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Ultra-low Temperature Freezers Market Size

Report ID: GMI2403
Published Date: Mar 2023
Report Format: PDF

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Ultra-low Temperature Freezers Market size

Ultra-low Temperature Freezers Market size was valued at over USD 426 million in 2022. Fueled by innovations in drug discovery and development globally, the industry is anticipated to grow at more than 5% CAGR from 2023-2032.

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Rising incidences of cancer, infectious diseases, and other chronic ailments have accelerated global drug development initiatives, which is stimulating the demand for ultra-low temperature (ULT) freezers for storing medications and sensitive drug-making compounds. Today, approximately 6 out of 10 individuals live with at least one chronic ailment including cancer, diabetes, stroke, and heart disease in the US alone. With many modern medications requiring stable low temperatures to extend their shelf-life and retain efficacy, drug developers and retailers frequently acquire ULT freezers for storage purposes.

Ultra-low Temperature Freezers Market Report Attributes
Report Attribute	Details
Base Year:	2022
Ultra-low Temperature Freezers Market Size in 2022:	USD 426 Million
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5.2%
2032 Value Projection:	USD 708 Million
Historical Data for:	2018 to 2022
No. of Pages:	158
Tables, Charts & Figures:	263
Segments covered:	Type, Application, Technology and Region
Growth Drivers:	Advances in drug discovery & development worldwide Increasing genomics research activities Growing investment by public and private organizations in the U.S.
Pitfalls & Challenges:	Regulatory issues pertaining to medical grade refrigeration systems High costs associated with ultra-low temperature freezers

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Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

Global market for ultra-low temperature freezers recorded a valuation of more than USD 426 million in 2022, with projections expecting it to grow at more than 5% CAGR from 2023 to 2032, driven by innovations in the field of drug discovery and development across the globe.

Upright freezers segment captured 90% of market share in 2019 and is set to record substantial growth owing its ease of use and cost-effectiveness.

North America ultra-low temperature freezers industry accounted for more than 44.5% of the revenue share in 2022, with projections expecting it to foresee strong growth due to increasing spending in the region’s healthcare sector.

Some of the major ULT freezer market players include names such as EVERMED s.r.l., Helmer Scientific, Inc, Haier Biomedical, PHC Holdings Corporation, Global Cooling Inc., and, Stirling Ultracold, among others.