Global Cold Chain Market

The blockchain AI market consists of sales of blockchain AI technology and related services by entities (organizations, sole traders and partnerships) that provide blockchain and AI technology. Blockchain is a decentralized network of computers that records and stores data to display a chronological series of events on a transparent and immutable ledger system. Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed so that machines can think like humans and mimic their actions. Blockchain AI convergence is inevitable because of both the technology with data and value. Blockchain enables secure storage and sharing of data whereas AI can analyze and generate insights from data to generate value. The main types of technologies used in blockchain AI are computer vision, machine learning (ML), and natural language processing (NLP). The blockchain AI is implemented in different verticals such as BFSI, telecom and IT, healthcare and life science, manufacturing, media and environment, automotive, and other sectors and is applied in smart contract, payment, data security, logistics and supply chain management, and business process optimization. The global blockchain AI market is expected to grow from $232.09 million in 2020 to $297.62 million in 2021 at a compound annual growth rate (CAGR) of 28.23%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $748.8 million in 2025 at a CAGR of 25.93%. The growing demand for accessing and managing data efficiently contributed to the growth of the blockchain AI market. Currently, most of the work has become digitalized and is mostly stored on the cloud, which is accessed and managed by blockchain AI. Blockchain AI convergence is inevitable because both the technology deal with data and value. Blockchain enables secure storage and sharing of data whereas AI can analyze and generate insights from data to generate value. For instance, Gainify is a healthcare platform that leverages AI, IoT devices, and blockchain and facilitates different tasks such as streamlining appointment scheduling, digital payments, identity verification, medical records management and others. It also allows monetization of anonymous clinical data through a crypto payment system. The benefits of the deployment of blockchain AI in the process increased its demand and thereby contributed to the growth. Growing investment in blockchain AI technology by enterprises is considered an emerging trend in the blockchain AI market. Artificial Intelligence refers to the machine that performs intelligent tasks performed by humans. Blockchain is a decentralized network of computers that records and stores data to display a chronological series of events on a transparent and immutable ledger system. The development of artificial intelligence applied to big data together with the security offered by blockchain technology creates the perfect combination for the management of large databases. Blockchain technology, in particular, has shown immense potential when coupled with machine learning functionality. According to a survey conducted by O'reilly in 2019, 85% of 1,388 organizations are using AI in production. Most companies that were experimenting with using AI are now going ahead and adopting it in their processes. Therefore, investing in blockchain technology by business enterprises plays a major role in the success of the businesses. In June 2020, NetObjex acquired VitalGrid for an undisclosed amount. The deal will expand NetObjex’s Digital Transformation product and service offerings. NetObjex is an Operating Platform for Digital Assets utilizing Artificial intelligence, Blockchain & IoT with applications in Manufacturing, Supply Chain, Transportation and Smart Cities. VitalGrid provides business technology and management consulting for improving performance, streamlining processes and reducing risk by delivering technology-enabled business innovation. Major players in the blockchain AI market are Cyware Labs, Core Scientific, Ai-Blockchain, AlphaNetworks, Bext360, BurstIQ, Neurochain Tech, Figure Technologies, NetObjex, Fetch.ai, Chainhaus, CoinGenius, and Computable. North America was the largest region in the blockchain AI market in 2020. Asia Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the global blockchain AI market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the blockchain AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global blockchain AI market is segmented - 1) By Technology: Computer Vision, Machine Learning (ML), Natural Language Processing (NLP), Others 2) By Vertical: BFSI, Telecom & IT, Healthcare And Life Science, Manufacturing, Media & Environment, Automotive, Others 3) By Application: Smart Contract, Payment, Data Security, Logistics And Supply Chain Management, Business Process Optimization, Others

The blockchain market consists of sales of blockchain technology by the entities that develop this technology. Blockchain is a decentralized ledger or a database that records the data of the organizations in many databases which is called a block over a network called chain connected in peer to peer version referred to as node. Blockchain is preferred for its safe, secure and transparent nature. The global blockchain market is expected to grow from $2.24 billion in 2020 to $4.01 billion in 2021 at a compound annual growth rate (CAGR) of 79%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $60.2 billion in 2025 at a CAGR of 97%. The blockchain market covered in this report is segmented by type into private; public; hybrid. The growing demand for blockchain technology in industries and the public sector is expected to drive the growth of the market. Blockchain has been the base for cryptocurrencies since it is a decentralized database; therefore, it has found its most important use in financial services for making the digital transactions safe, secure, and transparent. Companies like Circle and BitPesa use blockchain technology for international overseas payments. Now, it has also found its use in the supply chain, healthcare, government, and other sectors. In Dubai, all the government-related financial transactions are taking place through blockchain technology making it the first government to be powered with blockchain. In May 2019, Muzika, an online music stream platform, has partnered with Binance, the world’s leading crypto exchange and a decentralized network, for creating a decentralized digital music ecosystem to decrease the gap between the musicians and listeners, and to give the musicians the deserved recognition. Therefore, the demand for blockchain across industries is expected to drive the blockchain technology market. The inefficiency of scalability in blockchain technology impedes the blockchain market as it obstructs the processes involved. There is a partial dependence of the blockchain network's health over the number of nodes in the network and the spread of those nodes across the world. The bigger the blocks, the increase in the size of the blockchain is even faster which removes out the solo miners eventually that results in more pile-up of transactions. For instance, bitcoin scalability is an issue that resulted from a limited rate of processing of transactions that relates to an increase in the number of transactions and the limited size of blocks. In 2019, the blockchain size has grown to 242.386 GB from 184.622 GB in 2018. In 2018, in a week there were 165,000 unconfirmed transactions resulting in scaling issues due to a huge number of transactions. Similarly, in December 2018, scalability issues have congested the Ethereum network by Cryptokitties app due to a six-fold increase in transactions with Cryptokitties release and resulted in a pile-up of all un-processed transactions. Thus, an increase in the number of transactions results in scalability issues, which hampers the growth of the market. Federated blockchain, also called as a consortium blockchain, is expected to be a major trend shaping the blockchain market in the forecast period. Federated blockchain is a private permission type of blockchain, which gives permission for multiple entities to have access to the network by voting or token system. Decentralization is maintained by the prior selection of the authority nodes by the organizations in the network which can exchange the data or information continuously. In 2019, Oracle Corporation has entered the HyperLedger Consortiums and has a few dozen cloud blockchain applications which are now running. In February 2019, Hyland, a US-based content service provider and software developer, has acquired Learning Machine for an undisclosed amount. With this acquisition, Hyland aims to support its customers by generating and managing its contracts that can be verified and shared very fast. Learning Machine is a start-up offering blockchain credentialing solutions that helps the customers by offering platform for creating, issue and verifying contract using blockchain technology. The major players covered in the global blockchain market are Amazon Web Services, Inc., BTL Group Ltd., r3, Bitfury, IBM, ConsenSys, LeewayHertz, 4IRE Labs, Factom, Synsoft Global, OpenLedger, Inn4Science, Titanium Blockchain, Blockchain Intelligence Group, Blockchangers, ChromaWay, Intellectsoft, Altoros, Deqode, Primechain, SoluLab, Accubits, SheerChain, Espeo, Venture Aviator, Software Mill. The countries covered in the global blockchain market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global blockchain market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global blockchain market is segmented - 1) By Type: Private, Public, Hybrid 2) By Provider: Application, Middleware, Infrastructure 3) By Application: BFSI, Telecom & IT, Government

The weight monitoring and body temperature monitoring devices and equipment market consists of sales of weight monitoring and body temperature monitoring devices and related services. Weight monitoring and body temperature monitoring devices and equipment are the most widely used patient monitoring devices. The global weight monitoring and body temperature monitoring devices and equipment market is expected to grow from $2.94 billion in 2020 to $3.03 billion in 2021 at a compound annual growth rate (CAGR) of 3.1%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $3.84 billion in 2025 at a CAGR of 6.1%. The rising prevalence of obesity is one of the major drivers of the weight monitoring devices and equipment market. According to the World Health Organization (WHO), 1.9 billion adults around the globe were diagnosed, overweight, and also over 340 million children of 5 to 19 years across the globe were overweight. To curb the increase of obesity, weight monitoring devices can play a vital role by reminding the user to follow a certain diet or monitor the exercising habits of the individual. This drives the demand for weight monitoring devices, thus driving the market growth. Product recalls acts as a restraint on the weight monitoring and body temperature monitoring devices and equipment market. For instance, the US Food and Drug Administration (FDA) has recalled many digital thermometers due to wrong calibration and incorrect display of body temperature. Also, thermometers manufactured by 3M company were recalled by the FDA after a prolonged investigation due to incorrect display of body temperature. Similarly, In 2020, the FDA has