The increase in the technological advancements, rise in medical tourism and emerging market in regions among the developing countries are expected to be the major drivers of the laboratory freezers market in the forecast period.
Market Size – USD 3.23 Billion in 2019, Market Growth – CAGR of 4.8%, Market Trends– The growing research in pharmaceutical companies, academic and research as well as the increasing demand for blood related products are expected to fuel the market.
According to the current analysis of Reports and Data, the Laboratory Freezers market was valued at USD 3.23 billion in 2019 and is expected to reach USD 4.71 billion by the year 2027, at a CAGR of 4.8%. Laboratory freezers are essential equipment to store samples at a temperature of -25 to -15 degrees Celsius. The cryopreservation is used for samples that need exceptionally low temperatures for preservation. The laboratory refrigerators and freezers also include in-built special equipment used to conduct experiments. The global laboratory freezers market is widely driven by technological advancements and improvements in the products. The increased medicals tourism in various regions, particularly in emerging economies, is also expected to fuel the demand intensely during the forecast period. Moreover, the growing advances in the infrastructure of research laboratories owing to the requirements of various experiments have also propelled the market. Regionally, the North American segment is expected to drive the market due to the presence of major key players. The Asia Pacific region is growing at a higher rate as more blood-related products are used for various causes in the area. Moreover, escalating demand for blood components and blood is expected to tower the global demand; hence providing traction to the market in developing nations such as India and China. The utilization of advanced technology and technological advancements in refrigerators and freezers has elevated the global market in European countries such as France and Germany. The freezers and refrigerators release harmful components that are known to deprive the ozone layer. This is one of the major market restraints for the market. Furthermore, functional aspects of the freezer, such as overheating, power consumption as it consumes a lot of energy, and release heat are expected to hamper the market during the forecast period. The high cost of laboratory freezers and Intense pricing pressure on manufacturers could hinder the market growth extensively.
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Further key findings from the report suggest
- The increasing research in cryopreservation technology is increasing the demand for the cryopreservation systems. In June 2017, using nanoparticle solutions, scientists could successfully store pig and human tissues in the refrigerators which was not possible previously. Such developments in research is expecting the market to propel widely.
- Rising demand and adoption of laboratory freezers for biobanks is a crucial factor that is positively affecting the market. Various biological researches need samples that are tested for various experiments. These samples stored in the biobanks utilize the freezers and refrigerators like ultra-low temperature freezers that store specimens of saliva, blood, urine, and hair. For instance, Kenya Medical Research institute set up a biobank in the Kilifi region.
- Furthermore, the Kemri-CGMRC (Centre for Geographic Medicine Research, Coast) has nearly 1.8 million biological specimens collected since 1989. Samples are stored in more than 55 freezers with each freezer having a capacity of 40,000 to 50,000 sample storage in biobanks.
- Companies have launched improved products that have gained the U.S. Environmental Protection Agency’s (EPA’s) ENERGY STAR certification. For instance, Thermo Fisher is a company whose Ultra-low temperature freezer from Thermo Scientific TSX Series has received such a certification. These advancements are expected to be contributing factors for market growth.
Key companies operating in the market include:
Thermo Fisher Scientific Inc., EVERmed S.R.L., Arctiko A/S, Panasonic Healthcare Co., Haier Biomedical, Helmer Scientific, VWR Corporation, Philipp Kirsch GmbH, Eppendorf AG, and Biomedical Solutions Inc.
The report covers an extensive analysis of the key market players in the market along with their business overview, expansion plans, and strategies. The report also focuses on recent strategic alliances in the market including mergers and acquisitions, joint ventures, partnerships, agreements, corporate and government deals, product launches, and brand promotions, among others.
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The report aims to provide a better understanding of the market dynamics and the workings of the industry on a global level. To gain a deeper understanding of the industry, the global Laboratory Freezers Market market is further segmented on the basis of key geographical regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. The report also offers a country-wise analysis to provide crucial insights into market size, market growth, market revenue growth, and economic growth in each region.
On basis of product types and application offered by the Laboratory Freezers Market industry, the market is segmented into:
Product Outlook (Revenue in Million USD; 2017–2027)
- Plasma Freezers
- Enzyme Freezers
- Flammable Material Freezers
- Shock Freezers
- Explosion-proof Freezers
- Undergraduate Laboratory Freezer
- Ultra-low temperature freezer
- Chromatography Refrigerators
- Blood Bank Refrigerators
- Flammable Material Refrigerators
- Explosion-proof Refrigerators
- Pharmacy Undergraduate Refrigerators
- Cryopreservation Systems
End-use Outlook (Revenue in Million USD; 2017–2027)
- Academic and Research Institutes
- Pharmaceutical and Biotechnology Companies
- Blood Banks
The regional analysis covers:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Benefits of Laboratory Freezers Market Market Report:
- Panoramic overview of the opportunities and risks in the Laboratory Freezers Market sector
- Study of recent innovations and developments in the industry
- Comprehensive study of the growth pattern of the Laboratory Freezers Market industry
- In-depth assessment of the competitive landscape of the key players of the Laboratory Freezers Market industry
- Analysis of the Laboratory Freezers Market market drivers, constraints, and opportunities
- Assessment of technological developments and latest trends of the industry
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