Europe ultra-low temperature freezer market is anticipated to reach US$ 186.03 million by 2027 from US$ 138.93 million in 2019. The market is projected to grow with a CAGR of 3.9% from 2019 to 2027.
The growth of the ultra-low temperature freezer market is primarily attributed to the rising government support for research activities and clinical trials. Growing use of refurbished equipment is likely to damage the growth of the market in the coming years. On the other hand, development in the healthcare market is expected to have a positive impact on the growth of the Europe 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.
The clinical trials industry has seen a phenomenal increase in the last 10 years. Vaccine development against COVID-19 is picking up pace as various companies have started clinical trials and forming collaborations to ensure rapid growth and sufficient production capacity. The UK government has committed to providing £84 million funding to researchers working on the COVID-19 vaccine program. Additionally, the US government has agreed to fund US$ 483 million for Moderna Inc. to develop and test its COVID-19 vaccine, which is now in an initial clinical trial. Additionally, the European Commission has been funding projects to develop vaccines, treatments, and diagnostics via grants from Horizon 2020 and the Innovative Medicines Initiative (IMI), which announced up to US$ 50 million in public grants. The biotech industry in Europe is playing a vital part in the fight against COVID-19, in terms of developing vaccines, therapeutic drugs, diagnostics, and research. For instance, The European Commission offered US$ 89 million Euros to CureVac on March 17, 2020, to develop the vaccine. Hence, government funding for research activities and clinical trials will increase the development of new therapies, thereby propelling the adoption of ultra-low temperature freezers as the new developing advanced treatments are derived from human cells, either by retaining or changing some specific living, complex molecular attributes. These materials are susceptible to temperature change and are most often frozen at -70°C to -90°C.
Moreover, most of the sectors in Europe are affected by the spread of COVID-19. In response to this, central banks have cut down the interest rates in many countries. However, the ultra-low temperature freezer market is expected to get affected by this pandemic for a short period of time, Germany and the UK are 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 COVID-19. This has put off all the research and development activities of stem cells, personalized medicine, and other therapies.
In terms of type, the upright ULT freezers segment accounted for the largest share of the Europe 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.
German Biobank Node (GBN), GBN (GBA), Global Stem Cell & Regenerative Medicine Acceleration Center (Global Stem Cell & Regenerative Medicine Acceleration Center), and Global Stem Cell & Regenerative Medicine Acceleration Center (ISSCA ) are among the significant primary and secondary sources for ultra-low temperature freezer included in the report.