Report : North America 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 “North America Ultra-Low Temperature Freezer Market Forecast to 2027 - Covid-19 Impact and Regional Analysis by Type and End User,” the North America ultra-low temperature freezer market is projected to reach US$ 313.19 million by 2027 from US$ 220.25 million in 2019. The market is estimated to grow at CAGR of 4.7% from 2020 to 2027. The report highlights trends prevailing in the North America ultra-low temperature freezer market and the factors driving market along with those that act as hindrances.
The North America 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 North America ultra-low temperature freezer market is expected to grow owing to increasing demand for blood and blood components 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.
Moreover, the country is witnessing the growing number of COVID-19 cases, for instance, in the United States the number of cases has been increased to 614,246 with 26,064 deaths reported. Additionally, Mexico and Canada cases are also growing. The US and Canada have witnessed spike in cases in just few days, which has compelled the governments to shut down all the business in order to prevent the spread of the virus. However, Mexico is likely to be least affected due to less research and development activities in the biomedical industry.
Leading companies operating in the ultra-low temperature freezer market are Helmer Scientific Inc., Eppendorf AG, THERMO FISHER SCIENTIFIC INC., Arctiko, Haier Biomedical and among others.
The report segments North America Ultra-Low Temperature Freezer Market as follows: