Asia Pacific Ultra-Low Temperature Freezer Market Developments and Forecast by 2027

Asia Pacific, the ultra-low temperature freezer market, is anticipated to reach US$ 159.04 Mn in 2027 from US$ 109.02 Mn in 2019. The market is projected to grow with a CAGR of 5.0% from 2020-2027.

The ultra-low temperature freezer market is growing primarily due to growing R&D activities to introduce new drug compounds. Restraining factor such as, high costs associated with ultra-low temperature freezers is likely to damage the growth of the market in the coming years. On the other hand, development in the healthcare market is expected to have a positive impact on the growth of the Asia Pacific ultra-low temperature freezer market in the coming years.

The healthcare industry has been witnessing rapid transformations during the previous years. The industry has witnessed various technological advancements, such as use of stem cell therapy and personalized medicine. Countries across the globe have been preferring advanced technologies in healthcare. With a need for better healthcare facilities, Technology-Enabled Care (TEC) solutions are being preferred in the healthcare systems in emerging economies. In addition, the increase in aging population, incidences of chronic illnesses and pediatric care are the primary factors driving the growth of the healthcare sector.

Various established players in the industry have been investing significant amount of their revenue in R&D activities for the development of better and advanced products and technologies to be used in the healthcare industry. Also, the availability of reimbursement for various medical procedures are expected to fuel the growth of the industry in the coming years.

There has been a significant increase in the healthcare expenditure during the previous years. As per World Bank, Healthcare expenditure accounts for 9.94% of global GDP. In the US, 17.1% of its GDP is committed to the industry, whereas in Latin America, HC expenditures account for only 7.24%, with Brazil at 8.3%, and Mexico at 6.3%. Whereas the healthcare expenditure per capita was 5.6%, and 4.7% in China, and India, respectively, during 2017. The above stated factors are expected to offer broad growth opportunities in the market.

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.

In 2019, the Japan accounted for the largest market share in Asia Pacific ultra-low temperature freezer market, and it is also expected to grow at a faster pace over the forecast period. In the country, the market players are focusing on new product launches and increasing adoption and acceptance of ultra-low temperature freezer. Moreover, the market players are focusing on manufacturing energy-efficient natural refrigerants and inverter compressors to reduce power consumption through slow-speed rotation control effectively, which are responsible for the highest revenue share of the region. Hence, considering the mentioned factors, the ultra-low temperature freezer market is expected to grow at a significant pace in the US during the forecast period.

Rest of Asia Pacific Ultra-Low Temperature Freezer Market Revenue and Forecasts to 2027 (US$ Mn)

ASIA PACIFIC ULTRA-LOW TEMPERATURE FREEZER – MARKET SEGMENTATION

By Type

• Upright ULT Freezers
• Chest ULT Freezers

By End-User

• Bio-Banks
• Hospital
• Pharmaceutical and Biotechnology Companies
• Academic and Research Institute

By Geography

• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea

Company Profiles

• Bionics Scientific Technologies (P). Ltd
• Haier Biomedical
• REMI GROUP
• PHC Holdings Corporation
• Esco Group of Companies

Asia Pacific Ultra-Low Temperature Freezer Report Scope