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.
