Report : Asia Pacific Ultra-Low Temperature Freezer Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Upright ULT freezers, Chest ULT freezers); End User (Bio-Banks, Hospital, Pharmaceutical and Biotechnology Companies, Academic and Research Institute); and, Country
According to The Insight Partners market research study of “Asia Pacific Ultra-Low Temperature Freezer Market Forecast to 2027 - Covid-19 Impact and Regional Analysis by Type and End User,” the Asia Pacific ultra-low temperature freezer market is projected to reach US$ 159.04 million by 2027 from US$ 109.02 million in 2019. The market is estimated to grow at CAGR of 5.0% from 2020 to 2027. The report highlights trends prevailing in the Asia Pacific ultra-low temperature freezer market and the factors driving market along with those that act as hindrances.
The Asia Pacific ultra-low temperature freezer market, based on type, is further segmented into upright ULT freezers, and chest ULT freezers. The upright ULT freezers segment held a larger share of the market in 2019 and, also the similar segment is estimated to register a higher CAGR during the forecast period owing to the factors such as easier to organize and, convenience use of upright freezers, which is likely to drive the growth for ultra-low temperature freezer market during the forecast period.
The Asia Pacific ultra-low temperature freezer market is expected to grow owing to growing R&D activities to introduce new drug compounds in the region. However, high costs associated with ultra-low temperature freezers is likely to restrain the growth of the market during the forecast period.
As per the S&P Global ratings, the coronavirus is expected to wipe approximately US$200 billion off Asia Pacific economies this year, sending growth to its lowest level, as governments across the region struggle to combat the disease. The outbreak has spread to at least 85 countries in the region and is expected to hammer markets as investors fret over its economic impact. In china, the reported total cases of coronavirus are 82,295; in Japan, it is 8,100; India is having 11,555 counts. on a large scale, the pharmaceutical companies are working on drug discovery and clinical testing processes in the regions. China and Japan have been frontiers in the research activities including development of stem cell therapies, cell therapies and regenerative medicine. Thus, the ultra-low temperature freezer market is anticipated to less affected by the pandemic situation.
Leading companies operating in the ultra-low temperature freezer market are Bionics Scientific Technologies (P). Ltd, Haier Biomedical, REMI GROUP, PHC Holdings Corporation, Esco Group of Companies and among others.
Asia Pacific Ultra-Low Temperature Freezer Market, By Country, 2019 (%)
The report segments Asia Pacific Ultra-Low Temperature Freezer Market as follows: