Ultra low temperature (ULT) freezers are important pieces of medical equipment that make a great difference in research labs in the effort to drive drug discovery, advance development activities to fight infectious diseases and more. They are used to store biological samples, organs, high value pharmaceuticals, medicines, and forensic and genomic research. The demand for ULT freezers is steadily increasing as global research efforts depend on them.As a result, the number of professionals specialized in the manufacturing of these machines is increasing all over the world. There are new players in the market, as well as many companies that have a long history and are well-known ultra low temperature freezer manufacturers, like the Italian FDM for example.
The ULT market is expected to see significant growth within the next few years. By 2024, the market is expected to exceed $210 million. A combination of private and public players benefit from the usage of ULT freezers and the health trend of global regions will directly affect the market as research and medical initiatives most often require the use of the ULT freezers. For example, Asia-Pacific is a fast-growing region that has a rising number of health initiatives, blood banks and healthcare facilities. North America is expected to dominate the market in the years to come due to its high number of equipment required to support the plethora healthcare facilities dispersed across the country. North America already has the largest share of the global biomedical refrigerators and freezers market. For the upcoming years, upright freezers are expected to continue to dominate the global ultra-low temperature freezers market, due to expected advancements regarding accessibility and operation management. According to ULT freezer application, market growth will also be driven by the purpose of storing white blood cells, red blood cells, and plasma products.
There are a number of factors that are behind the expected growth of the ULT market. One is the importance of ULT freezers for preserving research. The biological samples and organs, for example, could not survive in a standard freezer setting. The ULT freezer is the primary tool that can be used to ensure the proper preservation of materials, making its integration into research processes one that researchers depend on. In the case of a power outage, it also protects samples from degradation. Another driving factor affecting the growth of the market is the rising public awareness of organ donation. As a result, the number of organ donations increases the number of ULT freezers needed to accommodate the quantity of organs that require proper preservation. ULT freezers also provide temperature uniformity and reduced energy consumption, both factors that biobanks, hospitals, pharmacies and laboratories benefit from.
In 2016, the ULT Freezers Market was valued around $150 million. A growth of over 4.5% CAGR from 2017 to 2024 will bring about technological advancements as well as the growing adoption of ULT freezers to accommodate storage requirements of medical facilities worldwide. Healthcare expenditures are becoming more varied to support global health, ultimately driving the market of ULT freezers.