The laboratory freezers market was valued at USD 4.8 billion in 2021 and it is anticipated to grow further till USD 7.0 billion by 2031, at a CAGR of 3.9% during the forecast period.
A laboratory freezer is a carefully constructed piece of lab equipment that has a thermally insulated compartment and a heat pump, typically mechanical, electronic, or chemical, that transfers heat from the device’s interior to its exterior environment. Depending on the substance being frozen, the interior of the freezer is cooled to a temperature that is much below or below the freezing point of water. For the storage of various biological products, such as blood, tissues, serum, and vaccination samples, among others, laboratory freezers are a common piece of equipment in a lot of blood banks, academic institutions, pharmaceuticals, and biotechnological enterprises.
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Market Trends and Drivers
The demand for blood and blood components is growing on a global scale. Approximately 21 million blood components are transfused annually in the US alone, according to the American National Red Cross.
The American Cancer Society estimates that there will be 1.8 million new cancer cases in the US in 2020. Patients undergoing cancer surgery and those with blood malignancies like leukaemia and lymphoma have a high need for blood and blood components. Additionally, the WHO reported that from 2013 to 2018, there was an increase of 7.8 million voluntary unpaid blood donations worldwide.
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Global Laboratory Freezers Market Segmentation
By Product
- Freezers
- Refrigerators
- Cryopreservation
By End User
- Blood Banks
- Pharmaceutical and Biotechnology Companies
- Others
Major Players in the Global Laboratory Freezers Market
The key players in the market are 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), and Vestfrost Solutions A/S (Denmark) among others.
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