Ultra Low Temperature Freezer Market Size, Share, and Trends 2024 to 2033

The global ultra low temperature freezer market size reached USD 862 million in 2023 and is projected to hit USD 1,625.71 million by 2033, growing at a CAGR of 6.55% from 2024 to 2033.

Key Takeaways

• North America contributed 45% of market share in 2023.
• Asia-Pacific is estimated to expand the fastest CAGR between 2024 and 2033.
• By product type, the upright ULT freezers segment has held the largest market share of 56% in 2023.
• By product type, the chest ULT freezers segment is anticipated to grow at a remarkable CAGR of 7.9% between 2024 and 2033.
• By end-user, the academic and research laboratories segment generated 35% of the market share in 2023.
• By end-user, the bio-banks segment is expected to expand at the fastest CAGR over the projected period.

Ultra Low Temperature Freezer Market in the U.S. 2024 To 2033

The U.S. ultra low temperature freezer market size was valued at USD 290.93 million in 2023 and is expected to reach USD 548.68 million by 2033 with a notable CAGR of 6.56% from 2024 to 2033.

North America held the largest share of 45% in 2023, the ultra low temperature freezer market due to advanced healthcare infrastructure, robust research and development activities, and a high prevalence of biopharmaceutical companies. The region's strong focus on biopharmaceutical research, especially in the United States and Canada, drives the demand for ultra low temperature Freezers. Additionally, the presence of key market players, strategic investments in healthcare, and a proactive approach to adopting innovative technologies contribute to North America's dominance in this market.

Asia-Pacific is poised for rapid growth in the ultra low temperature freezer market due to expanding healthcare infrastructure, rising biopharmaceutical research, and increasing awareness of the importance of precise sample storage. The region's growing investment in research and development, coupled with rising demand for vaccines and biologics, fuels the need for advanced cold storage solutions. Additionally, the escalating prevalence of chronic diseases and infectious outbreaks further amplifies the demand for Ultra Low Temperature Freezers in the Asia-Pacific region, making it a key area for market expansion.

Meanwhile, Europe is experiencing notable growth in the ultra low temperature freezer market due to several factors. The region's increasing focus on advanced medical research, particularly in vaccine development and personalized medicine, has led to a rising demand for these freezers. Additionally, stringent regulations regarding the storage and transportation of biological materials have propelled the adoption of Ultra Low Temperature Freezers. The region's commitment to healthcare infrastructure development, coupled with the ongoing COVID-19 vaccination efforts, has further intensified the need for reliable storage solutions, contributing to the market's significant growth in Europe.

Ultra Low Temperature Freezer Market Overview

The ultra low temperature freezer market offers specialized devices designed to maintain extremely low temperatures, typically ranging from -40°C to -86°C or even lower. It is widely used in various scientific and medical settings to store sensitive biological materials such as vaccines, enzymes, and genetic samples. These freezers play a crucial role in preserving the integrity of these substances by preventing any degradation or loss of activity. The ultra-low temperatures slow down molecular and chemical processes, ensuring the long-term stability of stored samples. Researchers, healthcare professionals, and laboratories rely on these freezers to safeguard valuable specimens, allowing for extended storage durations without compromising the quality of the materials. The precise temperature control and reliable performance of ultra low temperature freezers make them indispensable tools in industries where maintaining the viability and functionality of biological samples is of utmost importance.

Ultra Low Temperature Freezer Market Data and Statistics

• The Pfizer-BioNTech mRNA COVID-19 vaccine, BNT162b2, as per guidelines from the Food and Drug Administration (FDA), necessitates storage in ultra-low temperature freezers, ranging from -80°C to -60°C, for a maximum of six months post-receipt.
• In September 2022, an article published by the Journal of Rapid and Transparent Publishing highlighted the Integrated Biorepository of H3Africa Uganda (IBRH3AU) at Makerere University. This facility in Eastern Africa boasts a freezer farm equipped with 20 ultra-low temperature (ULT) freezers.
• ThermoFisher Scientific Inc. introduced the ThermoScientific TSX Series Ultra-Low Temperature (ULT) Freezers in June 2021. Additionally, in October 2022, the company launched the Thermo Scientific TDE Series -80°C Chest Freezer.
• March 2023 witnessed the launch of a central biobank network in South Africa, named Biodiversity Biobanks South Africa (BBSA). This initiative unites 7 institutions and 22 different biobanks, previously scattered, to conserve and manage biodiversity samples.
• As of May 30, 2023, ClinicalTrials.gov reported approximately 1,946 active clinical trials for vaccines. Some of these vaccines in clinical trials may require ultra-cold conditions for the storage and transportation of raw materials.
• In March 2023, Jubilant HollisterStier received a USD 23.8 million Strategic Innovation Fund from the government of Canada, aimed at enhancing its capacity for various vaccines, including mRNA, along with its annual fill and finish capacity.

