Growth in the market is driven by the increasing demand for blood and blood components for transfusion and for support in cancer therapy.
The global Laboratory Freezers Market is projected to reach USD 5.7 billion by 2026 from USD 4.7 billion in 2022, at a CAGR of 4.9%.
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Market Segmentation
the freezers segment accounted for the largest share of the laboratory freezers market. The large share of this segment can be attributed to their utility in pharmaceutical and biotechnology companies and academic and research institutes to support vaccine development and in medical laboratories and hospitals for storing test samples.
The ultra-low-temperature freezers segment is expected to grow at the highest CAGR in the forecast period. The large share of this segment can be attributed to their utility in pharmaceutical and biotechnology companies and academic and research institutes to support vaccine development and in medical laboratories and hospitals for storing test samples.
Based on type, the refrigerators market is segmented into blood bank refrigerators, chromatography refrigerators, explosion-proof refrigerators, flammable material refrigerators, laboratory refrigerators, and pharmacy refrigerators. In 2020, the laboratory refrigerators segment accounted for the largest shatories, hospitals, and clinics.
What Drives the Market?
1. Increasing Demand for Blood and Blood Components for Transfusion and Production of Biopharmaceuticals
2. Growing Number of Organ Transplant Procedures
3. Rising Government Support for Research Activities and Clinical Trials
4. Technological Advancements in Laboratory Freezers and Refrigerators
The increasing demand for blood & blood components and growing number of organ transplant procedures are the key factors driving the growth of the global market. However, the availability of low-cost products from a large number of local players and increasing use of refurbished equipment are some of the major factors restraining the growth of this market.
Regional Analysis:
North America accounted for the largest share in the Laboratory Freezers market. The large share of this regional segment can be attributed to the high healthcare expenditure in the US & Canada and the growing R&D spending on pharmaceuticals & biotechnology in this region.
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Top Key Players:
Prominent players in the laboratory freezers market include Eppendorf AG (Germany), Haier Biomedical (China), Thermo Fisher Scientific, Inc. (US), Helmer Scientific (US), PHC Holdings Corporation (Japan), Liebherr (Switzerland), Middleby Corporation (Follett Products, LLC), Felix Storch, Inc. (US), BioLife Solutions, Inc. (Stirling Ultracold) (US), Blue Star Limited (India), B Medical Systems (Luxembourg), Philipp Kirsch GmbH (Germany), Avantor, Inc. (US), Standex International Corporation (US), Vestfrost Solutions A/S (Denmark), Changhong Meiling Co. Ltd. (China), EVERmed S.R.L. (Italy), ARCTIKO A/S (Denmark), Glen Dimplex Medical Appliances (LEC Medical) (Ireland), So-Low Environmental Equipment Co. Ltd. (US), KW Apparecchi Scientifici SRL (Italy), Jeio Tech (Republic of Korea), Refrigerated Solutions Group (US), Stericox India Private Limited (India), Thalheimer Kühlung (Germany), and Antylia Scientific (US).
Thermo Fisher Scientific (US) is a leading player in the laboratory freezers market and accounted for the largest share of the market in 2020. The company’s products in the laboratory freezers market include laboratory refrigerators, cryopreservation systems, ultra-low-temperature freezers, flammable materials refrigerator, explosion-proof refrigerators, and chromatography refrigerators.
