North America Ultra-Low Temperature Freezer Market Dynamics and Trends by 2027

North America, the ultra-low temperature freezer market, is anticipated to reach US$ 313.19 Mn in 2027 from US$ 220.25 Mn in 2019. The market is projected to grow with a CAGR of 4.7% from 2020-2027.

The ultra-low temperature freezer market is growing primarily due to the increasing demand for blood and blood components. 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 North American 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.

North America 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.

In 2019, the US accounted for the largest market share in North America ultra-low temperature freezer market, and it is also expected to grow at a faster pace over the forecast period. The immediate focus of rapidly developing biobanks in the country owing to the factors such as the need for disease understanding, drug discovery, and development. Moreover, biobank research provides new insights into the genetic component of human disease, which are the key factors that 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.

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

NORTH AMERICA 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

• North America

• • US
  • Canada
  • Mexico

Company Profiles

• Helmer Scientific Inc.
• Eppendorf AG
• THERMO FISHER SCIENTIFIC INC.
• Arctiko
• Haier Biomedical

North America Ultra-Low Temperature Freezer Report Scope