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.
Laboratory Freezers 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.
The rapid outbreak of COVID-19 has presented an alarming health crisis in the world. In addition to the human impact, there is also a significant commercial impact being experienced globally. Midst the pandemic outbreak, the mission of the pharma industry is to maintain a steady supply of vital medicines for rapid detection and prevention of COVID-19 cases, which requires a wide availability of diagnostic testing. To raise safety and health awareness, multiple organizations like the World Health Organization (WHO) and government health agencies are continuously guiding combating health diseases. For instance, in the context of Laboratory Freezers, in a WHO protocol, it was specified, the storage of respiratory and serum specimens in domestic frost-free freezers should be avoided, owing to their wide temperature fluctuations. Serum should be separated from whole blood and can be stored and shipped at 4°C or frozen to -20°C or lower and shipped on dry ice. The laboratory freezers is further expected to see increased stress on supply chains scenario as they are essential for research purposes, but steady demand should probably ensure further growth in the coming period.
Key participants 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.
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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.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/laboratory-freezers-market
For the purpose of this report, Reports and Data has segmented the Laboratory freezers market on the basis of product, end use and region:
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
Regional Outlook (Revenue in Million USD; 2017–2027)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2017-2027
Chapter 3. Indicative Metrics
3.1. Macro-Economic Indicators
3.1.1. Increasing advancements in research and development
3.1.2. Growing prevalence of blood diseases
Chapter 4. COVID 19 impact assessment
4.1. Laboratory Freezers Industry Outlook
4.1.1. Q1 2020
4.1.2. Q2 2020
4.1.3. Q3 2020
4.2. Rising Demand for Laboratory Freezers market due to COVID-19 pandemic
4.3. Supply chain stabilization
4.3.1. Supply scenario
4.3.2. Demand scenario
4.4. Upcoming strategies required to combat the current situation
4.5. Alternative availability for suppliers
4.6. No-contact methodologies in the supply chain
4.7. Customer mapping
Chapter 9. Competitive Landscape
9.1. Market Revenue Share by Manufacturers
9.2. Mergers & Acquisitions
9.3. Strategy Benchmarking
9.3.1. Partnership & Agreement
9.3.2. New Product Development
9.3.3. Mergers & Acquisitions
9.3.4. Investment & Expansion
9.4. Vendor Landscape
Chapter 10. Company Profiles
10.1. Thermo Fisher Scientific Inc.
10.1.1. Company Overview
10.1.2. Financial Insights
10.1.3. Products Offered
10.1.4. Strategic Initiatives
10.2. EVERmed S.R.L.
10.2.1. Company Overview
10.2.2. Financial Insights
10.2.3. Products Offered
10.2.4. Strategic Initiatives
10.3. Arctiko A/S
10.3.1. Company Overview
10.3.2. Financial Insights
10.3.3. Products Offered
10.3.4. Strategic Initiatives
10.4. Panasonic Healthcare Co.
10.4.1. Company Overview
10.4.2. Financial Insights
10.4.3. Products Offered
10.4.4. Strategic Initiatives
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