Ultra-low Temperature Freezer Market Report

Rising investment in R&D in life sciences such as child drugs, vaccine and others is expected to boost market expansion. Moreover, the increasing adoption of modified medicines is likely to boost investments in life science, increasing demand for these freezers. Similarly, rising demand for pharmaceutical storage equipment from blood donations, academic & research organisations and hospitals is another major driver driving up investments in life science research. Also, the growth in incidence of organ failure in chronic disease patients has increased demand for organ donation.

According to the Health Resources and Services Administration, there are 105,800 men, women and children on the national transplant waiting list, with 17 people dying each day while waiting an organ transplant. In 2023, the United States government invested more than US$ 129 million to improve healthcare in rural America, creating novel opportunities for segment growth. Meanwhile, the favourable regulatory environment is expected to increase the usage of ULT freezers. Additionally, the rising prevalence of chronic diseases in the world has increased demand for ULT freezers for the storage of medical devices and samples. According to the CDS, more than 20.1 million Americans have coronary artery disease. The market is therefore anticipated to increase throughout the forecast period as a result of the aforementioned factors.

The ultra-low temperature freezer market faces significant challenges due to the high capital investment needed for facility setup, which could restrict overall market expansion. These freezers also demand regular, costly maintenance to ensure effective and safe operation, placing a financial burden on end-users. Additionally, a shortage of qualified personnel skilled in operating these sophisticated devices further impedes market growth. Stringent and increasingly restrictive FDA regulations add another layer of complexity, making compliance difficult and potentially stalling market progress. These factors collectively contribute to a constrained growth outlook for the global ultra-low freezer market.

Additionally, the lack of trained professionals to operate and maintain complex ultra-low temperature freezers hinders the market. Specialized training and expertise are needed to manage the complex controls and carry out essential maintenance on these advanced freezers. This shortage of skilled staff not only hinders the efficient utilization of these sophisticated equipment but also impacts their maximum performance and dependability. Consequently, end-user organizations encounter difficulties in maximizing the technology, causing inefficiencies and potentially impeding overall market expansion. Targeted training programs are crucial for market advancement in order to tackle this shortage.

Increasing need for dependable storage options in research, pharmaceuticals, and biotechnology is propelling the ultra-low temperature freezer market. These sectors need specific, consistent environments to protect delicate samples, vaccines, and biological substances. There is a growing demand for advanced and technologically integrated ultra-low temperature freezers due to an increase in research and development activities and the necessity for long-term storage of valuable biological specimens. Ensuring dependable and safe storage environments is key for preserving the quality and functionality of essential materials in different uses. For instance, in April 2024, Thermo Fisher Scientific, a contract development and manufacturing organization (CDMO), has unveiled its latest ultra-low temperature (ULT) freezers. The TSX Universal Series ULT Freezers are reportedly able to acclimate to scientists’ workflows across multiple lab settings. In addition in February 2024, PHC Corporation of North America (PHCNA), supplier of the PHCbi brand of cell preservation and growth products in the North America and Latin America markets, 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 North America region is expected to have a significant proportion of the global ultra-low temperature freezers market during the forecast period. Due to the presence of multiple biobanks, pharmaceutical and biotechnology firms within the region. According to the World Health Organization, low- and high-income nations have significantly different levels of access to blood. The average blood donation rate in high-income countries is 31.5 donations per 1000 individuals, compared to 5.0 in low-income countries. Six regions in South-Eastern Asia, including the Indian subcontinent, are included in the group. Considering this trend into account, governments in these nations are making steps to ensure that sufficient blood is supplied to individuals in need, which is increasing demand for ultra-low temperature freezers. According to the European Commission, while accounting for only one-tenth of the global population, Europe accounts for around 25% of all annual cancer cases. As a result, several clinical studies for developing cancer drugs have begun, raising demand for ultra-low temperature freezers. As a result, all of the aforementioned factors are projected to drive demand for ultra-low temperature freezers and drive market expansion throughout the forecast period.