recalled a specific model electric thermometer manufactured by Cardinal Health, a multinational health care services company. Such a high number of product recall hampers market growth. The use of wearables is a trend that is prevalent in the weight monitoring and body temperature monitoring devices and equipment market. Many companies such as Apple, Google, and Samsung are investing in the research and development of wearables. The wearables have high-end sensors attached to them, which measures and monitors body temperature and weight. Various new products are launched in the wearable category. For example, Blue Spark's, Temp Traq is a wearable temperature monitor. Also, Fitbit wearable tracks and monitor weight. Stringent FDA regulations need to be followed in the weight monitoring and body temperature monitoring devices and equipment market. FDA has a set of good manufacturing practices designed for the monitoring of body temperature and weight monitoring devices. FDA monitors the safety and effectiveness of these devices. Part 880 of the FDA regulations pertain to the general hospital and personal use devices; subpart C relates to personal use monitoring devices. Weight monitoring devices are classified by the FDA as Class I devices. The manufacturers are tasked with the thorough inspection, measuring and testing efficiency, and ensuring it meets the intended purposes. Once this is finished the manufacturer must calibrate the device according to a set of rules or limits to improve the precision and accuracy of the readings. After all, this is completed the FDA will take their final call regarding the certification of the device. Major players in the market are Philips Healthcare, Medtronic, GE Healthcare, Abbott Laboratories, and 3M. The countries covered in the global weight monitoring and body temperature monitoring devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global weight monitoring and body temperature monitoring devices and equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global weight monitoring and body temperature monitoring devices and equipment market is segmented - 1) By Type: Weight Monitoring Devices, Temperature Monitoring Devices 2) By End User: Hospitals & Clinics, Home Settings, Ambulatory Surgical Centers 3) By Temperature Monitoring Devices: Table Top Temperature Monitoring Devices, Hand Held Temperature Monitoring Devices, Wearable Continuous Monitoring Thermometers, Temperature Monitoring Sensors & Smart Temperature Patches

The cold and cough preparations market consists of sales of drugs for cold and cough. The drugs for the treatment of cold and cough acts on the receptors to which the virus causing the infection gets attached to, by antagonizing the action of the receptors and killing the viral infection, thereby reducing congestion by lysing the mucus and dilating the bronchioles constricted by the mucus deposition. In this market, sales of antihistamines, antibiotics, decongestants, expectorants and bronchodilators are also included. The global cough and cold preparations market is expected to decline from $14.94 billion in 2020 to $13.02 billion in 2021 at a compound annual growth rate (CAGR) of -12.9%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $12.37 billion in 2025 at a CAGR of -1.3%. Threat from substitute products such as generic and counterfeit drugs, is significantly restraining the global cold and cough preparations market. Pharmaceutical companies invest a large sum of money in drug development process. Once a drug candidate is developed and approved by the regulatory authorities, companies patent their inventions to protect their intellectual property. During the patency period, the company holding the patent holds exclusivity for manufacturing and distribution. Post expiration of patency, generic versions of the drugs are manufactured by other companies. The prices of the generics are very low in comparison to the original brand of the drug. According to an article of Alpha Invesco, a new FDA-approved blockbuster drug that netted $100 million a year in profit during its patent protection duration could become one that earns only $1 million a year in profit overnight after losing its patent. Additionally, there is a major international problem with counterfeit drugs. The best of these counterfeits duplicates a real drug’s formula and sells it at a lower price, which hurts pharmaceutical companies' profits. Moreover, the counterfeits made with low-grade materials can destroy the reputations of the legitimate products, thus affecting the growth of the market. Advancements in technologies are driving the global pharmaceutical sector including cold and cough preparations. According to global life sciences report by Deloitte, adoption of AI, robotic automation, the Internet of Medical Things (IoMT), blockchain, DIY diagnostics, virtual care, mobility in drug delivery and clinical trials, genomics, next-generation therapies, cloud computing, Real-World Evidence (RWE), and data-driven precision medicine are the major technologies driving the life sciences sector. AI technology is being used in diagnoses, treatment planning, patient monitoring, and drug discovery. The IoMT is allowing new business models to emerge and enhancing customer experiences. Pharmaceutical companies are also increasingly using biomarkers in the drug development process to reduce the time taken to bring the product into the market. Biomarkers are biological indicators which are objectively measured and evaluated for biological processes, pathogenic processes or pharmacological responses to a therapeutic intervention. The cold and cough preparations market is regulated by authorities such