Laboratory Freezers Market

Global Laboratory Freezers Market Size (2022 to 2027)

As per our report, the global laboratory freezers market size was worth USD 3.23 billion in 2022 and estimated to grow at a CAGR of 4.8%, to reach USD 4.08 billion by 2027.

The global Laboratory Freezers market is developing at a rapid pace. Laboratory refrigerators are used to cool samples or specimens for preservation. They are refrigeration units for storing blood plasma and other blood products, vaccines, and other medical and pharmaceutical supplies. They need to be totally hygienic and wholly reliable and thus differ from standard refrigerators used in homes/restaurants. There are four types of laboratory refrigerators - Explosion-proof freezers, Blood bank refrigerators, Chromatography refrigerators, and Lab fridges.

MARKET DRIVERS:

Technological advances, growing blood transfusions, and rising cases of organ transplantations are key growth drivers to the laboratory freezers market.

At a global level, the number of organ transplantation procedures is increasing significantly. The organs need to be preserved under specific cooled conditions to keep them healthy, make them available and ready for the proceedings, demand laboratory freezers, and drive growth to the market. As per the U.S. Government Information on Organ Donation and Transplantation, around 39,718 transplants were performed in 2019.

Moreover, blood collected from the donors and the blood components are required freezers and used for the treatments such as blood loss caused by accidents, bleeding disorders, and trauma, which is further expected to accelerate market growth. According to the American Cancer Society, nearly 60,530 leukemia cases are likely to be diagnosed by the end of 2020, demanding more blood to treat the diseases and augmenting the laboratory freezers market growth.

Furthermore, the rising elder people population suffering from various diseases needs blood, and organ transplantation provides lucrative support to the global laboratory freezers market.

MARKET RESTRAINTS:

The cost of the freezers is expensive, which is limiting the market growth to some extent. Increased usage of renovated or redecorated equipment is further hampering the market growth. The iceboxes used in the freezers may lead to the lowering of the ozone layer, showing a little negative impact on the market.

Impact of COVID-19 on the global laboratory freezers market:

COVID-19 is a worldwide public health emergency that has affected nearly every market. The disease spreads rapidly through respiratory droplets from sneezing or coughing, primarily through direct contact with infected individuals. In all laboratories and research laboratories, laboratory freezers are used. Laboratory freezers are commonly used in medical facilities, blood banks, pharmacies, and biotechnological industries to preserve biological materials such as organs, blood, serum, and vaccine tests. These freezers must meet relevant protection and temperature consistency requirements.

Increasing demand for blood and blood components, increasing the number of organ donation procedures, and technical advances in laboratory freezers are all driving market development. The storage of volatile chemicals, industrial-grade compounds that can combust if exposed to the environment, vaccines, and blood samples is done in a laboratory freezer. DNA/RNA, autopsy specimens, tissues & plasma, blood, hormones, antibiotics, and medicines are all stored in ultra-low temperature freezers. Laboratory Freezers, as per a WHO protocol, the storage of respiratory and serum specimens in domestic frost-free freezers should be stopped due to large temperature fluctuations. Laboratory freezers are expected to put additional strain on supply chains because they are used for research, but steady demand could mean continued growth in the coming years.

REPORT COVERAGE:

This research report on the global laboratory freezers market segmented and sub-segmented based on the product type, end-users, and region.

Laboratory Freezers Market – By Product Type:

• Freezers
  • Enzyme Freezers
  • Plasma Freezers
  • Explosion-Proof Freezers
  • Flammable Material Freezers
  • Laboratory Freezers
  • Ultra-Low-Temperature Freezers
• Refrigerators          
  • Blood Bank Refrigerators
  • Chromatography Refrigerators
  • Explosion-Proof Refrigerators
  • Flammable Material Refrigerators
  • Laboratory Refrigerators
  • Pharmacy Refrigerators

Based on the product type, the blood bank refrigerators segment was accounted for the largest share in the laboratory freezers market in 2019 due to the growing demand for blood and other blood components and a standard increase of blood disorders, anemia, and blood cancer. Further, the growth of this segment is driven by the increased amount spent by the government, the growing number of surgical procedures, and the rising demand for blood bank refrigerators in the medical and scientific sectors. Ultra-low temperature freezers and laboratory refrigerators sub-segments segments are expected to showcase notable growth during the forecast period.

Laboratory Freezers Market – By End User:           

• Blood Banks            
• Pharmaceutical & Biotechnology Companies           
• Academic & Research Institutes    
• Medical Laboratories          
• Hospitals  
• Pharmacies

Based on the end-user, the blood banks segment had dominated the market and accounted for a 33% share in the revenue. This segment's demand is attributed to the growing number of hospitals in developed and developing countries. The ever-increasing number of initiatives taken by the government for spreading awareness regarding blood donation directly influences the utilization of laboratory freezers and refrigerators.

The medical laboratories segment is anticipated to have a growth rate of 4.8% during the forecast period. Majorly the clinical labs use the medical supplies refrigeration to ensure the integrity of sensitive samples, blood and its products, vaccines, and other patient specimens.

Laboratory Freezers Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Regionally, North America was occupied the majority of the market share in the global market in 2019. North America is dominating the laboratory freezer market during the period. Within North America, the U.S. is estimated to occupy the largest share of the laboratory freezer market during the forecast period. Growing research and development activities in the pharmaceutical industry and increasing the healthcare expenditure sector in this region are majorly propelling the market growth.

The European region is estimated to showcase promising growth for the laboratory freezers during the forecast period due to the exploitation of technology advancements in refrigerators. Freezers have uplifted the market growth in this region.

At the same time, the Asia Pacific region is expected to witness the fastest growth rate during the forecast period. The growth is due to the soaring research and development activities, raising funds, and investments by the top leading market players and government and other organizations.

The LATAM market is expected to reach USD 0.23 billion by 2024, with a CAGR value of 3.7% during the period. Growing government spending, the rising number of surgical procedures, and increasing expenditure for healthcare divisions are directly supporting the market growth in this region.

The MEA region to have sluggish growth during the forecast period due to a lack of government policies and fewer funds and investments by the key players.

KEY MARKET PARTICIPANTS:

Companies leading the global laboratory freezers market are VWR Corporation (U.S.), ARCTIKO A/S (Europe), Biomedical Solutions Inc. (U.S.), EVERmed S.R.L. (Italy), Philipp Kirsch GmbH (Germany), Thermo Fisher Scientific Inc. (U.S.), Haier Biomedical (China), Eppendorf AG (Germany), Helmer Scientific (U.S.) and Panasonic Healthcare Co., Ltd. (Japan).

REPORT HIGHLIGHTS:

• The report offers a comprehensive analysis of the industry by estimating market potential and forecasts with utmost granularity.
• Performance of the market at the regional and country-level is assessed, and the prospects with high growth potential are identified and debated.
• The key players in the industry are profiled, providing insights on their financial performance, market position, and growth strategies.
• The report also offers a broad outlook of the market and recommendations from industry experts on the opportunities for investment activity.