As per our research report, the Europe Laboratory Freezers Market Size is valued at USD 0.96 billion in 2022 and estimated to reach USD 1.20 billion by 2027, to grow at a CAGR of 4.5% during the forecast period 2022 to 2027.
The growing demand for organ transplantation procedures and the technological developments in lab freezers are driving the market growth. In addition, increasing support for research and development activities and infrastructure development encourages market growth.
Other factors such as medical tourism, the growing geriatric population, and the availability of well-established healthcare infrastructure contribute to the market growth.
Due to the rising demand for blood and blood components for transfusion, the support in cancer therapy also propels the market growth.
Laboratory freezers are extensively used by various pharmaceutical and biotechnological companies, blood banks, and other academic institutions to keep biological products like vaccines samples, blood tissues, and serum. In addition, however, these laboratory freezers are used as a storage space for biological samples studied and used in research activities as these factors are expected to accelerate the market growth.
The increasing incidence of blood disorders such as hemophilia and sickle cell anemia, which require blood supply and other related components, is helping the market growth.
On the other hand, the expanding older population is considered one of the market's significant growth contributors. In addition, the senior population is susceptible to numerous diseases that necessitate blood and organ transplantation, which is projected to increase the market growth.
However, the high cost of laboratory freezers and the increasing use of refurbished laboratory freezers and refrigerators limit the market growth. In addition, the iceboxes used in freezers may cause the ozone layer to deplete, having a minor negative influence on the market.
This research report on the Europe Laboratory Freezers Market has been segmented and sub-segmented into the following categories:
By End User:
Geographically, Europe accounted for the second-largest share of the market, and it is anticipated to record a significant share during the forecast period. The high prevalence of blood disorders, growing demand for laboratory freezers in hospitals and other laboratories, and favorable reimbursement policies drive market growth. In addition, medical tourism, expanding infrastructure, and the presence of key market players are boosting the market growth.
Further, the adoption of crucial market strategies such as Partnerships, mergers, and acquisitions are expanding the regional market growth. In addition, the emerging countries in the region such as Germany, the U.K., Italy, France, and Spain contribute to the European regional market growth.
The German laboratory freezers market accounts for the largest market share, and it is likely to continue its growth throughout the forecast period. The increasing prevalence of organ transplantations, growing population, and the availability of advanced healthcare infrastructure are propelling the market growth.
The U.K. laboratory freezers market is expected to register a promising share in the market owing to the rising awareness of advanced lab freezers and refrigerators, technological advancements in healthcare sectors, and high healthcare expenditure are fueling the market growth.
Furthermore, promising countries such as Italy, France, and Spain are estimated to showcase a considerable share in the market in the coming years. The utilization of advanced technology, increasing research and development activities, rising investments, and supportive government policies contribute to market growth.
KEY MARKET PLAYERS
Key players operating in the Europe Laboratory Freezers Market profiled in this report are ARCTIKO A/S (Europe), Biomedical Solutions Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Eppendorf AG (Germany), Helmer Scientific (U.S.), EVERmed S.R.L. (Italy), Philipp Kirsch GmbH (Germany), Haier Biomedical (China), VWR Corporation (U.S.), and Panasonic Healthcare Co., Ltd. (Japan).,
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