ULTRA LOW TEMPERATURE FREEZER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Size and Trends

Global ultra low temperature freezer market is estimated to be valued at USD 766.5 Mn in 2024 and is expected to reach USD 1,178.2 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.

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Global ultra low temperature freezer market growth is driven by rising demand from pharmaceutical and biotech companies for storing temperature sensitive products. Ultra low temperature freezers are widely utilized for storing vaccines, DNA, enzymes, biological reagents and more. With growing pharmaceutical R&D expenditure and increasing focus on drug discovery, there has been increasing need for reliable cold storage of samples, and this boosts adoption of ultra low temperature freezers globally.

Growing Demand for Biobanking and Sample Storage

Global ultra low temperature freezer market is expected to witness significant growth due to rising demand for biobanking and long-term sample storage across different industries such as biotechnology and pharmaceutical companies, hospitals and diagnostic centers, academic and research institutions. With the advancements in life sciences research and precision medicine, there has been an increased focus on collection and storage of biological samples such as blood, tissues, cells and DNA for various purposes such as clinical testing, drug discovery and development. Ultra low temperature freezers ranging from -80°C to -150°C are ideal for long term storage and maximum stability of various types of samples including bacteria, viruses, enzymes, DNA, tissues and blood derivatives. Many biobanks and biorepositories have been established globally in the recent years to store vast collections of human biological materials and associated data to support research in fields including genetics, cancer and rare diseases. Such biobanks require reliable and high-capacity storage facilities to preserve samples properly for extended periods of time while maintaining the sample integrity. Ultra low temperature freezers are able to meet these stringent requirements of biobanks by offering maintenance of constant temperatures, backup power options, alarm systems and sample trays or racks. With increasing focus on precision medicine approaches targeting individual patient's biological profiles and treatment responses, there has been huge demand for integrated biobanks coupled with advanced storage solutions.

Market Concentration and Competitive Landscape

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Increasing adoption of organic growth strategies such as product launches by key market players is expected to drive the market growth over the forecast period. For instance, on February 22, 2024, PHC Corporation, a medical device company, announced the launch of a new model of PHCbi brand VIP ECO SMART ultra low temperature (ULT) freezer series for use in facilities including medical institutions, universities, and pharmaceutical companies. The MDF-DU703VHA-PA is the first PHCbi brand ULT freezer to feature dual voltage capability, thus, allowing laboratories to switch between 115V and 220V power sources while benefiting from the award-winning energy-saving performance and enhanced security of the VIP ECO SMART series.

Key Takeaways of Analyst

Global ultra low temperature freezer market is expected to witness growth in the near future due to rising demand for biobanking applications and increasing research activities in the pharmaceutical and biotechnology industries. Growing prevalence of chronic diseases is also expected to boost the need for sample collection and storage. Further, rising government funding for research projects can demand for these freezers. However, high initial investments required for installation of ULT freezers may hinder the mass adoption.

North America currently dominates the market owing to strong pharmaceutical industry presence and availability of supportive infrastructure. Asia Pacific is anticipated to witness the fastest growth rate over the forecast period. Increasing research activities aimed at drug discovery and presence of emerging economies like China and India are some factors propelling the regional market.

Key players should focus on expanding their footprint in emerging Asian and Latin American countries to tap into high growth opportunities. Product innovation with advanced features will help players gain competitive edge. Partnerships with research institutes and target marketing campaigns to spread awareness will further aid market penetration. Overall, rising research spending and growing chronic disease prevalence across global population indicate a prosperous outlook for ultra-low temperature freezer manufacturers over the coming years.

Market Challenge – Stringent Regulatory Requirements

Stringent regulatory requirements across various countries are restraining the growth of global ultra-low temperature freezer market to a great extent. Regulations around the storage and transportation of sensitive biological samples require ultra-low temperature freezers to comply with various quality and safety standards. Manufacturers have to adhere to guidelines from agencies like U.S. Food and Drug Administration, European Union, World Health Organization etc. in order to obtain necessary certifications for their products. This leads to increased research and development costs as well as compliance timelines for the manufacturers.

