Global Cryogenic Freezers Market Size, Share, Growth Rate, Revenue and Forecasts, 2018

Global Ultra-Low Temperature Freezer Market is expected to observe service extensions, mergers and acquisitions and strategic collaborations among the players. Competition in the market can be based on parameters including price, quality, and technological advancements.

According to a report available on Radiant Insights, Inc.; the cryogenic freezers market is expected to show momentous growth by 2022.
Growing use in storing human tissues, DNA, stem cells, blood products, embryos, umbilical cord blood, oocytes, and other medical and biological specimens can boost the market over the forecast period (2018 to 2022). In addition, rising demand for inhouse storage facilities and growing expenditure for research and development activities can have positive impact on the market.

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Technological developments are considered as the major driving factor for the market. Factors such as variation in room temperature, occurrence of opening doors, inventory load, and power failure play crucial role in determining the storage efficiency of the ultra-low temperature (ULT) freezers. These factors can be rectified with several advanced features like real time remote access to data through mobile devices, and data management among the others. In addition, implementation of RFID and SMS alerts in order to achieve effective and improved workflow, and low operative costs can increase the demand for these freezers in the coming years. An energy efficient equipment with uniform temperature is the current trend which is gaining traction in the market. Furthermore, increasing use for frizzing food can increase the demand for these freezers food industry. For instance, Air Products introduced its food freezing and chilling equipment such as Freshline IQ tunnel freezer and Freshline MP tunnel freezer. They are intended for meat and poultry processors. These freezers comprise several features including remote monitoring using the company’s Process Intelligence, which allows food processors to troubleshoot and track productivity of their food processing equipment. In pharmaceutical industry this equipment is widely accepted to protect vaccines and to store blood bunches, which are rare and needs to be stored at low temperature. For instance, Brooks Life Sciences, provider of automated solutions for temperature-controlled storage has recently introduced the BioStore III Cryo automated freezer for 250ml cryobags. This new freezer offers simple, automatic management for 250mL cryobags. This new product in intended to reduce the risk of errors and variability inherent in labor-intensive inventory handling.

However, high energy consumption is the major challenges for the market.

Worldwide cryogenic freezers market can be segmented on the basis of end-use and region. Based on end-use, the market can be categorized into bio banks and hospitals and diagnostic centers.

Geographically, the cryogenic freezers market can be divided into North America, Europe, and Asia Pacific.

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North America has been dominating the market and expected to continue its dominance over the study period. This growth can be associated with several factors including presence of various biobanks, availability of well-established research facilities, advanced testing laboratories in this region. Europe is considered as the second largest markets. Asia pacific is expected to the fastest growing market over the forecast period.

Key players operating in the cryogenic freezers market include Thermo Fisher, Panasonic Healthcare, Haier Bio-Medical, Bioline Technologies, and American Biotech Supply.

The market is extremely competitive with the presence of several local and international players. The competition in the market is likely to increase due to technological innovations. The market is also expected to observe service extensions, mergers and acquisitions and strategic collaborations among the players. Competition in the market can be based on parameters including price, quality, and technological advancements. The small players are expected to face more challenges as the established players are concentrating on increasing their market share by extensive research and development activities.

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