Blood & Blood Products Held Largest Share of Ultra-Low Temperature Freezer Market in 2022
According to our new research study on “Ultra-Low Temperature Freezer Market Forecast to 2030 – Global Analysis – by Type, Application, Technology and Geography,” the ultra-low temperature freezer market is expected to grow from US$ 619.89 million in 2022 to US$ 902.08 million by 2030; it is anticipated to register a CAGR of 4.8% from 2022 to 2030. The report emphasizes the trends prevalent in the global ultra-low temperature freezer market, along with drivers and deterrents affecting its growth.
Blood and blood components perform various essential body functions. Severe blood loss can lead to life-threatening conditions such as hypovolemic/hemorrhagic shock, which require immediate blood transfusion to prevent organ failure and death. Blood transfusion is considered one of the important steps in many surgical procedures, as well as in many treatments such as stem cell therapy, organ transplantation, and chemotherapy procedures. In addition, it is employed in the treatment of acute and chronic diseases caused by deficiencies or defects in plasma proteins or cellular blood components to avoid complications such as life-threatening hemorrhage or to improve the quality of life by reducing anemia and related symptoms. As per the data provided by The Institute for Health Metrics and Evaluation, anemia affects ~25% of the population. As per the same source, ~1.9 billion people were suffering from anemia in 2021, and about 420 million cases had increased over three decades. According to the International Journal of Drug Regulatory Affairs, with more than 1,200 road accidents occurring every day, 60 million surgeries are performed in India every year; further, 240 million primary operations, 331 million cancer-related procedures such as chemotherapy, and 10 million pregnancy complications are handled by the healthcare sector in the country per year. These procedures require a severe call for blood transfusion. The need for blood transfusion may arise at any time in both urban and rural areas. Unfortunately, millions of people are supplied with unsafe blood due to poor storage and inappropriate checking practices. Blood and blood components can be stored safely in laboratory freezers by adhering to strict regulations. Blood bank refrigerators have evolved to become more than just reliable cold storage devices. These refrigeration units are equipped with compressors and insulated cabinets required of any refrigeration device, and they provide advanced control over temperature, storage contents, warning alarms, and so on. The increasing demand for safe blood and blood components for transfusion has encouraged the manufacturing or development of various types of blood bank freezers; it has also triggered the adoption of ULT freezers for secure storage due to the strict guidelines imposed by the WHO for the storage of blood samples.
Ultra-Low Temperature Freezer Market, by Region, 2022 (%)
Ultra-Low Temperature Freezer Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Chest Freezers and Upright Freezers), Application (Blood and Blood Products, Organ, Pharmaceuticals, Forensic and Genomic Research, and Others), Technology (Semi-Automatic and Automatic), and Geography
Ultra-Low Temperature Freezer Market Size Report | Share & Growth Analysis 2030
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Source: The Insight Partners Analysis
The ultra-low temperature freezer market, by application, is segmented into blood & blood products, organs, pharmaceuticals, forensic & genomic research, and others. In 2022, the blood & blood products segment held the largest market share. The pharmaceutical segment is expected to record the highest CAGR during 2022–2030. Maintaining the potency of medical drugs and vaccines is difficult due to compliance, legal regulations, and environmental conditions. According to the National Center for Biotechnology Information (NCBI), a shipment of Intralipid % IV fat emulsion, 100 mL bags by Baxter International, Inc. was inappropriately exposed to subfreezing temperatures—outside the declared permitted storage range—on its route to a distribution site in August 2017. About two months later, the manufacturer voluntarily recalled this parenteral nutrition product and advised patients to discard their supply. Medicines, vaccines, and other pharmaceutical products in production and storage and molecules studied during the pre-clinical phase or tested during clinical trials must be monitored in real-time as part of the pharmaceutical cold-chain monitoring procedure (in refrigerators and –80°C freezers, etc.). This must be done to avoid temperature excursions or other anomalies in CO2, relative humidity, or differential pressure.
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. These companies adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name.
The report segments the ultra-low temperature freezer market as follows:
The ultra-low temperature freezer market is segmented on the basis of type, application, technology, and geography. The ultra-low temperature freezer market, by type, is bifurcated into chest freezers and upright freezers. In 2022, the upright segment held a larger market share. Further, the upright segment is expected to record a higher CAGR during 2022–2030. The ultra-low temperature freezer market, by application, is segmented into blood and blood products, organs, pharmaceuticals, forensic and genomic research, and others. In 2022, the blood and blood products segment held the largest market share. Further, the pharmaceuticals segment is expected to record the highest CAGR during 2022–2030. The market, by technology, is bifurcated into automatic and semi-automatic. In 2022, the automatic segment held a larger market share. Further, the automatic segment is expected to record a higher CAGR during 2022–2030.
Based on geography, the ultra-low temperature freezer market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
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