Increasing demand for blood and blood components and rising technological advancements in ultra-low temperature freezers bolster the ultra-low temperature freezer market size. However, the high cost associated with ultra-low temperature freezers hinders the ultra-low temperature freezer market growth.
Growing Emphasis on Temperature Uniformity and Energy Efficiency to Act as Trend in Ultra-Low Temperature Freezer Market During Forecast Period
The energy intensity of laboratories has come into focus in recent years due to increased costs of electricity and widespread awareness regarding the massive carbon footprint associated with their operations. Most cascade (compressor-based) ultra-low temperature (ULT) freezers consume as much power as a typical household. Moreover, they generate heat and noise, need a significant amount of electricity, and require frequent maintenance. Space in university laboratories is at a premium; the footprint of such equipment is the primary concern. The end users of ULT freezers such as biobanks and research laboratories demand uniformity of temperature, along with precision and efficient storage facilities. The ultra-low temperature freezer market vendors focus on providing temperature uniformity in their products to attract consumers to their products. These refrigerants have an extremely low global warming potential, helping organizations meet environmental objectives. However, new energy-efficient units that facilitate 50% reduction in energy consumption and less heat and noise production are available in the market. ECO ULT freezers manufactured by PHC Corporation use natural hydrocarbon (HC) refrigerants to ensure reduced environmental impact, minimal energy consumption, and substantially lower running costs. HC refrigerants have a high latent heat of evaporation; thus, they exhibit greater efficiency in removing heat from the freezer chamber as compared to conventional refrigerants, resulting in ~55% reduction in energy consumption and costs. Thermo Fisher Scientific also unveiled a new range of hydrocarbon-based ULT freezers, offering laboratories a greener solution marked by less noise, less power consumption, and higher efficiency.
Thus, the growing emphasis on temperature uniformity and energy efficiency is expected to emerge as a prevalent trend in the ultra-low temperature freezer market during the forecast period.
North America held the largest share of the global ultra-low temperature freezer market in 2022 owing to the increasing technological advancements, rising number of biobanks and blood banks, government support for growing R&D activities, and the presence of major market players engaged in new and existing product developments. However, Asia Pacific is anticipated to register the highest CAGR during 2022–2030. The US held the largest share of the ultra-low temperature freezer market in North America in 2022. The increasing demand for biobanks brings transformative potential to the healthcare and economic systems of the US. However, the immediate focus of rapidly developing biobanks in the country is increased by the need for disease understanding, drug discovery, and development. Besides, biobank research provides new insights into the genetic component of human disease, which focuses on developing an automated and more personalized approach to healthcare. Moreover, several market players in the US focus on offering a diversified, cutting-edge portfolio of biobanking products and services designed to accelerate lifesaving discoveries. The increasing number of business activities amongst market players is dynamically contributing to the market growth. In November 2020, hospitals in the US states and cities were struggling to buy ultra-cold freezers that can safely store PFE.N COVID-19 vaccine by Pfizer Inc, ignoring advice from the US Centers for Disease Control and Prevention (CDC) to hold off. Moreover, the growing proximity of socioeconomic and geographic relationships between the US and Mexico has led to profound public health implications for both countries. Numerous outbreaks of bi-national infectious diseases, including vaccine-preventable, foodborne, vector-borne, mycobacteriosis, and mycotic diseases, have been documented over the last two decades. The government in Mexico focuses on attracting significant foreign investments and international players in the country, which will ultimately boost the ultra-low temperature freezer market growth during the forecast period. Mexico seeks public input by February 2021 on a proposal to establish new energy efficiency and safety requirements for self‑contained commercial refrigeration equipment, including vertical coolers with one or more doors, horizontal coolers, horizontal freezers (including medical equipment), vertical freezers (including medical equipment), closed showcases, and ice bag preservers.
The ongoing immunization program ‘Indradhanush’, a health mission of the Government of India launched in 2014, has favored the adoption of ultra-low temperature freezers in the country. Mission Indradhanush aims to ensure full immunization with all available vaccines for pregnant women and children up to two years of age. The government has identified 201 high-focus districts across 28 states with the highest number of partially immunized and unimmunized children. The success of immunization depends highly on the level of cold chain maintenance. Immunization is one of the best efforts that India is currently putting forward to fight against various vaccine-preventable diseases. This has made the adoption of ultra-low temperature freezers essential for the successful implementation of the mission. Also, the presence of market players contributes to the market growth. Blue Star (Mumbai) offers modular cold rooms, medical freezers, ultra-low temperature freezers, pharma refrigerators, and blood bank refrigerators.
Ultra-Low Temperature Freezer Market: Competitive Landscape and Key Developments
Thermo Fisher Scientific Inc, Godrej Group, Haier Group Corporation, Blue Star Limited, Helmer Scientific Inc, PHC Holdings, BioLife Solutions Inc, Eppendorf SE, Meling Biomedical, and Arctiko are among the key companies operating in the ultra-low temperature freezer market. Market players adopt product innovation strategies to meet evolving customer demands, thereby maintaining their brand names in the ultra-low temperature freezer market.
A few of the recent developments in the global ultra-low temperature freezer market are mentioned below:
- In May 2023, PHC Corporation of North America (PHCNA) announced that the PHCbi brand VIP ECO SMART ultra-low temperature freezer has been awarded the prestigious Outstanding New Product Award for 2023 by the International Society for Biological and Environmental Repositories (ISBER). The product is designed for use in a range of facilities such as universities, medical institutions, and pharmaceutical companies.
- In February 2023, PHC Corporation of North America (PHCNA) launched PHCbi brand VIP ECO SMART ultra-low temperature freezer series. The new series is built upon innovative and reliable ultra-low temperature freezers to offer enhanced energy-saving performance while improving security and usability.
- In February 2021, Godrej & Boyce launched ultra-low temperature freezers to its portfolio that cater to vaccine cold chain storage facilities. These advanced medical freezers can preserve life-saving medical supplies, including critical vaccines below –80°C, and are aimed at boosting both Indian and global medical cold chain.