Market Size of Ultra-Low Temperature Freezers Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.52 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Ultra Low Temperature Freezer Market Analysis
The ultra-low temperature freezers market is currently valued at USD 727.0 million, and it is expected to reach USD 1,056.3 million in the coming five years, witnessing a CAGR of 6.52% during the forecast period.
The impact of COVID-19 on the market's growth was substantial as ultra-low temperature freezers played a crucial role in the storage and distribution of large amounts of COVID-19 vaccines that required ultra-cold conditions. For instance, according to the article published in the Journal of Human Vaccines and Therapeutics in February 2022, according to the Food and Drug Administration (FDA) guidelines, the Pfizer-BioNTech mRNA COVID-19 vaccine BNT162b2 required to be stored in ultra-low temperature-freezers -80°C to -60°C for up to six months after receiving. Thus, the guidelines suggesting the storage of COVID-19 vaccines in ultra-low temperature freezers significantly impacted the market growth. Thus, COVID-19 has impacted the usage of ultra-low temperature freezers during the initial pandemic. However, as the pandemic has currently subsided, the adoption of ultra-low temperature freezers is taking place at pre-pandemic levels. Thus, the studied market is expected to have pre-pandemic levels of growth during the forecast period of the study.
Factors that are responsible for the market growth includes rising applications in bio-banks, drug discovery and life-sciences research, and technological advancement in ultra-low temperature freezers.
The increased usage of ultra-low temperature freezers to store biological samples in bio-banks is a major factor propelling the market's growth. For instance, according to an article published by the Journal of Rapid and Transparent Publishing in September 2022, the Integrated Biorepository of H3Africa Uganda (IBRH3AU) at Makerere University in Uganda is one of the first biobanks of its kind in Eastern Africa which has freezer firm that is equipped with 20 ultra-low temperature (ULT) freezers. The source also stated that the biobank's ultra-low temperature freezers were capable of storage from -70°C to -80°C and had a capacity of 50,400 2 ml vials each which allowed them to store biological samples properly. Thus, the adoption of ultra-low temperature freezers in biobanks is expected to increase market growth.
Additionally, in June 2021, ThermoFisher Scientific Inc. launched the ThermoScientific TSX Series Ultra-Low Temperature (ULT) Freezers. These freezers included additional functionality to provide research, pharmaceutical manufacturing, clinical, biorepository, and industrial laboratories with safeguards to deliver environmentally sustainable protection of materials, such as vaccines, cell culture media, biologics, and reagents. Similarly, In October 2022, ThermoFisher Scientific Inc. also announced the launch of Thermo Scientific TDE Series -80°C Chest Freeze in the market. Thus, the launch of various technologically advanced ultra-low temperature freezers by key market players is also expected to boost the market, as it would increase their usage.
Thus, owing to the abovementioned factors such as the increasing adoption of ultra-low temperature freezers in biobanks, and the rising product launches by major market players, the market is expected to show growth over the forecast period. However, high costs associated with ultra-low temperature freezers and stringent regulatory issues regarding ultra-low temperature freezers may hinder the growth of the market.
Ultra Low Temperature Freezer Industry Segmentation
As per the scope of the report, ultra-low temperature (ULT) freezers are extremely advanced systems with temperature capacities ranging from -45°C to -86°C, and the inner volume of the ULT freezers is, in general, between 300 and 800 liters. The Ultra-Low Temperature Freezers Market is Segmented by Product Type (Upright ULT Freezers and Chest ULT Freezer), End User (Bio-Banks, Pharmaceutical and Biotechnology Companies, Academic and Research Laboratories, Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD) for the above segments.
| By Product Type | |
| Upright ULT freezers | |
| Chest ULT freezers |
| By End User | |
| Bio-Banks | |
| Pharmaceutical and Biotechnology Companies | |
| Academic and Research Laboratories | |
| Others |
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Ultra-Low Temperature Freezers Market Size Summary
The ultra-low temperature freezer market is poised for significant growth, driven by its critical role in various sectors such as biobanks, drug discovery, and life sciences research. The market's expansion is largely attributed to the increased demand for these freezers in storing biological samples, particularly in biobanks, which have seen a surge in adoption. Technological advancements and product launches by key players, such as Thermo Fisher Scientific, have further propelled the market, offering enhanced functionalities and environmentally sustainable solutions for storing sensitive materials like vaccines and biologics. The market's growth trajectory is also supported by the rising number of biobanks and the ongoing research and development activities in pharmaceutical drugs and vaccines, which necessitate ultra-cold storage conditions.
North America is expected to maintain a significant share of the ultra-low temperature freezer market, bolstered by the presence of numerous biobanks, pharmaceutical, and biotechnology companies in the region. The region's market growth is further supported by government initiatives and funding aimed at boosting vaccine development capacities. The market is characterized by moderate competition, with major players such as Thermo Fisher Scientific, PHC Holdings Corporation, and Haier Smart Home Co., Ltd. actively contributing to its development through strategic partnerships and innovative product offerings. Despite challenges like high costs and regulatory issues, the market is anticipated to experience robust growth, driven by the increasing demand for technologically advanced ultra-low temperature freezers and the expanding applications across various industries.
Ultra-Low Temperature Freezers Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Applications in Bio-Banks, Drug Discovery and Life-Sciences Research
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1.2.2 Technological Advancement in Ultra-Low Temperature Freezers
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1.3 Market Restraints
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1.3.1 High Costs Associated with Ultra-Low Temperature Freezers
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1.3.2 Stringent Regulatory Issues Regarding Ultra-Low Temperature Freezers
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product Type
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2.1.1 Upright ULT freezers
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2.1.2 Chest ULT freezers
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2.2 By End User
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2.2.1 Bio-Banks
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2.2.2 Pharmaceutical and Biotechnology Companies
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2.2.3 Academic and Research Laboratories
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2.2.4 Others
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Ultra-Low Temperature Freezers Market Size FAQs
What is the current Ultra-Low Temperature Freezers Market size?
The Ultra-Low Temperature Freezers Market is projected to register a CAGR of 6.52% during the forecast period (2024-2029)
Who are the key players in Ultra-Low Temperature Freezers Market?
PHC Holdings Corporation, Thermo Fisher Scientific Inc., Haier Smart Home Co., Ltd (Haier Biomedical), Eppendorf SE and BioLife Solutions, Inc. are the major companies operating in the Ultra-Low Temperature Freezers Market.
