Product ID: SQMIG20E2068
Global Ultra-Low Temperature Freezers Market Size, Share, Growth Analysis, By Product(Upright ULT Freezers and Chest ULT Freezers), By End-user(Bio-Banks, Pharmaceutical and Biotechnology Companies) - Industry Forecast 2024-2031
Report ID:
SQMIG20E2068 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
62 |
Figures:
75
Global Ultra-Low Temperature Freezers Market Insights
Ultra-Low Temperature Freezers Market size was valued at USD 0.48 billion in 2021 and is poised to grow from USD 0.5 billion in 2022 to USD 0.69 billion by 2030, at a CAGR of 4.20 % during the forecast period (2023-2030).
The pandemic has had a significant impact on the growth of the ultra-low temperature freezer market. These freezers played a crucial role in the storage and distribution of COVID-19 vaccines that required ultra-cold conditions.
Guidelines from regulatory bodies, such as the FDA, specified the need to store vaccines like the Pfizer-BioNTech mRNA COVID-19 vaccine in ultra-low temperature freezers at temperatures ranging from -80°C to -60°C.
This led to a surge in demand for ultra-low temperature freezers during the initial phase of the pandemic.
The market growth is driven by factors such as their increasing applications in bio-banks, drug discovery, and life sciences research.
The use of ultra-low temperature freezers in bio-banks, like the Integrated Biorepository of H3Africa Uganda, has significantly contributed to the market's growth.
US Ultra-Low Temperature Freezers Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Ultra-Low Temperature Freezers Market Report Snapshots
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