Report : Europe Ultra-Low Temperature Freezer Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Upright ULT freezers, Chest ULT freezers); End User (Bio-Banks, Hospital, Pharmaceutical and Biotechnology Companies, Academic and Research Institute); and, Country
According to a new market research study of “Europe Ultra-Low Temperature Freezer Market Forecast to 2027 - Covid-19 Impact and Regional Analysis by Type and End User,” the Europe ultra-low temperature freezer market is projected to reach US$ 186.03 million by 2027 from US$ 138.93 million in 2019. The market is estimated to grow at CAGR of 3.9% from 2020 to 2027. The report highlights trends prevailing in the Europe ultra-low temperature freezer market and the factors driving market along with those that act as hindrances.
The Europe ultra-low temperature freezer market, based on type, is further segmented into upright ULT freezers, and chest ULT freezers. The upright ULT freezers segment held a larger share of the market in 2019 and, also the similar segment is estimated to register a higher CAGR during the forecast period owing to the factors such as easier to organize and, convenience use of upright freezers, which is likely to drive the growth for ultra-low temperature freezer market during the forecast period.
The Europe ultra-low temperature freezer market is expected to grow owing to rising government support for research activities and clinical trials in the region. However, growing use of refurbished equipment is likely to restrain the growth of the market during the forecast period.
Most of the sectors in the region are massively hit by the spread of pandemic with most of the countries being in lockdown. Europe is the worst hit region after China. In response, central banks have cut down the interest rates in many countries. However, the ultra-low temperature freezer market is expected to be affected by this pandemic for a short period of time, Germany and UK being the most affected due to presence of major research center in the countries. Most of the companies are engaged in the development of therapeutic alternatives for coronavirus. This has put off all the research and development activities of stem cells, personalized medicine, and other therapies.
Leading companies operating in the ultra-low temperature freezer market are LABCOLD, Helmer Scientific Inc., Eppendorf AG, THERMO FISHER SCIENTIFIC INC., Arctiko, and among others.
Europe Ultra-Low Temperature Freezer Market, By Country, 2019 (%)
The report segments Europe Ultra-Low Temperature Freezer Market as follows:
- Upright ULT Freezers
- Chest ULT Freezers
- Pharmaceutical and Biotechnology Companies
- Academic and Research Institute