This increase in the demand for blood and blood products and rise in blood collection globally will increase the demand for lab freezers & refrigerators in blood banks for their storage. Laboratory freezers, especially ultra-low-temperature freezers, are sensitive lab equipment that require proper maintenance. The global demand for blood and blood components is on the rise. According to the American National Red Cross, nearly 21 million blood components are transfused each year in the US alone.
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The common sources of failure of ultra-low-temperature freezers include compressors, electronics, or HVAC malfunction. Therefore, a lack of knowledge regarding the proper storage of medical specimens and maintenance of laboratory refrigerators and freezers could pose a challenge for the growth of this market.
Industry Overview
[291 Pages Report] The 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%. The growth in this market is driven by increasing demand for blood and blood components for transfusion and for support in cancer therapy. Technological advancements in lab freezers also drive the growth of this market.
Market Segmentation:
Laboratory Freezers Market by Product(Cryopreservation, Plasma Freezer, ExplosionProof Freezer, Enzyme Freezer, Ultra-Low Freezer, Blood Bank Refrigerator, Pharmacy Refrigerator, Chromatography Refrigerator), End User(Hospitals) – Global Forecast to 2026. The Laboratory Freezers market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North America accounted for the largest share in the Laboratory Freezers market
The global laboratory freezers market is fairly consolidated. Prominent players in the laboratory freezers market include Eppendorf AG (Germany), Haier Biomedical (China), Thermo Fisher Scientific, Inc. (US), Helmer Scientific (US), and PHC Holdings Corporation (Japan). Companies in the laboratory freezers market adopted strategies such as partnerships, agreements, acquisitions, product launches & upgrades as well as expansions to enhance their presence in the laboratory freezers market.
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.
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This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
