ULTRA LOW TEMPERATURE FREEZER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Ultra Low Temperature Freezer Market Size and Trends

Global ultra low temperature freezer market is estimated to be valued at USD 766.5 Mn in 2024 and is expected to reach USD 1,178.2 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.

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Global ultra low temperature freezer market growth is driven by rising demand from pharmaceutical and biotech companies for storing temperature sensitive products. Ultra low temperature freezers are widely utilized for storing vaccines, DNA, enzymes, biological reagents and more. With growing pharmaceutical R&D expenditure and increasing focus on drug discovery, there has been increasing need for reliable cold storage of samples, and this boosts adoption of ultra low temperature freezers globally.

Growing Demand for Biobanking and Sample Storage

Global ultra low temperature freezer market is expected to witness significant growth due to rising demand for biobanking and long-term sample storage across different industries such as biotechnology and pharmaceutical companies, hospitals and diagnostic centers, academic and research institutions. With the advancements in life sciences research and precision medicine, there has been an increased focus on collection and storage of biological samples such as blood, tissues, cells and DNA for various purposes such as clinical testing, drug discovery and development. Ultra low temperature freezers ranging from -80°C to -150°C are ideal for long term storage and maximum stability of various types of samples including bacteria, viruses, enzymes, DNA, tissues and blood derivatives. Many biobanks and biorepositories have been established globally in the recent years to store vast collections of human biological materials and associated data to support research in fields including genetics, cancer and rare diseases. Such biobanks require reliable and high-capacity storage facilities to preserve samples properly for extended periods of time while maintaining the sample integrity. Ultra low temperature freezers are able to meet these stringent requirements of biobanks by offering maintenance of constant temperatures, backup power options, alarm systems and sample trays or racks. With increasing focus on precision medicine approaches targeting individual patient's biological profiles and treatment responses, there has been huge demand for integrated biobanks coupled with advanced storage solutions.

Increasing adoption of organic growth strategies such as product launches by key market players is expected to drive the market growth over the forecast period. For instance, on February 22, 2024, PHC Corporation, a medical device company, announced the launch of a new model of PHCbi brand VIP ECO SMART ultra low temperature (ULT) freezer series for use in facilities including medical institutions, universities, and pharmaceutical companies. The MDF-DU703VHA-PA is the first PHCbi brand ULT freezer to feature dual voltage capability, thus, allowing laboratories to switch between 115V and 220V power sources while benefiting from the award-winning energy-saving performance and enhanced security of the VIP ECO SMART series.