Aug 18, 2021   SOURCE: BusinessWire

The Worldwide Laboratory Freezers Industry is Expected to Reach $5.7 Billion by 2026 at a CAGR of 4.9% from 2021 - ResearchAndMarkets.com

The "Global Laboratory Freezers Market by Product (Cryopreservation, Plasma Freezer, Explosion-Proof Freezer, Enzyme Freezer, Ultra-Low Freezer, Blood Bank Refrigerator, Pharmacy Refrigerator, Chromatography Refrigerator), End-user (Hospitals), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

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%.

The laboratory freezers market has shown a significant rise in demand in 2020 and 2021 as they are extensively used for the proper storage of COVID-19 vaccines. The laboratory freezers market during 2022-2026 may show growth if booster doses of COVID-19 vaccines are made mandatory during the forecast period.

The freezers segment holds the highest market share, by products, in the laboratory freezers market, in the forecast period

On the basis of products, the laboratory freezers market is segmented into freezers, refrigerators, and cryopreservation systems. In 2020, the freezers segment accounted for the largest share of 52.4% 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

The freezers market is segmented into enzyme freezers, plasma freezers, explosion-proof freezers, flammable material freezers, laboratory freezers, and ultra-low-temperature freezers. The ultra-low-temperature freezers segment is projected to grow at the highest CAGR during the forecast period. Growth in this segment is largely driven by the utility of these freezers to store sensitive stem cells, virus samples, bone grafts, and other biological samples used for research purposes.

The laboratory refrigerators segment has the highest market share in the refrigerators market, in the forecast period

In this report, the refrigerators market is further segmented into blood bank refrigerators, chromatography refrigerators, explosion-proof refrigerators, flammable material refrigerators, laboratory refrigerators, and pharmacy refrigerators. The large share laboratory refrigerators segment is due to the utility of these products in the short-term storage of test samples in medical laboratories, hospitals, and clinics. These refrigerators meet routine laboratory storage requirements and simplify laboratory operations.

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, and Middle East & Africa. The large share of the North American region is mainly due 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, with the adoption of advanced laboratory freezers by different end-user segments.

Market Dynamics

Drivers

  • Rollout of COVID-19 Vaccines Requiring Freezer Storage
  • Increasing Demand for Blood and Blood Components for Transfusion and for Support in Cancer Therapy
  • Growing Number of Organ Transplant Procedures
  • Technological Advancements in Laboratory Freezers and Refrigerators

Restraints

  • Growing Use of Refurbished Laboratory Freezers

Opportunities

  • Vaccine Development for Emerging Infectious Diseases
  • Rising Growth Opportunities in Developing Countries

Challenges

  • Lack of Awareness of the Utility of Specialized Lab Freezers and Refrigerators

Companies Mentioned

  • Antylia Scientific
  • Arctiko A/S
  • Avantor, Inc.
  • B Medical Systems
  • Biolife Solutions, Inc. (Stirling Ultracold)
  • Blue Star Limited
  • Changhong Meiling Co. Ltd.
  • Eppendorf AG
  • Evermed S.R.L.
  • Felix Storch, Inc.
  • Glen Dimplex Medical Appliances (LEC Medical)
  • Haier Biomedical
  • Helmer Scientific
  • Jeio Tech
  • KW Apparecchi Scientifici Srl
  • Liebherr
  • Middleby Corporation (Follett Products, LLC)
  • Phc Holdings Corporation
  • Philipp Kirsch GmbH
  • Refrigerated Solutions Group
  • So-Low Environmental Equipment Co. Ltd.
  • Standex International Corporation
  • Stericox India Private Limited
  • Thalheimer Kuhlung
  • Thermo Fisher Scientific, Inc.
  • Vestfrost Solutions A/S

For more information about this report visit https://www.researchandmarkets.com/r/n81v1u