Global Ultra-low Temperature Freezers Market is expected to expand substantially through 2032 owing to the growing research studies around genomics. Besides, rising rate of chronic diseases, combined with favorable government measures, is propelling business expansion. Demand for ultra-low temperature freezers is being further bolstered by an increase in research into the production of new drugs and the rising occurrence of contagious diseases.

Moreover, leading industry players are working on creating innovative and technologically sound products to gain a competitive edge in the marketplace. For instance, in June 2021, Thermo Fisher Scientific introduced their latest TSX Series ultra-low temperature refrigerators. Modern ultra-low temperature freezers have been completely upgraded to include new features and capabilities that provide safeguards for delivering ecologically sustainable protection of goods including vaccines, biologics, cell culture media, and reagents in research, manufacturing, clinical, pharmaceutical, as well as industrial laboratories. These cutting-edge products helped in expanding the firm’s product portfolio.

The ultra-low temperature freezers market has been divided in terms of type, application, technology, and region.

Based on type, the market has been bifurcated into upright freezers, chest freezers, and others. The others segment is speculated to depict more than 4.5% growth rate from 2023 to 2032. The others segment includes drawer and portable freezers. The increase of point-of-care diagnostics as well as decentralized testing is driving up demand for portable and compact ULT freezers that can be readily moved to remote areas or utilized in mobile laboratories.

With respect to application, the blood and blood products segment is estimated to expand significantly over the review period credited to the rising number of blood donations as well as the various efforts made by both private and public entities, including awareness campaigns, to raise the number of blood donors. Furthermore, the use of ultra-low temperature freezers for storing red blood cells, white blood cells, and plasma products has increased due to the rising prevalence of such diseases and injuries.

From the regional front, the Latin America ultra-low temperature freezers industry is set to hold more than 4% market share by 2032. The regional market is expanding as a result of favorable government measures to enhance ULTF market presence, Additionally, the surging R&D efforts to produce superior, super-efficient products in the industry will further augment industrial growth.