Growth Factors

• The continual growth of the biopharmaceutical industry, marked by advancements in vaccine development, gene therapy, and biologics, is a significant driver for the Ultra Low Temperature Freezer market. These freezers are crucial for preserving the integrity of temperature-sensitive biological materials used in these advancements.
• The increasing establishment and expansion of biobanks, particularly for genetic and genomic research, contribute to the demand for ultra low temperature freezers. Biobanks store and manage biological samples for research, and the demand for these freezers is fueled by the growing scope of biobanking activities globally.
• The urgency and scale of global COVID-19 vaccination campaigns have significantly boosted the demand for ultra low temperature freezers. Vaccines like Pfizer-BioNTech's BNT162b2, with stringent temperature requirements, have driven the adoption of these specialized freezers in healthcare settings, while promoting the growth of ultra low temperature freezer market.
• Ongoing advancements in ultra-low temperature freezer technology, such as improved energy efficiency, precise temperature control, and user-friendly features, are driving market growth. Innovations like the ThermoScientific TSX Series ultra-low temperature freezers launched by ThermoFisher Scientific Inc. contribute to market expansion.
• Government initiatives and funding for research and development, as well as healthcare infrastructure, play a vital role in the growth of the ultra low temperature freezer market. Financial support, grants, and strategic partnerships enhance the accessibility of these freezers in various research and healthcare institutions.
• The surge in global clinical trials, with a reported 1,946 active trials for vaccines as of May 30, 2023, fuels the demand for ultra low temperature freezers. These freezers are essential for maintaining the stability and viability of materials used in clinical trials, contributing to the overall expansion of the market.

Ultra Low Temperature Freezer Market Dynamics

Driver: Expanding biobanking activities

The Integrated Biorepository of H3Africa Uganda (IBRH3AU) equipped with 20 ultra-low temperature freezers reflects the expanding biobanking infrastructure.

The surge in expanding biobanking activities significantly boosts the growth of the ultra low temperature freezer market. Biobanks, which store and manage various biological samples like tissues, blood, and DNA, play a pivotal role in advancing medical and genetic research. As biobanking activities expand globally, the need for reliable preservation of these sensitive biological materials also grows. Ultra low temperature freezers provide the necessary conditions to maintain the long-term viability and integrity of stored samples. With the increasing emphasis on genomic and personalized medicine research, biobanks require ultra-low temperature storage to ensure the stability of specimens. The heightened demand for ULT freezers is, therefore, a direct result of the expanding biobanking landscape, as researchers and healthcare professionals rely on these specialized freezers to safeguard and maintain the quality of crucial biological samples for ongoing and future studies.

Restraint: Alternative storage solutions

The ultra low temperature freezer market faces restraints due to the emergence of alternative storage solutions. Advances in cryopreservation and the use of dry ice present cost-effective alternatives for specific applications, challenging the dominance of ULT freezers. These alternatives, often considered more economical, can restrain market growth, particularly in sectors where budget constraints are a significant concern. Moreover, the adoption of alternative storage solutions is driven by environmental considerations. Cryopreservation methods, for example, may be viewed as more environmentally friendly compared to the high energy consumption associated with ULT freezers. As industries seek sustainable practices, the perceived environmental impact of ultra low temperature Freezers becomes a factor that restrains their market demand, prompting a shift towards alternative storage solutions that align with more eco-conscious practices.

Opportunity: Global health security initiatives

Global health security initiatives are creating significant opportunities for the ultra low temperature freezer market. As the world grapples with the challenges posed by pandemics and infectious diseases, governments and organizations are prioritizing the development of robust vaccine distribution networks. ultra low temperature freezers play a crucial role in this landscape by providing the necessary infrastructure for storing vaccines at extremely low temperatures, ensuring their efficacy and safety.

