Market Definition
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.
Market Outlook
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
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.
Hospitals, laboratories, and blood banks all make significant capital expenditures for the cold storage of biomedical materials. Since the average cost of an ultra-low-temperature freezer is between $10,000 and $25,000, smaller blood banks, hospitals, and laboratories cannot afford them.
Refurbished medical equipment often costs between 50% and 60% less than brand-new equipment. The use of technologically advanced medical devices in healthcare systems throughout these countries is constrained by inadequate public healthcare investment for infrastructure improvement in many emerging and underdeveloped countries. During the projected period, the high demand for reconditioned lab freezers and refrigerators would restrain the growth of the global laboratory freezers market to some extent.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The report analyses the global laboratory freezers market based on the product, end user, and region.
Global Laboratory Freezers Market by Product
Based on the product, it is segmented into freezers, refrigerators, and cryopreservation. The freezers segment is anticipated to dominate the market during the forecast period. This market’s significant market share may be ascribed to their use in pharmaceutical, biotechnology, and academic and research institutions to support the development of vaccines as well as in hospitals and medical labs to store test samples.
Global Laboratory Freezers Market by End User
Based on the end user, it is segmented into blood banks, pharmaceutical & biotechnology companies, and others. The blood banks segment is anticipated to dominate the market during the forecast period. The growth in the need for adequate storage for the numerous reagents used in the biological domains, in the next years, is one of the key factors projected to support the market’s expansion. The market is estimated to grow during the forecast period because to the increase in research and development of various ways that would aid in the storage of various delicate tissues.
Geographical Analysis of the Global Laboratory Freezers Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. The high healthcare costs in the US and Canada as well as the rising R&D investment on pharmaceuticals and biotechnology in this region are to blame for the huge proportion of this geographical segment. The proliferation of laboratory freezer and refrigerator producers in the area also significantly contributes to the market’s expansion.
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Major Players
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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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape- Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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