Cryogenic Freezers Market: Segments, Key Players, Growth, Opportinuties & Forecast 2019-2024
According to the latest report by IMARC Group, titled “Cryogenic Freezers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global cryogenic freezers market experienced stable growth during 2011-2018. Cryogenic freezers employ the process of cryopreservation, which rapidly freezes food products or biological components by exposing theblom to an extremely cold medium that is undergoing a change of state. These systems reduce the temperature of the enclosure containing the products to be preserved with the help of liquefied gases, including liquid nitrogen and liquid helium. The product freezes immediately as the molecular functions and metabolic activities of water molecules come to a halt. The fast freezing rate of these freezers has led to their widespread popularity, as this leads to significantly lower dehydration loss of the product. Additionally, owing to the lower up-front capital costs associated with cryogenic systems, they are rapidly replacing mechanical freezers on the global level.
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Global Cryogenic Freezers Market Trends:
The global market is primarily driven by significant growth in the healthcare industry. Cryogenic freezers are widely utilized in the preservation of biological products, such as cells, tissues, organs, organelles, blood banks and extracellular matrix at sub-zero temperatures. These freezers are also utilized for storing temperature-sensitive medicines and receptive cells in the pharmaceutical industry. Additionally, rapid modernization and inflating disposable income levels have increased the demand for fresh food on a global level. Consequently, vendors are increasingly utilizing cryogenic systems for freezing perishable and exotic food items. The application of these systems also ensures compliance with the food safety guidelines and prevents contamination of the products, thereby providing a boost to the market growth. Extensive research and development (R&D) activities have also provided a thrust to the market growth. For instance, nanoparticles are being increasingly utilized to heat the cryopreserve tissues, which prevents the formation of destructive ice crystals that can often damage the tissues and render them unusable. On account of the aforementioned factors, the market is projected to grow at a CAGR of around 6% during 2019-2024.
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Key Insights from the Report:
Breakup by Product Type
1. Tunnel Freezer
2. IQF Freezer
3. Immersion Freezer
4. Spiral Freezer
Based on the product type, the market has been divided into tunnel freezer, IQF freezer, immersion freezer, spiral freezer and others.
Breakup by Application
1. Corporate Laboratories
2. Hospitals and Blood Centers
3. Universities and Research Institutions
On the basis of the application, the market has been categorized into corporate laboratories, hospitals and blood centers, universities and research institutions, and others.
Breakup by End Use Industry
1. Food and Beverages
2. Medical and Healthcare
Based on the end use industry, the market has been segregated into food and beverages, medical and healthcare, pharmaceuticals, chemicals, and others.
Breakup by Region
1. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
On the geographical front, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
The competitive landscape of the market has been examined in the report, along with the detailed profiles of the key players operating in the market. Some of these players include Thermo Fisher Scientific Inc., Panasonic Corporation, Chart Industries, Inc., Haier Group, DAIHAN Scientific, Froilabo, Arctiko, Taylor-Wharton, VRV Group, Aucma Co., Ltd., and Zhongke Meiling Cryogenics Company Limited.
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