According to the research report titled ‘Ultra-low Temperature Freezers Market Size By Type (Chest Freezers, Upright Freezers), By Application (Blood & Blood Products, Organs, Pharmaceuticals, Forensic and Genomic Research), By Technology (Automated, Semi-automated), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with MarketStudyReport, global ultra-low temperature freezers market is anticipated to expand at a strong y-o-y growth rate over the forecast timeframe 2020-2026.
 

Growing number of pharmacies, labs, and hospitals, increasing use of chest freezers, surging product application in sample collection, and proliferating pharmaceutical sector are anticipated to drive worldwide ultra-low temperature freezers market growth. Moreover, rising frequency of chronic diseases around the world will boost product demand in the upcoming years.
 

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For the unversed, ultra-low temperature (ULT) freezers are one of the most important equipment in research facilities. These freezers are available in an array of sizes & formats and are used to protect biological samples by preserving them at low temperatures ranging from -45°C to -86°C. Tissue samples, bacteria, chemicals, enzymes, cell preparations, medications, and viruses are among the items that are stored in ULT freezers.
 

With respect to type, chest freezers category is poised to grow at 2.5% CAGR over 2020-2026, due to growing consumer preference for chest freezers over other ultra-low temperature freezers. Product benefits such as higher storage space, energy efficiency, and convenience will also boost segmental growth.
 

In terms of application scope, pharmaceutical segment recorded revenues of USD 56 million in 2019 and is expected to bolster significantly during the forecast period. This can be credited to increasing demand for subzero temperature storage facilities for medicines and vaccines, surging incidence of various chronic conditions as well as the growing number of laboratories, hospitals, and pharmacies.
 

Based on technology gamut, the semi-automated segment is slated to grow at a CAGR of around 2.3% throughout the study period, driven by increasing use in sample collection, clinical development portfolio, and personalized medicine research.
 

From a regional perspective, global ultra-low temperature freezers market in Latin America is expected to grow at a rate of 2.5% over the forecast period. Factors such as expanding pharmaceutical sector, strong presence of market vendors, and rising R&D expenditure will fuel the regional market growth.
 

Considering the competitive landscape, VWR International LLC (Avantor, Inc.), Stirling Ultracold (Global Cooling Inc.), PHC Holdings Corporation, Thermo Fisher Scientific Inc., Esco Micro Pte Ltd., Helmer Scientific, Inc., Eppendorf AG, EVERmed s.r.l, Haier Biomedical, Binder GmbH, Arctiko A/S, and Azbil Corporation are the major companies influencing worldwide