The ultra-low temperature freezers market is anticipated to witness a lucrative growth spurt over the forthcoming time period owing to increasing number of pharmacies, laboratories, and hospitals, growing use of chest type freezers, increasing product use in sample collection, and expanding pharmaceutical industry. Rising prevalence of chronic disorders across the globe will also stimulate the demand for ULT freezers.

Ultra-low temperature freezers or ULT freezers are one of the key tools utilized in research laboratories. These freezers are used for storing samples generally below -40??C and are available in a diversity of sizes and formats including chest, countertop, and upright models. Ultra-low temperature freezers main purpose is to protect biological samples mainly by keeping them at relatively low temperatures.

ULT or ultra-low temperature freezers generally range between -45C to -86C and are utilized for the storage of tissue samples, bacteria, chemicals, enzymes, cell preparations, drugs, and viruses, among many others.

The ultra-low temperature freezers market is bifurcated in terms of type, application, technology, and regional landscape.

With respect to type, the overall market is classified into upright freezers, chest freezers, and others. Among these, chest freezers segment will exhibit nearly 2.5% CAGR over the estimated time period. More storage capacity, energy efficiency as well as convenience provided by chest freezers will drive customer preference for this type of ultra-low temperature freezers. These type of ultra-low temperature freezers also provide a long-term storage for items that have been less used.

In terms of application, the overall ULT freezers market is categorized into forensic and genomic research, pharmaceuticals, organs, blood & blood products, and others. Among these, pharmaceutical application segment will witness substantial growth over the coming time period. In 2019, the segment witnessed a market revenue of around $56 million revenue. Rising prevalence of various chronic disorders and growing number of laboratories, hospitals and pharmacies will augment the segment growth.

In pharmaceuticals industry, refrigeration is important for the sub-zero temperature storage of vaccines, medicines, samples as well as other sensitive materials. ultra-low temperature pharmaceutical freezers are vital for the appropriate storage of biological samples like tissues, plasma, and blood, that might be needed for pharmaceutical research.

Based on technology, the ULT freezers market is divided into semi-automated and automated. Among these, semi-automated segment will witness a respectable CAGR of around 2.3% over the forthcoming time period. Growing use in sample collection, clinical development portfolio and study of personalized medicines will drive segment growth.

From a regional frame of reference, ultra-low temperature freezers market in Latin America will witness more than 2.5% CAGR over the forecast time period. Factors such as growing pharmaceutical industry, penetration of companies and increasing research and development expenditure will positively influence the overall market growth over the coming years.