as the Food and Drug Administration in the US. For instance, in November 2018, the Food and Drug Administration (FDA) restricted the use of codeine in children. Codeine is approved to treat pain and cough but this medicine carries serious risks, including slowed or difficult breathing and can be potentially fatal. This risk is greater in children younger than 12 years but the use of codeine should also be limited in some older children. Single-ingredient codeine is FDA-approved only for use in adults. FDA is also recommending against the use of codeine in breastfeeding mothers due to possible harm to their infants. Major players in the market are AstraZeneca, Bayer, Blackmores Limited, Dabur, GlaxoSmithKline. The countries covered in the global cough and cold preparations market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global cough and cold preparations market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global cough and cold preparations market is segmented - 1) By Drug Type: Antihistamines, Expectorants, Bronchodilators, Decongestants, Antibiotics, Others 2) By Dosage Type: Oral Syrups, Tablets/Pills, Nasal Drops, Lozenges, Others 3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Drug Stores

The blockchain services market consists of sales of blockchain services and related products. For companies engaged in building blockchain applications blockchain-as-a-service acts as a third-party service that creates and manages cloud-based networks which is a growing field for blockchain technology. The revenue generated by the blockchain services market is through sales of blockchain services by platform vendors and service providers for the application of identity management, payments, smart contracts, supply chain management, and others. The global blockchain services market is expected grow from $1.06 billion in 2020 to $1.62 billion in 2021 at a compound annual growth rate (CAGR) of 52.8%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $10.45 billion in 2025 at a CAGR of 59%. The blockchain services market covered in this report is segmented by component into tools, services. There is a growing significance of blockchain services with increased investments in blockchain technology from both government and private entities like banks and financial institutions. The blockchain technology gives rise to new business models in various areas such as cross-border payments, remittance, exchanges, internet banking, trade finance, Know Your Customers (KYC), and risk and compliance with decentralized applications of this technology. In 2019, the South Korean government allotted a budget of KRW 1 trillion for blockchain development among the KRW 5 trillion budget for economic development through innovation. Among the total cryptocurrency trading worldwide, 30% was from South Korea. The increased use of blockchain technology in organizations will require services to manage the networks and infrastructure, which will increase the demand for blockchain services and boost market growth. The inefficiency of scalability in blockchain technology impedes the blockchain services market as it obstructs the processes involved. There is a partial dependence of the blockchain network's health over the number of nodes in the network and the spread of those nodes across the world. The bigger the blocks, the increase in the size of the blockchain is even faster which removes out the solo miners, and that eventually results in more pile-up of transactions. For instance, bitcoin scalability is an issue that resulted from the limited rate of processing of transactions that relates to an increase in the number of transactions and the limited size of blocks. In 2019, the blockchain size has grown to 242.386 GB from 184.622 GB in 2018. In 2018, in a week there were 165,000 unconfirmed transactions resulting in scaling issues due to the huge number of transactions. Similarly, scalability issues have congested the Ethereum network by Cryptokitties app due to a six-fold increase in transactions with Cryptokitties release and resulted in the pile-up of all unprocessed transactions. Thus, an increase in the number of transactions results in scalability issues, which hampers the growth of the blockchain services market. Quantum computing is gaining popularity in the blockchain space that will help overcome the problems faced in providing blockchain services. Quantum computing is a process that uses quantum-mechanical phenomena like superposition and quantum entanglement for computing. Quantum computing utilizes qubits that help in the storage and processing of a large amount of data exponentially fast with less energy consumption, unlike conventional computers that use bits for the same process. In 2019, Google announced that its quantum computer performed a calculation in 200 seconds which had a 53-qubit Sycamore processor. The same would take 10,000 years for the world's fastest supercomputer, Summit, a supercomputer by IBM. The use of quantum computing will help resolve issues related to scalability and higher energy consumption by blockchain technology. In March 2020, Genesis Group, a cloud-based information technology services provider, announced plans to acquire Blockchain Consulting GmbH (BC) for an undisclosed amount. This acquisition will help Genesis Group to utilize BC's resources in crypto mining. BC provides services such as blockchain software development, strategic consulting, and crypto market analysis. The major players covered in the global blockchain services market are IBM Corporation, Amazon.com, Microsoft Corporation, Oracle Corporation, SAP, Stratis, Baidu, Inc., Huawei Technologies Co. Ltd., Accenture, Deloitte, Infosys, Hewlett-Packard Enterprise, Waves Platform, HPE, AWS, KPMG, ConsenSys, Cognizant, NTT Data, Capgemini, Wipro, Mphasis, PwC, TCS, TO THE NEW, EY, L&T Infotech, Alibaba, OpenXcell, lntinfotech, Ardor Nxt Group. The countries covered in the global blockchain services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global blockchain services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global blockchain services market is segmented - 1) By Component: Tools, Services 2) By End-Use: BFSI, IT & Telecom, Healthcare, Retail, Manufacturing, Logistics, Government, Media & Entertainment, Energy and Utilities, Others 3) By Application: Payments, Smart Contracts, Supply Chain Management, Governance, Risk, and Compliance Management, Identity Management, Others