The demand for ultra low temperature freezers has surged as a result of these initiatives, leading to increased investments in healthcare infrastructure. Governments worldwide are focusing on enhancing their cold chain capabilities to respond effectively to health emergencies. This presents a substantial opportunity for manufacturers and suppliers in the ultra low temperature freezer market to contribute to global health security efforts by providing reliable and efficient storage solutions, fostering growth and market expansion in the process.

Product Type Insights

The upright ULT freezers segment held the highest market share of 56% in 2023. Upright Ultra Low Temperature (ULT) Freezers, a segment in the ultra low temperature freezer market, are vertically oriented units designed for efficient storage of temperature-sensitive materials. These freezers offer easy access to samples and are commonly used in laboratories and healthcare settings. A trend in this segment includes advancements in technology, such as improved insulation and energy efficiency, ensuring precise temperature control. The demand for upright ULT freezers is driven by their convenient design, making them a preferred choice for organizations involved in biopharmaceutical research and storage of valuable biological specimens.

The chest ULT freezers segment is anticipated to witness rapid growth at a significant CAGR of 7.9% during the projected period. Chest ultra low temperature (ULT) freezers are a type of storage equipment characterized by a horizontal configuration. These freezers are designed to reach and maintain extremely low temperatures, typically ranging from -40°C to -86°C, ensuring the preservation of temperature-sensitive biological materials. In the ultra low temperature freezer market, the chest ULT freezer segment is witnessing a trend towards increased adoption due to its efficient use of space and improved insulation properties. These freezers are favored for their low heat emission and energy efficiency, contributing to their growing popularity in various research and healthcare settings.

End User Insights

According to the end-user, the academic and research laboratories segment has held a 35% market share in 2023.  The academic and research laboratories segment in the ultra low temperature freezer market refers to educational institutions and research facilities using these freezers to preserve biological samples. A key trend in this segment is the increasing demand for ultra low temperature freezers to support diverse research activities, including genomics, drug discovery, and vaccine development. As academic and research laboratories continuously expand their studies, the need for reliable and efficient storage solutions is driving the adoption of ultra low temperature freezers in this dynamic and growing market segment.

The bio-banks segment is anticipated to witness rapid growth over the projected period. In the ultra low temperature freezer market, the biobanks segment refers to institutions responsible for storing and managing various biological samples, including tissues, blood, and DNA, for research purposes. A key trend in this segment is the increasing adoption of ultra low temperature Freezers to preserve the integrity of these sensitive biological materials. As biobanking activities expand globally, the demand for reliable and precise storage solutions grows, driving the market's focus on delivering advanced ultra low temperature freezers tailored to the unique requirements of biobanks.

Recent Developments

• In February 2023, PHC Corporation of North America introduced the PHCbibrand VIP ECO SMART ultra-low temperature freezer series designed for use in various facilities, including medical institutions, universities, and pharmaceutical companies. This new series comprises four models of HFC-free ultra-low temperature freezers, providing researchers in drug discovery and life science research with efficient and secure long-term storage for specimens and samples.
• In June 2022, Haier Biomedical launched the TwinCoolFrequency Conversion ULT Freezer, aiming to enhance the safety of biological samples, optimize energy consumption, and achieve environmentally friendly and efficient storage solutions.

Temperature Freezer Market Companies

• Thermo Fisher Scientific Inc.
• PHC Corporation (formerly Panasonic Healthcare)
• Helmer Scientific
• Eppendorf AG
• Haier Biomedical
• Stirling Ultracold (a division of Global Cooling Inc.)
• Arctiko A/S
• Bionics Scientific Technologies (P) Ltd.
• Esco Micro Pte. Ltd.
• Labcold Ltd.
• Azbil Telstar, S.L.
• BINDER GmbH
• B Medical Systems
• Glen Dimplex Group (Labcold)
• NuAire, Inc.

Segments Covered in the Report

By Product Type

• Upright ULT freezers
• Chest ULT freezers

By End-user

• Bio-Banks
• Pharmaceutical and Biotechnology Companies
• Academic and Research Laboratories
• Others 

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa