The robust demand for highly efficient storage, an indispensable part of healthcare research has led to Ultra-low temperature freezers market accumulating substantial traction in the last few years. ULT freezers play a crucial role in the continuity of research programs, especially in the current scenario plagued with scientists trying to find cures for life-threatening diseases like AIDS, Ebola virus, bird flu, Zika virus and swine flu. These freezers also facilitate the accountability of findings, long term re-examination and resilience of research. As these equipment have come to be identified as a pivotal part of global medical research, Ultra-low temperature freezers market has witnessed significant expansion lately.
China Ultra-Low Temperature Freezers Market, By Type, 2013 - 2024 (USD Million)
As on today, manufacturer focus is being shifted from developing freezers that can only maintain low temperatures to intelligent ULT freezers. These freezers can maintain a range of variable temperatures, need less maintenance and can alert the users when something goes wrong so as to keep the stored samples safe from damage. Players in ultra-low temperature freezers market are also concentrating on building more energy efficient ULT freezers as they have often had the disrepute of high energy demand and a considerably large carbon footprint. Technological advancements have facilitated Ultra-low temperature freezers industry firms to come up with more environmentally sustainable ULT freezers that can maintain stable temperatures.
The growth of biopreservation market will have an important role to play in the expansion of Ultra-low temperature freezers industry. Biopreservation includes sample preservation that can cause serious loss to researchers if destroyed. An instance that highlighted the importance of reliability of ULT freezers in biopreservation is when researchers at the Harvard Brain Tissue Resource Centre lost samples of brains they had been working with for 14 years to detect the effects of autism on the brain due to a faulty freezer.
Ultra-low temperature freezers market firms have been attempting to innovate upgraded technology to protect samples that are of paramount importance to researchers. One such feature that is driving the ultra-low temperature freezers market is the inclusion of a backup within the ULT freezer. Other ULT freezers use the cascading technology or a comparatively modern technology based on the Stirling based piston system. ULT freezer systems, on the other hand, that are automatically able to identify faults and take steps to contain damage, are most in demand. In 2016, automated technology accounted for the largest share in ultra-low temperature freezers market.
Besides the safety of samples, energy efficiency of ULT freezers is being majorly emphasized on by manufacturers as well as end users. Manufacturers are coming up with ULT freezers that use advanced technology and hydrocarbons for compressors instead of chlorofluorocarbons that have been deemed potentially harmful for the environment. Hydrocarbons also have short atmospheric lifetimes thus having low environmental impact. These ULT freezers may cost more but the money they save on energy bills can be used towards financing research programs in ULT freezers market. Many laboratories, hospitals and research facilities are upgrading old ULT freezers in favor of new energy efficient freezers with improved technological features, opening growth avenues for Ultra-low temperature freezers market.
Investments in the ultra-low temperature freezers market have been increasing across major geographies due to the rising adoption of ULT freezers in laboratories and research facilities working towards novel drug development. Plasma and red blood cell transfusion, stem cell preservation, and genomic research activities have also augmented ultra-low temperature freezers market growth. The increasing awareness about blood donation and efficient blood preservation has been acting as a major driver for hospital based ultra-low temperature freezers market.
Major biggies along the likes of Panasonic Healthcare, Binder, Thermo Fisher Scientific, Stirling Ultracold and VWR International have been striving hard to design energy efficient and technologically progressive ULT freezers. These advanced components are not only capable of maintaining stable temperature in freezers but are also equipped with enhanced software and hardware that make them capable of intelligent freezer operations. Despite the end product being relatively expensive, these freezers have made a mark across the healthcare and biomedical sectors. As per estimates, ultra-low temperature freezers market is expected to register a CAGR of 4.5% over 2017-2024.