Laboratory Freezers Market Projected to Reach $5.7 Billion by 2026 | MarketsandMarkets™ Study

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Laboratory Freezers Market Projected to Reach $5.7 Billion by 2026 | MarketsandMarkets™ Study

October 03
21:47 2023
Laboratory Freezers Market Projected to Reach $5.7 Billion by 2026 | MarketsandMarkets™ Study
Browse 274 market data Tables and 52 Figures spread through 291 Pages and in-depth TOC on “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
Global Laboratory Freezers market growth is restrained by the growing use of refurbished laboratory freezers. In this report, the global lab freezers market is segmented by product, end user, and region.

Laboratory Freezer Market Overview:

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%. Growth in the market is driven by the increasing demand for blood and blood components for transfusion and for support in cancer therapy.

Laboratory freezers play a crucial role in scientific and healthcare laboratories by providing low-temperature storage solutions for various biological and chemical samples. These freezers are essential for preserving the integrity and viability of samples, including vaccines, pharmaceuticals, reagents, and more.

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Key Market Dynamics and Influences:

Biomedical Research and Healthcare: The laboratory freezer market is intricately linked with biomedical research and healthcare applications.

Vaccine Storage: The critical importance of vaccine storage became evident during the COVID-19 pandemic. Laboratory freezers, especially those capable of ultra-low temperature storage, played a pivotal role in safeguarding vaccines.

Pharmaceutical Industry: Pharmaceuticals necessitate reliable cold storage solutions for drug compounds, reagents, and other sensitive materials.

Biobanking: Biobanks are repositories for valuable biological specimens used in research.

Energy Efficiency: The growing concern for the environment has spurred a push for energy-efficient laboratory equipment, including freezers.

Technological Advancements: Advances in freezer technology have yielded models with enhanced temperature stability, alarm systems, remote monitoring capabilities, and data logging features.

Regulatory Compliance: Stringent regulations in the healthcare and pharmaceutical sectors emphasize the need for freezers that adhere to specific compliance standards, such as Good Laboratory Practice (GLP) and Good Manufacturing Practice (GMP).

COVID-19 Impact: The laboratory freezer market was significantly impacted by the COVID-19 pandemic, with heightened demand for the storage of vaccines and medical supplies, underlining the critical role of these freezers.

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Key Market Players

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. 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.

Haier Biomedical (US) is one of the prominent players in the laboratory freezers market. It is one of the leading manufacturers of durable goods throughout the globe. Haier Biomedical is engaged in designing, manufacturing, and marketing quality laboratory equipment and refrigerated products for the life science and clinical industry.

Latin America is expected to grow at the highest CAGR, by region, in the forecast period

APAC to grow at the highest CAGR in the laboratory freezers market during the forecast period. Latin America is one of the fastest-growing markets for laboratory freezers owing to growing investments from global pharmaceutical manufacturers in Latin America and the availability of government funding for R&D activities as well as efforts to modernize the existing healthcare system.

Laboratory Freezers Market Dynamics

Driver: Increasing demand for blood and blood components for transfusion and for support in cancer therapy

Restraint: Growing use of refurbished laboratory freezers

Opportunity: Vaccine development for emerging infectious diseases

Challenge: Lack of awareness of the utility of specialized lab freezers and refrigerators

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