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North America Ultra-Low Temperature Freezer Market to 2027 – Regional Analysis and Forecasts by Type ; End User ; and, Country

North America Ultra-Low Temperature Freezer Market to 2027 – Regional Analysis and Forecasts by Type ; End User ; and, Country

  • August 2020
  • 133 pages
  • ID: 5953821
  • Format: PDF
  • The Insight Partners
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North America ultra-low temperature freezer market is anticipated to reach US$ 313.19 million in 2027 from US$ 220.25 million in 2019. The market is projected to grow with a CAGR of 4.7% from 2019 to 2027.
The growth of the North America ultra-low temperature freezer market is primarily attributed to the rising demand for blood and blood components.High costs associated with ultra-low temperature freezers, is likely to restrain the growth of the market in the coming years.

However, developments in the healthcare market are expected to have a positive impact on the growth of the North American ultra-low temperature freezer market in the coming years.
Ultra-low temperature freezers are designed for storage of biological materials such as virus, bacteria, eukaryotic cells, blood, and semen. These freezers are used in blood banks, hospitals, epidemic prevention services, research institutes, and biomedical engineering facilities, among others.
Blood and blood components perform numerous vital functions in the human body.Consequently, severe blood loss could result in life-threatening conditions such as hypovolemic/hemorrhagic shock, which require immediate blood transfusion to prevent organ failure and death.

Blood transfusion is also used as supportive therapy for surgery, chemotherapy, and stem cell and organ transplantation, as well as in the treatment of acute and chronic diseases caused by deficiencies or defects in plasma proteins or cellular blood components, to avoid complications such as life-threatening hemorrhage or improve quality of life by reducing anemia-related symptoms. As per the data provided by the WHO, anemia affects ~25% of the population, which accounts for 1.6 billion people worldwide; toddlers and children of preschool age have the highest prevalence of anemia at 47.4% of their population group. Moreover, the number of people with hemophilia in the US is estimated to be ~20,000 individuals. The worldwide incidence of hemophilia is not well known but estimated among more than 400,000 people as per the National Hemophilia Foundation. According to the American National Red Cross 2018 data findings, about 7,000 units of platelets and 10,000 units of plasma are required daily in the US, and about 21 million blood components are transfused each year in the US. The Singapore Red Cross Society needs ~120,000 units of blood every year to meet the transfusion needs of patients, which is equivalent to ~400 units of blood per day. The increasing demand for access to safe blood and blood components for transfusion has led to the manufacturing or development of various types of blood bank freezers, which has increased the adoption of ULT freezers for secure storage along with strict guidelines of the WHO for the storage of blood samples.
Moreover, the country is witnessing the increasing number of COVID-19 cases.For instance, in the US, the number of cases has been increased to 614,246 with 26,064 reported deaths.

Additionally, Mexico and Canada cases are also growing.The US and Canada have witnessed a sudden rise in the number of cases in just few days, which has compelled the governments to shut down all the business in order to prevent the spread of the COVID-19.

However, Mexico is likely to be least affected due to less research and development activities in the biomedical industry.
In terms of type, the upright ULT freezers segment accounted for the largest share of the North American ultra-low temperature freezer market in 2019 and is estimated to mark the highest CAGR in the market during the forecast period, owing to the factors such as easier to organize because of having shelves. Also, the convenience of use of upright freezers has led to its dominance during 2019 and is expected to witness similar trend over the coming years.
Centers For Disease Control And Prevention (CDC), Food and Drug Administration (FDA), Biomedical Research Centers (BRCs), Society of Infectious and Tropical Diseases (SIMIT), and International Stem Cell Corporation (ISCO) are among the significant primary and secondary sources for ultra-low temperature freezer included in the report.

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