The blockchain in agriculture and food supply chain market consists of sales of blockchain services in the agriculture and food supply chain by entities (organizations, sole traders and partnerships) that provide blockchain services to the agriculture and food supply chain. Blockchain technology enables the traceability of information in the food supply chain and thus helps improve food safety. It also provides a secure way of storing and managing data, which facilitates the development and use of data-driven innovations for smart farming and smart index-based agriculture insurance. The blockchain in agriculture and food supply chain market covered in the report is segmented by type into public blockchain, private blockchain, consortium/hybrid blockchain; by stakeholder into growers, food manufacturers/processors, retailers; by application into product traceability, tracking, and visibility, payment and settlement, smart contracts, governance, risk and compliance management. The global blockchain in agriculture and food supply chain market is expected to grow from $128.87 million in 2020 to $189.48 million in 2021 at a compound annual growth rate (CAGR) of 47%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $886.18 million in 2025 at a CAGR of 47.1%. The blockchain in agriculture and food supply chain market was supported by the increased demand for small and medium enterprises in blockchain in agriculture and food supply chain market. This is mainly due to larger businesses are investing heavily in developing their existing solutions, while new businesses are producing exclusive solutions in line with the needs of their national and regional markets. According to NASSCOM 2019 report, there are more than 450 startups in the agritech sector at a year-on-year growth rate of 25%. For instance, Agridigital is an Australian startup that uses blockchain to support the Australian grains industry. It helps to track and manage grains as they move throughout the value chain. Thus, the rise in small and medium enterprises is expected to drive the blockchain in agriculture and food supply chain market during the forecast period. Blockchain in food and agriculture market can be expensive and this can hinder market growth. Obtaining the data uploaded to a blockchain can be costly, and this can create a barrier to the adoption of blockchain technology in the agricultural sector. For instance, the DNA of livestock animals could be expensive. The average cost of data collection is lower for larger farms than smaller ones, which raises the concern of increasing the income discrepancy. Therefore, obtaining data in a blockchain is expensive and hinders market growth. The use of blockchain with IoT is an emerging trend followed by companies in the blockchain in agriculture and food supply chain market. Companies are using blockchain to secure data in IoT devices. IoT involves a system of devices that can collect, transfer, and store data over a wireless network. The use of blockchain with IoT devices enables smart devices to exchange data and other financial transactions in a scalable, private, and reliable manner. Blockchain technology with IoT further supports businesses to share and access data without the need for central control and management. For instance, according to an article published in Thales in 2019, the use of blockchain in IoT devices has doubled and a majority of the organization plans to consider blockchain technology shortly. In April 2020, Nestle, a Swiss food and drink processing company, partnered with a party certifier, The Rainforest Alliance, to independently provide data beyond what is usually disclosed by the company. Nestle has expanded the use of the IBM Food Trust blockchain technology platform in the launch of Zoégas whole beans and roast and ground coffee in Sweden. The Rainforest Alliance provides information regarding the traceability of the coffee and the information is accessible to everyone with the IBM Food Trust blockchain platform. The major players covered in the global blockchain in agriculture and food supply chain market are IBM, Microsoft, SAP-SE, Ambrosus, Arc-net, OriginTrail, Rip.io, Provenance, ChainVine, AgriDigital. The countries covered in the global blockchain in agriculture and food supply chain market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. North America was the largest region in the blockchain in agriculture and food supply chain market in 2020. The regions covered in the global blockchain in agriculture and food supply chain market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global blockchain in agriculture and food supply chain market is segmented - 1) By Type: Public Blockchain, Private Blockchain, Consortium/Hybrid Blockchain 2) By Stakeholder: Growers, Food Manufacturers/Processors, Retailers 3) By Application: Product Traceability, Tracking, And Visibility, Payment And Settlement, Smart Contracts, Governance, Risk And Compliance Management

