Ultra-Low Temperature Freezer Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type ; End User ; and Geography
NEW YORK, July 16, 2020 /PRNewswire/ -- The global ultra-low temperature freezer market is expected to reach US$ 764.62 million in 2027 from US$ 551.11 million in 2019; it is estimated to grow at a CAGR of 4.4% during 2020-2027. Increasing demand for blood and blood components, growing R&D activities to introduce new drug compounds, and rising government support for research activities and clinical trials are the major factors driving the growth of this market. However, the escalating use of refurbished equipment and high costs associated with ultra-low temperature freezers are hindering the market growth.
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Pharmaceutical companies are focusing on R&D to introduce new molecules for various therapeutic applications with enhanced medical and commercial potential. These companies invest huge resources in R&D activities, intending to deliver innovative, high-quality products to the market.
The R&D spending by biopharmaceutical companies has also increased over the years. According to a report by the Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of the biopharmaceutical companies has increased from US$ 49.6 billion in 2012 to US$ 58.8 billion in 2015. Novartis, Roche, Johnson & Johnson, and Pfizer are among the world's top 10 leading companies in terms of R&D investments. Thus, the growing R&D expenditure to introduce new drug compounds would require reliable storage facilities, which would be the key factor to drive the market for ultra-low temperature freezers during the forecast period.
The global ultra-low temperature freezer market is segmented on the basis of type and end user.Based on type, the market is segmented into upright ULT freezer, and chest ULT freezers.
The upright ULT freezers segment held a larger share of the market in 2019, and it is also is estimated to register a higher CAGR during the forecast period.Based on end user, the ultra-low temperature freezer market has been segmented into bio-banks, hospitals, pharmaceutical and biotechnology companies, and academic and research institutes.
The bio-banks segment held the largest share of the market in 2019, and it is further expected to register the highest CAGR during the forecast period.
German Biobank Node (GBN), World Health Organization (WHO), Centers For Disease Control and Prevention (CDC), Biomedical Research Centers (BRCs), International Stem Cell Corporation (ISCO), Brazilian National Tumor and DNA Bank (BNT-INCA) are a few of the essential secondary sources referred to while preparing this report.
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