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Technavio’s latest report on the global ultra-low temperature (ULT) freezer marketprovides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has announced the release of their 'Global Ultra-low Temperature Freezer Market 2017-2021' report. (Graphic: Business Wire)
The research study by Technavio on the global ultra-low temperature (ULT) freezer market for 2017-2021 provides detailed industry analysis based on end-users (biobanks; and hospitals and diagnostic centers) and geography (the Americas, EMEA, and APAC).
|Ultra-low temperature (ULT) freezers are cold storage freezers used to store and preserve specimens such as organ tissues and cells at extremely low temperatures. Technavio analysts forecast the global ultra-low temperature freezer market to grow to USD 701.89 million by 2021, at a CAGR of more than 3% over the forecast period.|
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The top three emerging trends driving the global ultra-low temperature freezer market according to Technavio research analysts are:
Increasing focus on expanding capacity and lowering footprint
“The growing demand for blood bank and lab freezers with higher capacity and lower carbon footprint has encouraged vendors to introduce under-counter freezers and upright freezers with higher capacity,” says Amber Chourasia, a lead analyst at Technavio for lab equipment research.
Helmer Scientific and Stirling Ultracold, two vendors in the market, offer under-counter blood bank refrigerators and other ULT refrigerators with increased storage capacity and lower footprints. The introduction of newer products will encourage end-users to upgrade existing equipment.
Growing emphasis on temperature uniformity and energy efficiency
The end-users of ULT freezers such as biobanks and research laboratories are demanding uniformity of temperature, along with precision and efficient storage facilities. Vendors in the market have adopted an unofficial standard to provide temperature uniformity in their products to attract more consumers to their products.
Vendors in the market adopt practices such as cold air loss, providing insulated windows, and forcing air circulation, among other features to ensure temperature uniformity and energy efficiency. This ensures the proper preservation of blood products, irrespective of inventory load, which is encouraging more consumers to adopt these energy efficient freezers.
Migration of manufacturing and sales facilities to APAC
“In recent years, many manufacturers of laboratory devices such as ULT freezers have either shifted or expanded their manufacturing and sales bases to APAC. This shift is due to the high ease of setting up manufacturing facilities in the region, backed by easing government policies,” says Amber.
APAC also has a high number of end-users and applications such as biomedical and clinical research in countries like China, South Korea, Japan, and Australia, providing a sizeable opportunity for vendors. The slowly strengthening research facilities in areas like clinical biology will further boost the market.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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