Market Opportunity – Emerging Markets in Asia Pacific and Latin America

The emerging markets in Asia Pacific and Latin America offer huge untapped potential for ultra low temperature freezer manufacturers globally. These regions are experiencing rapid economic growth and development of healthcare and biomedical industries. Countries like China, India, Brazil and Mexico are heavily investing in research and development of novel drugs, vaccines and other biologics. This is generating substantial demand for specialized storage equipment like ultra low freezers to store temperature sensitive samples.

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Product Type segment is sub-segmented into upright ULT freezers and chest ULT freezers.  Upright ULT freezers sub-segment is estimated to hold 61.8% of the market share in 2024, owing to their reliability. Upright ULT freezers have consistently proven to provide stable cooling and temperature control over long periods of time without disruption. Their upright design makes optimum use of space, and allows for easy stacking of samples on shelves. Moreover, upright ULT freezers require less floor space than chest models. This compact footprint is appealing to laboratories and facilities with limited space. The self-contained nature of upright ULT freezers also means that these does not require specialized plumbing for water lines like some chest freezers. This simplifies installation and reduces maintenance needs. Upright ULT freezers also offer convenient access to samples stored on multiple shelves. Their door-within-a-door design enables quick retrieval of samples without compromising temperature control or requiring complete door openings between accessing various shelves. This preserves cold air and protects sample integrity. The transparent basket/shelf drawers of upright ULT models further enhance accessibility and visually guided sample selection. Upright form factor combined with a proven reputation for dependable cooling has made these freezers a mainstay in research settings and solidified their top position in this product segment.

Insights, By Application: Critical applications drive demand

Application segment is sub-segmented into blood and blood products, biological samples, and drug compounds. Blood and blood products sub-segment is estimated to hold 43.4% of the market share in 2024, due to the crucial need for long term sample preservation in transfusion medicine and related research. Proper storage of blood components below -135°C is essential to preserve properties like platelet function, coagulation factors, and viability of stem cells during extended cryopreservation. ULT freezers reliably maintain temperatures far below freezing to ensure blood products retain viability and activity for years. Moreover, as blood shortages remain an ongoing challenge, blood banks and hospitals increasingly pursue strategies like autologous blood donation that require long term cryogenic storage. ULT freezers are indispensable for stockpiling blood ahead of scheduled surgeries. Research into novel treatments is also unlocking new potential uses of cryopreserved blood, boosting demand. Cell and gene therapy development relies heavily on characterization of stored blood samples as reference materials. As transfusion needs grow and biomedical innovation progresses, safeguarding irreplaceable blood supplies will require high volumes of ULT freezer capacity.

Insights, By End User: Centralization consolidates Infrastructure

End User segment is sub-segmented into hospitals, bio-banks, academic and research institutes. Hospitals sub-segment is estimated to 39.9% of the market share in 2024, due to consolidation of storage infrastructure. Earlier, individual hospital labs and departments maintained their own ULT freezers. However, this fragmented approach led to underutilization as freezers were not being filled to its capacity, and it also duplicated maintenance costs. Central biorepositories located within larger hospital systems allow for optimized usage across facilities. Samples from multiple departments can be consolidated into a few large freezers, thus, reducing overall footprint needs. Centralization also enhances sample security with stricter access controls as compared to department-level freezers. Backup power supplies, remote monitoring systems, and staff dedicated to temperature monitoring further support reliable 24/7 sample protection. For hospitals, central biobanks provide an economical solution that eases long-term management and standardizes procedures. These also create a shared resource that supports wider collaboration between departments on joint research projects requiring preserved samples. As healthcare providers increasingly recognize these efficiency gains, centralized hospital biobanks will continue leading the end user segment.

Regional Insights

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North America remains the dominant region in the global ultra low temperature freezer market and is estimated to hold 39.7% of the market share in 2024 due  to significant presence of pharmaceutical and biotech industries in countries like the U.S. and Canada. Large scale R&D activities carried out by top pharmaceutical companies have boosted demand for such freezers to store biological samples, cell therapies and other temperature sensitive materials. Moreover, strong funding by both public and private entities for medical research has continuously expanded the regional installed base over the years. The region also majorly contributes to international trade of ultra low temperature freezers. Many leading global manufacturers are headquartered in North America, who further export these freezers worldwide. Easy availability of skilled technical manpower and components within the region advantages design and production of high-end freezers. Established distribution networks of suppliers facilitate import of foreign models across neighboring countries as well. However, pricing of freezers can be relatively higher in North America compared to developing Asian markets.

