Published On: Mon, Sep 24th, 2018

Revenue of ultra-low temperature freezer market expected to surpass $210Mn by 2024

The ultra-low temperature (ULT) freezer market has gained momentum and according to Global Market Insights, it is expected to exceed $210 million by 2024.

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There is a great demand around the acceleration of research to discover new drugs and development activities as well advanced treatment to address the current complex diseases across the globe. Developments to fight against infectious diseases, for example, are greatly dependent on ultra-low temperature freezers in order to store biological samples and medicine, while providing temperature uniformity.

According to research analysts at Technavio, a global technology research and advisory company, three additional trends that are also contributing to the market are:

  1. Increasing focus on expanding capacity and lowering footprint
  2. Growing emphasis on temperature uniformity and energy efficiency
  3. Migration of manufacturing and sales facilities to APAC’

As a result, public and private investments are being made, with main players and additionalsupporters making their impact. A few of the notable players include: Panasonic Healthcare, Thermo Fisher Scientific, Haier, Eppendorf, and the Bill and Melinda Gates Foundation. The Bill and Melinda Gates foundation is a standout player that is funding development for disease treatment solutions for diseases such as Malaria and tuberculosis. The U.S. Environmental Protection Agency ENERGY STAR program has even showed its supportand further illustrated its commitment towards energy efficient systems. There are also smaller but highly specialized companies, like Fratelli Della Marca for example, that are driving the market and making their own impact by offering consumers the opportunity to customize their ULT freezer.

The benefit of the market growth is that more and more people are becoming aware of what we are working towards as a global society. In terms of organ donation, more people are willing to and performing organ and blood donation, as well ashaving a greater understanding of what their donation really means. People have the opportunity to make a difference in ways that research and development desperately need. The Western Province Blood Transfusion Service (WPBTS) and South African National Blood Service (SANBS) positively impact the ULT market growth, while awareness and donations also increase. Another example is the number of diseases, including chronic kidney disease in elderly people, whichrequire transplantation and therefore, organ storage in a ULT freezer.

Scientists and researchers are optimistic of this means for our future. A transplant nowadaysis challenged by current technology, as organs can only last for so many hours outside the body. With the development of technology and what the ULT market is already seeing, there are many that are optimistic for what this means for easily accessible transplants in the future. The U.S., for example, has funded efforts to freeze human organs for long-term storage. An Italian neuroscientists has even claimed that a human head transplant “is imminent” and that it will be a viable effort for patients in the next couple of years. The more time and money that goes into how an organ freezes and thaws, the closer we are to discovering ways to make transplants more accessible.