence, various clinical trials for developing oncology medicines have been initiated, leading to increasing demand for ultra-low temperature freezers.

In 2020, the U.K Government committed to providing £84m in funding and manufacturing support to researchers working on the COVID-19 vaccine programme. Of the total funding, £65.5m was announced for the COVID-19 vaccine being developed at the University of Oxford and the remaining £18.5m for Imperial College London.

Considering the aforementioned factors, the European region holds a lot of potential for growth. Fact.MR anticipates the market for ultra-low temperature freezers to surge at a noteworthy rate, registering a CAGR of 5.2% across the forecast period 2021-2031.

Category-wise Insights

Why are Upright ULT Freezers in High Demand?

On the basis of product type, upright ultra-low temperature freezers will likely hold over 60% market share, the key reason being increased demand for blood component storage in hospitals, blood banks, etc.

Upright ULT freezers also require lesser floor space than chest freezers. Additionally, the design of upright freezers gives a convenience factor-ease of access of products stored-which is responsible for their high demand.

Hospitals to Remain Major Shareholders of Ultra-Low Temperature Freezers?

According to Fact.MR, hospitals are expected to hold 40% of the ULT freezers industry globally. The foremost reason being increased demand in hospitals for the storage of several products such as blood components, chemicals, enzymes, etc.

Since hospitals are primary POCs for all clinical trials, manufacturers are majorly emphasizing on manufacturing high-end freezers. In 2020, for instance, PHCbi released a new range of ECO Vaccine Refrigerators & Laboratory Freezers (-30o C/-40o C) for hospital grade use.

Competitive Landscape  

Prominent manufacturers of ultra-low temperature freezers are emphasizing on introducing new product ranges with enhanced freezing capabilities, besides other approaches, including collaborations, partnerships and acquisitions. Notable developments in the industry as follows:

• In June 2021, Thermo Fisher Scientific announced the launch of its advanced TSX Series ULT Freezers which are the only systems to offer an exterior illumination option that simplifies use by enabling quick visual inspection of freezer health status. The systems also include a frost management capability, which features an adjustable cabinet heater that minimizes frost and ice build-up, and enhanced cloud-connected, wireless monitoring functionality to maintain optimal storage conditions
• In October 2021, IMP Pharmaceutical Services Ltd. partnered with Haier Biomedicals for its supply of ultra-low temperature freezers ranging between 2-8o C, 15-25o C, -20o C, -40o C and -80o C respectively. Their initial purchases comprised of the 2-8o C range to secure pharmaceutical products for Phase II clinical trials

Report Scope 

Report Attribute	Details
Market Size Value in 2021	USD 509.09 Million
Market Size Value in 2031	USD 782.98 Million
Growth Rate	4.4% CAGR from 2021 to 2031
Forecast Period	2021-2031
Historical Data Available for	2016-2020
Market Analysis	Value (US$) and Volume (Units)
Key Regions Covered	North America Latin America Europe East Asia South Asia Oceania Middle East & Africa
Key Countries Covered	U.S. Canada Germany U.K. France Spain Italy Russia Poland China South Korea Australia Brazil Mexico GCC Israel South Africa
Key Market Segments Covered	Type Degree of Cooling Application End-User Region
Key Companies Profiled	Eppendorf AG Helmer Scientific Panasonic Healthcare Corporation Thermo Fisher Scientific Arctiko A/S Bionics Scientific Technologies (P) Ltd Glen Dimplex Haier Biomedical LABCOLD Remi Group
Pricing	Available upon Request

Key Segments Covered

• Type

  • Upright Ultra-low Temperature Freezers
    • Floorstanding
    • Benchtop/Undercounter
  • Chest Ultra-low Temperature Freezers

• Degree of Cooling

  • -41 to -86 Celsius
  • -87 to -150 Celsius

• Application

  • Blood & Blood Products
  • Flammable Materials
  • Biological Samples
  • Drug Compounds
  • Others

• End User

  • Biobanks
  • Hospitals
  • Pharmaceutical and Biotechnology Companies
  • Academic and Research Institutes