8 months ago

Ultra-low Temperature Freezers Market

Ultra-low Temperature Freezers

Ultra-low Temperature Freezers Market to surpass $210Mn by 2024 Ultra-low Temperature Freezers Market size is set to exceed USD 210 million by 2024; according to a new research report by Global Market Insights. Increasing investment made by public as well as private players to accelerate drug discovery and development activities along with rising prevalence of infectious diseases and cancer stimulating demand for advanced treatment will drive ultra-low temperature (ULT) freezers market over the forecast timeframe. Presence of organizations such as Bill and Melinda Gates Foundation, funding for developing effective treatment solutions for widespread diseases such as Malaria and tuberculosis will positively impact market growth as ULT freezers are used for storage of biological samples and high value pharmaceuticals, and medicines. Increasing number of people willing to donate organs and blood coupled with rising awareness about organ donation will propel industry growth. Technological advancements in ULT freezers including development of portable freezers, reduced energy consumption, natural refrigerant and provision of temperature uniformity will drive business growth. Growing demand for personalized medicines and rising investment towards development of orphan drugs will positively impact growth. Numerous initiatives undertaken by private players as well as government organization including U.S. Department of Energy (DOE) to increase adoption of ULT freezers in biobanks, hospitals, pharmacies and laboratories will fuel market growth. Stringent regulations imposed by U.S. FDA and European Commission on medical devices coupled with high cost associated with ultra-low temperature freezers will hinder growth of ultra-low temperature freezers market over the forecast timeframe. Upright freezers dominated the market in 2016 due to its enhanced reliability and technological advancement. Presence of features such as microprocessor control panel enabling efficient operation management, along with air filters allowing easy accessibility will stimulate business growth. 1 | P a g e

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