Market Trends of Ultra-Low Temperature Freezers Industry
Upright ULT Freezers Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The upright ULT freezer enables quick cooling after opening, simple access, and individually customizable inner compartments for regular usage. However, less used items can be stored in a chest ULT freezer safely for an extended period of time that, allows the usage of the chest ULT for specific purposes. Upright ultra-low temperature freezers (ULT freezers) typically have a temperature range of -40°C to -86°C and are used to store drugs, enzymes, chemicals, viruses, bacteria, cell preparations, and tissue samples. Such advantages offered by upright ULTs are anticipated to boost the adoption of these freezers in the near future.
Additionally, an increasing number of biobanks and technological advancements related to upright ULT freezers are expected to enhance segment growth. For instance, in March 2023, South Africa launched a central biobank network, Biodiversity Biobanks South Africa (BBSA). This network aims to bring together 7 institutions and 22 different biobanks previously scattered across South Africa to conserve and manage biodiversity samples. Similarly, in December 2022, Saudi Arabia launched National Biobank to enhance the public health system. This is expected to strengthen national health security, increase the effectiveness of control programs and control of communicable and non-communicable diseases, as well as effectively contribute to the promotion of Saudi Arabia's research, development, and innovation agenda.
Moreover, the segment's growth is driven by a surge in research and development activities for pharmaceutical drugs and vaccines. For instance, according to the data updated by ClinicalTrials.Gov on 30th May 2023, there were an estimated 1,946 active clinical trials for vaccines. Several vaccines under clinical trial are expected to be launched over the coming years that may require ultra-cold conditions for storage and transportation of raw materials.
Thus, all the above factors such as the increasing number of biobanks, technological advancements in upright ultra-low temperature freezers, and the rising clinical trials for drugs are expected to increase demand for upright ULT freezers, thereby boosting the segment's growth.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to hold a significant market share in the ultra-low temperature freezers market due to the presence of several biobanks, pharmaceuticals, and biotechnology companies within the region.
The growing research and development activities on cell-based therapies and vaccines and government support are expected to boost the market growth. For instance, in March 2023, Jubilant HollisterStierreceived a USD 23.8 million Strategic Innovation Fund from the government of Canada's commitment to boost its capacity for a variety of vaccines, including mRNA, as well as its yearly fill and finish capacity. Thus, with significant vaccines development activities in the country, the demand for ultra-low temperature freezers is expected to increase as ultra-low temperatures are often required in the initial stages of vaccine development.
Furthermore, the high adoption of technologically advanced ultra-low temperature freezers and product launches by major market players are expected to propel the growth of the overall regional market. For instance, in October 2022, ThermoFisher Scientific announced the addition of the ThermoScientific TDE Series -80°C Chest Freezer to their ultra-low temperature (ULT) green line.
The rising collaboration between the market players for the supply of ULTF is expected to put forward the market over the forecast period. For instance, in February 2021, PHC Corporation of North America (PHCNA) and Follett Products, LLC (Follett), a division of The MiddlebyCorporation, announced the formation of a partnership to market and sell the PHCbiline of ultra-low temperature (ULT) freezers pharmaceutical grade refrigerators, and biomedical freezers to Follett's healthcare customers.
Thus, all the factors mentioned above such as the increasing research and development activities for vaccine developments, and the rising developments by market players are expected to increase demand for ultra-low temperature freezers and boost market growth over the forecast period.