Asia Pacific market has emerged as the fastest growing regional market for ultra low temperature freezers. Countries like China, India, Japan and South Korea are witnessing rapid economic development, and this impacts healthcare infrastructure and scientific research spending. Rising affluence has also boosted healthcare expenditure and access to advanced diagnostics/treatment modalities. This expanding regional pharma industry and biomedical sector boosts demand for preservation and storage of samples utilizing such freezers. Asian governments are increasingly implementing supportive initiatives to bolster local life sciences sectors and build global scale manufacturing hubs. This will attract greater investments from international companies setting up R&D and production facilities. Growing intra-regional scientific collaborations will spur procurement of ultra low temperature freezers. While import-dependent currently, Asia Pacific countries are gradually enhancing their indigenous production abilities through technology transfers. Improving regional capabilities for manufacturing components will help lower prices of freezers over the long run.

Market Report Scope

Key Developments

• On April 8, 2024, Thermo Fisher Scientific Inc., a medical technology company, announced the launch of ultra low temperature (ULT) freezers. The TSX Universal Series ULT Freezers are reportedly able to acclimate to scientists’ workflows across multiple lab settings.
• In November 2022, Voltas, a home appliance company, announced that it had entered into an agreement with Vestfrost Solutions, a manufacturer of innovative and efficient refrigerators and freezers, to develop, manufacture, sell and service medical refrigeration and vaccine storage equipment including Ice lined Refrigerators, Vaccine Freezers and Ultra low temperature Freezersin the India market
• In June 2022, Haier Biomedical, a manufacturer of low temperature storage equipment for biomedical samples, launched TwinCoolFrequency Conversion ULT Freezer with an aim to offer the safety of biological samples, improve energy consumption, and truly achieve green and efficient storage
• In February 2021, Godrej, a consumer products company across industries like consumer goods, real estate, appliances, aero-space, agriculture and many others, launched specially refrigerated mobile vans and ultra low temperature freezers to help in transportation of coronavirus vaccines in India. The ultra low temperature freezers helps to maintain a precise temperature of 2 to 8 degrees Celsius to store the highly temperature-sensitive Covaxin and CoviShield vaccines being administered in India.

*Definition: Ultra Low Temperature Freezers are specialized equipment designed for laboratory and clinical applications that require strict temperature control and security. These freezers maintain stable temperatures at -40°C, -86°C, or -150°C to preserve biological samples effectively. These freezers are essential for storing vaccines, human cells, tissues, and other laboratory samples at ultra-low temperatures, ensuring temperature uniformity, reliability, and energy efficiency. These are equipped with advanced cooling systems, real-time monitoring solutions, and safety features to safeguard valuable biological materials

Market Segmentation

• Product Type Insights (Revenue, USD Mn, 2019 - 2031)
  • Upright ULT freezers
  • Chest ULT freezers
•  Application Insights (Revenue, USD Mn, 2019 - 2031)
  • Blood and Blood Products
  • Biological Samples
  • Drug Compounds
•  End User Insights (Revenue, USD Mn, 2019 - 2031)
  • Hospitals
  • Bio-Banks
  • Academic and Research Institutes
• Regional Insights (Revenue, USD Mn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Thermo Fisher Scientific Inc.
  • Haier Biomedical
  • PHC Corporation
  • Eppendorf SE
  • Jubilant HollisterStier
  • Helmer Scientific
  • Global Cooling Inc.
  • Arctiko A/S
  • Bionics Scientific Technologies (P) Ltd.
  • Esco Micro Pte. Ltd.
  • Labcold Ltd.
  • Azbil Telstar, S.L.
  • BINDER GmbH
  • B Medical Systems
  • Glen Dimplex Group (Labcold)
  • NuAire, Inc.