Ultra-low Temperature Freezer Market Forecast to 2024 - COVID-19 Impact and Global Analysis by End-user and Geography

November 24, 2020 12:30 AM Eastern Standard Time

LONDON--(BUSINESS WIRE)--The ultra-low temperature freezer market is expected to grow by USD 184.57 million, progressing at a CAGR of almost 5% during the forecast period.

Ultra-low Temperature Freezer Market: End-user Landscape

The need for clinical specimens for translational research, particularly for cancer research, has increased the demand for biobanking. Biobanks require strong cold storage solutions as they are involved in the collection, preparation, processing, handling, recovery, storage, and distribution of tissue and cell samples for therapeutic and research purposes. The increase in collaborations between biobanks and research institutions will drive the demand for ultra-low temperature freezers to maintain and preserve samples that will enhance the development of quality solutions.

Ultra-low Temperature Freezer Market: Geographic Landscape

North America was the largest ultra-low temperature freezer market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Recent advances in biotechnology and pharmaceutical research, growing focus on drug and vaccine discovery and development for treating various lifestyle diseases, and the presence of several vendors in the US offering a wide range of products will significantly drive ultra-low temperature freezer market growth in this region over the forecast period. 36% of the market’s growth will originate from North America during the forecast period. The US is a key market for ultra-low temperature freezers in North America. However, market growth in this region will be slower than the growth of the market in other regions.

---Technavio has announced its latest market research report titled Global Ultra-Low Temperature Freezer Market 2020-2024 (Graphic: Business Wire)