Ultra-low Temperature Freezers Market to Record 5.5% CAGR; Rising Demand for Blood and Blood Components Globally to Drive Growth, Says TMR
ALBANY, New York, November 15, 2018
ALBANY, New York, November 15, 2018 /PRNewswire/ --
According to the report, the global ultra-low temperature freezers market is pegged to exhibit a promising 5.5% CAGR over the period between 2018 and 2026. At this pace, the market is likely to rise to a valuation of US$800.0 mn by 2026 from US$500.0 mn in 2017. Of the key product varieties in the market, the segment of upright freezers holds the largest piece in the revenue pie of the market, thanks chiefly to the ease of accessing samples and lower footprint. Geographically, the market in Asia Pacific is likely to exhibit the most promising growth opportunities over the forecast period.
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Vast Rise in R&D Activities in Pharmaceutical and Life Sciences Industries to Drive Market
One of the most important factors working in favor of the global ultra-low temperature freezers market is the vast global rise in blood transfusion, organ transplant, cellular therapies, and vaccines, and the increased research and development activities in the fields of biotechnology and life sciences. Rising burden of chronic diseases on the world and the consecutive increase in focus on R&D activities aimed at the development of more effective drugs, increased demand for blood and blood components, and the rising numbers of blood banks across the globe are also driving the demand for ultra-low temperature freezers.
Biomedical samples require a set of very specific storage related conditions for effective preservation. Thus, the use of dedicated devices such as ultra-low temperature freezers is recommended for the storage of biological units/samples as these devices provide the optimum storage conditions for biomedical samples. As the global uptake of such products increases the focus of governments on bringing in technologically advanced products in their healthcare facilities rises, the overall demand for ultra-low temperature freezers is also expected to rise.
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Increased Demand for Refurbished Products to Hamper Growth Prospects
However, the presence of a large number of local businesses offering products at cheaper rates than branded products and the rising trend of employing refurbished equipment are some of the key factors restraining the overall growth of the global ultra-low temperature freezers market to a certain extent. Nevertheless, increased focus of companies on bringing in product varieties that provide improved features and technologies such as RFID-enabled sample tracking, remote temperature monitoring, and device networking solutions, which cannot be found in old products, could help companies gain sustainable demand in the global marketplace.
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The vendor landscape of the global ultra-low temperature freezers market features a largely fragmented vendor landscape, with 12-15 international companies collectively holding a large share in the market and the market having a much concentrated nature in regional pockets, observes Transparency Market Research in a recent report. The presence of a large number of small- and medium-scale companies in several lucrative regional markets has rendered these markets highly competitive. To counteract the competition, companies are seen focusing on the development of new product varieties with features such as increased storage space, improved energy efficiency and sample security.
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For international companies to fare well in these markets, employment of cost containment strategies with the view of delivering more economical products, especially when venturing into emerging economies, could prove to be a winning strategy. Strategic collaborations with promising regional companies could also help international vendors establish their footing in the overall market. Some of the leading companies in the market are Thermo Fisher Scientific, Inc., Helmer Scientific, Eppendorf AG, Abzil Telstar S.L., PHC Holdings Corporation (Panasonic Biomedical), Arctiko A/S, Haier Biomedical, Labcold Ltd., Bionics Scientific Technologies (P) Ltd., and Global Cooling, Inc.
This analysis of the global ultra-low temperature freezers market is based on a recent market research by Transparency Market Research, titled "Ultra-low Temperature Freezers Market (Product - Upright Freezers, Chest Freezers; Degree of Cooling - -41 °C to -86 °C Freezers, -87 °C to -150 °C Freezers; Application - Blood and Blood Products, Biological Samples, Flammable Materials, Drug Compounds; End use - Biobanks, Pharmaceutical and Biotechnology Companies, Academic Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026."
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