The ultra-low temperature freezers market consists of sales of ultra-low temperature freezers by entities (organizations, sole traders, and partnerships) that manufacture ultra-low temperature freezers. Ultra-low temperature freezers are a form of a freezer that can keep temperatures between-80 and-86 degrees Celsius. An ultra-low temperature freezer is also known as a minus 80 freezer or a negative 80 freezer. Only goods and services traded between entities or sold to end consumers are included. The ultra-low temperature freezers market covered in this report is segmented by type into chest freezers, upright freezers; by application into blood & blood products, organs, pharmaceuticals, forensic, genomic research; by end-user into bio-banks, pharmaceutical and biotechnology companies, academic and research laboratories, others. The global ultra-low temperature freezers market is expected to decline from $633.94 million in 2020 to $805.47 million in 2021 at a compound annual growth rate (CAGR) of 27.06%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $1 billion in 2025 at a CAGR of 5.7%. The COVID-19 outbreak is propelling the growth of the ultra-low temperature freezer market in the coming years. Scientists are trying hard to create a vaccine and depending on ultra-low temperature freezers and incubators to retain novel coronavirus samples so that they can be recovered whenever appropriate and examined to gain insight into this emerging respiratory illness. For example, the BINDER CO2 freezer is helping researchers and scientists to retain coronavirus samples. These freezers are important because they provide protection and anti-contamination features. Therefore, the COVID-19 outbreak contributed to the growth of the ultra-low temperature freezer market. The high costs associated with ultra-low temperature (ULT) freezers are expected to hinder the growth of the ultra-low temperature freezers market in the coming years. Ultra-low temperature (ULT) sample storage freezers are a central component of a majority of labs, biobanks, and pharmacies around the world. These units allow the medium to the long-term preservation of numerous biological samples, such as cell extracts, proteins, RNA, or DNA. A fixed temperature of -20 °C or -40 °C can be sustained by a regular upright mechanical freezer, but the majority would operate at -80 °C. To maintain a lower temperature, a stable power source is required that leads to additional energy and operating costs. An upright, mechanical ULT freezer can fluctuate in average operating expenses from $750 to $1000 per year. Therefore, the high costs associated with ultra-low temperature (ULT) freezers incurs huge operational costs that are difficult for small and medium enterprises and hampers the growth of the ultra-low temperature freezers market. Major companies operating in the ultra-low temperature freezers sector are focusing on developing technology advanced solutions for ultra-low temperature freezers. For example, in May 2020, Thermo Fisher Scientific, a US-based biotechnology company, launched a new service that gathers and tracks key performance data from the attached TSX Series ULT freezers to provide an optimum sample and product safety. The Thermo Scientific smart connected systems function tracks 37 types of alarms and 26 operational parameters for the user to provide a detailed analysis of the linked TSX Series ULT freezers. In June 2019, PHC Holdings Corporation, a Japan-based healthcare company acquired the anatomical pathology business of Thermo Fisher Scientific for $1.14 billion. The anatomical pathology business acquired by PHC Holdings Corporation will operate as a new stand-alone company under the name Epredia. The new company will continue to provide comprehensive solutions in the anatomical pathology field, including microscope slides, consumables, instruments. Thermo Fisher Scientific is a US-based biotechnology company engaged in manufacturing and selling ultra-low temperature freezers market. The major players covered in the global ultra-low temperature freezers market are Arctiko, Eppendorf, Esco Micro Pte Ltd, Haier, Helmer Scientific, Bionics Scientific Technologies (P). Ltd, PHC Holdings Corporation, Labcold Ltd, Remi Group, Stirling Ultracold, Binder, VWR International, Global Coolin Inc. The countries covered in the global ultra-low temperature freezers market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. North America was the largest region in the ultra-low temperature freezers market in 2020. The regions covered in the global ultra-low temperature freezers market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global ultra-low temperature freezers market is segmented - 1) By Type: Chest Freezers, Upright Freezer 2) By Application: Blood And Blood Products, Organs, Pharmaceuticals, Forensic, Genomic Research 3) By End User: Bio-Banks, Pharmaceutical and Biotechnology Companies, Academic And Research Laboratories, Others

Supply Chain Management Software Market Definition

The supply chain management (SCM) software market consists of sales of supply chain management software and related services by entities (organizations, sole traders and partnerships) that produce supply chain management software, including businesses that are involved in design, documentation, installation and support services, production, and distribution of supply chain management software. Companies in this industry undertake operations such as transportation management systems, warehouse management systems, supply chain planning and procurement software for both small- and medium-sized enterprises and large enterprises.