Laboratory Freezers Market: Global Industry Trends, Share, Size, Growth, Industry Statistics, Opportunity and Forecast 2021-2027

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New York, United States: The Report on Laboratory Freezers Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Laboratory Freezers Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors.

The global Laboratory Freezers market gathered revenue around USD 3.9 Billion in 2020 and market is set to grow USD 7.8 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 5.2% during the prediction period 2021 to 2027.

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Growth Factors:

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.

The laboratory freezers market has shown a significant rise in demand in 2020 and 2021 due to the utility of these products for appropriate temperature-controlled storage of COVID-19 vaccines. The growing use of refurbished laboratory freezers and refrigerators could restrain the growth of this market.

Laboratory Freezers Market Dynamics
Driver: Increasing demand for blood and blood components for transfusion and for support in cancer therapy
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.

According to the American Cancer Society, in 2020, an estimated 1.8 million new cancer cases were recorded in the US. The requirement of blood and blood components is high for cancer surgery patients as well as for patients suffering from blood cancers, such as leukemia and lymphoma. Moreover, blood donation has increased globally, with the WHO reporting an increase of 7.8 million blood donations from voluntary unpaid donors from 2013 to 2018. 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.

Restraint: Growing use of refurbished laboratory freezers
Capital investments in the cold storage of biomedical samples are very high for hospitals, laboratories, and blood banks. The average price of ultra-low-temperature freezers ranges between USD 10,000 and USD 25,000, which is expensive for smaller blood banks, hospitals, and laboratories

Refurbished medical devices are generally available at 50–60% lower prices than new instruments. The public healthcare expenditure for infrastructure improvement in many emerging & underdeveloped countries is inadequate; this restricts the adoption of technologically advanced medical devices in healthcare systems across these countries. The high demand for refurbished lab freezers and refrigerators will hamper the growth of the global laboratory freezers market to a certain extent during the forecast period.

Opportunity: Vaccine development for emerging infectious diseases
Vaccine development for emerging infectious diseases has received greater attention due to the COVID-19 pandemic. This rising focus and investments in vaccine development would boost the growth of clinical research trials for vaccines in the coming years. This, in turn, would boost the growth of the lab freezers and refrigerators market as most vaccines are required to be stored at low temperatures at the time of development and distribution. Therefore, the increasing investments and focus on vaccine development for emerging infectious diseases pose an opportunity for players in the laboratory freezers market in the coming years.

Challenge: Lack of awareness of the utility of specialized lab freezers and refrigerators
In certain clinics, laboratories, blood banks, and pharmacies, there is a lack of awareness on the proper use of medical/lab refrigerators. Blood bank providers or small chemist shops may lack awareness of the benefits of using particular refrigerators to store specific specimens. Domestic refrigerators do not provide optimal temperature conditions for the storage of blood and blood components and DNA testing samples, among others. Domestic refrigerators are designed to keep efficiency in mind and sacrifice precision so that a degree of temperature variability is tolerated to reduce the amount of time and frequency that the compressor must run to cool the storage chamber. However, lab freezers are designed with precise temperature control, reliability, and storage capacity as key considerations. If the samples are not stored in under optimum conditions, they may get contaminated, and results may be distorted.

Laboratory freezers, especially ultra-low-temperature freezers, are sensitive lab equipment that require proper maintenance. 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.

The freezers segment holds the highest market share, by product, in the Laboratory Freezers market
Based on products, the laboratory freezers market is segmented into freezers, refrigerators, and cryopreservation systems. In 2020, the freezers segment accounted for the largest share of the 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 to grow at the highest CAGR in the freezers market, in the forecast period.
Based on type, the freezers market is segmented into ultra-low-temperature freezers, laboratory freezers, plasma freezers, enzyme freezers, explosion-proof freezers, and flammable material freezers. Ultra-low-temperature freezers is growing at the highest CAGR, by type, in the freezers segment. The high growth of this segment can be attributed to the wide application of ultra-low-temperature freezers for biological and biotech storage in research universities, medical centers, and hospitals.

The laboratory refrigerators segment to hold the highest share in the refrigerators market
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 and 2021 the laboratory refrigerators segment shows high growth due to the extensive use of laboratory refrigerators in the short-term storage of samples for COVID-19 testing in medical laboratories, hospitals, and clinics.

The blood banks segment to grow at the highest CAGR, by end user, in the forecast period
Growth in this end-user segment is mainly driven by the increasing demand for whole blood and blood components as a result of the rising prevalence of blood disorders such as sickle-cell anemia, blood cancer, and hemophilia. The increasing demand for plasma from biopharmaceutical companies for use in plasma fractionation procedures is also driving the demand for plasma freezers in blood banks.

North America holds the largest share in the Laboratory Freezers market, by region, in the forecast period
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 in 2020. 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. The presence of a large number of laboratory freezer and refrigerator manufacturers in the region also plays a pivotal role in boosting market growth.

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COVID-19 Impact on Laboratory Freezers Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Laboratory Freezers market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Laboratory Freezers market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Laboratory Freezers market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Laboratory Freezers market include:

 Eppendorf AG, Haier Biomedical, Thermo Fisher Scientific, Inc., Helmer Scientific, PHC Holdings Corporation, Liebherr , Middleby Corporation, Felix Storch, Inc., BioLife Solutions, Inc., Blue Star Limited, B Medical Systems, Philipp Kirsch GmbH, Avantor, Inc., Standex International Corporation, Vestfrost Solutions A/S.

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Laboratory freezers Market, By Products

  • Freezers
    • Ultra Low Temperature Freezers
    • Laboratory Freezers
    • Plasma Freezers
    • Enzyme Freezers
    • Explosion-proof Freezers
    • Flammable Material Freezers
  • Refrigerators
    • Laboratory Refrigerators
    • Blood Bank Refrigerators
    • Pharmacy Refrigerators
    • Flammable Material Refrigerators
    • Explosion-proof Refrigerators
    • Chromatography Refrigerators
  • Cryopreservation Systems
  • End User

               Blood Banks

               Pharmaceutical and Biotechnology Companies

               Others

Why Buy this Report?

The purpose of Nova one advisor’s Laboratory Freezers market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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