Laboratory Freezers Market - Forecast(2024 - 2030)

Report Code: HCR 0539 Report Format: PDF + Excel

Laboratory Freezers Market Overview

The Laboratory Freezers Market size is estimated to reach $4.1 billion by 2026. Furthermore, it is poised to grow at a CAGR of 4.9% over the forecast period of 2021-2026. The laboratory freezers are intensively used across the various medical domains as it helps in preserving the samples, materials, vaccines, and other bio-hazardous drugs. Ultra-Low temperature freezers (ULT) are designed primarily as per orders as they can reach temperatures much below -40 degrees C. Additionally, companies are offering ULTs that can touch temperatures up to -86-degree C. Additionally, owing to COVID-19 vaccination drives, the following freezers are of utmost need, as they help in storing vaccine samples, virus samples, DNAs and RNAs. Moreover, pharmaceutical refrigerators are used for storing vaccines and medications. On the other hand, chromatography refrigerators are used for storing critical products such as reagents, media, and various proteins and come in handy for researchers and clinicians. The increasing research pertaining to vaccination for coronavirus and a substantial increase in organ transplants-related procedures are some of the factors driving the laboratory freezers industry forward in the projected period of 2021-2026.

Report Coverage

The report: “Laboratory Freezers Market Forecast (2021-2026)”, by Industry ARC covers an in-depth analysis of the following segments of the laboratory freezers market.

By Type- Freezers, Cryopreservation Systems, and Refrigerators.
By End-Users- Blood Banks, Medical Laboratories, Pharmaceutical and Biotechnology Companies, Hospital and Clinics, and Others. 
By Geography- North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, and Rest of South America), and Rest of the World (the Middle East, and Africa).

Key Takeaways

  • Geographically, North America’s laboratory freezers market held a dominant market share in the year 2020. It is owing to the region’s preference over spending heavily on research and development activities for better medical procedures. Additionally, the majority of the drug and pharmaceutical giants are situated in the following region, thereby allowing the predominant use of laboratory freezers to store medications, vaccines, and others. However, Asia-Pacific is set to grow at a lucrative pace owing to rising expenditure on the development of at-par medical facilities and research & development activities.
  • The substantial increase in organ transplants across the globe has been one of the key drivers. However, the high cost associated with acquiring such freezers poses a threat to the growth of the market.
  • A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the laboratory freezers market report.

Laboratory Freezers Market- By Geography (%) for 2020.

Laboratory Freezers Market
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Laboratory Freezers Market Segmentation Analysis- By Type

The laboratory freezers market based on type can be further segmented into freezers, cryopreservation systems, and refrigerators. The refrigerator segment held a dominant market size in the year 2020. It is owing to the ready demand created by multinational and governments across to store and transport vaccines for coronavirus. However, in 2020, the pharmaceutical labs extensively used the following to research and preserve the various samples of the Sars-Cov-19 genetic mutation. Moreover, the Serum Institute of India had already prepared batches of vaccines which they had stored in dry form in deep refrigeration units.

Moreover, the refrigerators segment is estimated to be the fastest-growing, with a CAGR of 5.4% over the forecast period of 2021-2026. It is owing to the increasing cases of various forms of blood diseases such as hemophilia and others, which allows the blood banks to preserve different forms of blood units within their reach for ready disposal. The following will allow for their ready growth.

Laboratory Freezers Market Segmentation Analysis- By End Users

The laboratory freezers market based on end-users can be further segmented into Blood Banks, Medical Laboratories, Pharmaceutical and Biotechnology Companies, Hospital and Clinics, and Others. The pharmaceutical and biotechnology companies held a dominant market share in the year 2020. It is owing to the pandemic that various hospitals and clinics stopped performing elective transplants. Additionally, the pharmaceutical companies had the ready aim to develop a novel vaccine for coronavirus. The Trump administration in 2020 announced a contribution of $1.95 billion to Pfizer for the development, production, and distribution of vaccines. The following trend was seen in other regions as well.

However, the blood banks segment is estimated to be the fastest-growing, with a CAGR of 5.7% over the forecast period of 2021-2026. It is owing to the rising number of hematological diseases. Additionally, as per the reports by the American Cancer Society, around 61,000 cases of leukemia were diagnosed, which required ready usage of blood, thereby augmenting the growth of the following segment. Moreover, the number of patients wanting a transplant would help in the growth of the market.

Laboratory Freezers Market Segmentation Analysis- By Geography

The laboratory freezers market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America’s laboratory freezers market held a dominant market share of 38% as compared to others. It is owing to multiple factors, such as a rising need seen in the geriatric population. Moreover, as per the sources, there are around 100,000 Americans waiting for their transplants, and a number gets added every ten minutes. Additionally, the prevalence of cardiovascular diseases has allowed an increase in kidney transplants. As per US CDC, 1 in 3 people in the USA faces issues owing to kidney failure in their lifetime. To control the following demands, the government spends heavily on R&D, which has allowed them to take a dominant position.

However, Asia-Pacific is set to grow at a lucrative pace and offer marketable opportunities to the manufacturers. It is owing to a rise being projected in the senior population across the region and their needs for having a transplant post 55 years. As per OECD, the share of people aged above 65+ would be 2.5x in the coming decades, and by 2050, the 10 Asia-Pacific countries would be termed as an aging society. The following would ask for better medical infrastructure and funds deployment, which will allow for the growth of laboratory freezers.

Laboratory Freezers Market Drivers

The usage of laboratory freezers has been supplemented by growing research in biotechnology and pharmaceuticals.

Laboratory freezers have been predominantly used by the following setups as discussed in the segmentation above. Moreover, as per US CDC, there are around 8,941 ongoing studies in Phase I or Pre-Clinical Phase in which the various samples are isolated or studied as per the researcher’s objective and the government’s permission. The following trend has been fuelled by the arrival of coronavirus and the indent need to find a plausible vaccine. Various pharmaceutical giants have rolled out several vaccines which are required to be stores at temperatures below 0 degrees in dry form, more-so in the developed countries vaccines such as Pfizer and Moderna were administered which required cold storage facilities, and there need was supplanted by laboratory freezers. Lastly, various drug trials are ongoing for treatment and lowering other fatal diseases such as cancer which will further allow the freezer market to grow.

A steady increase in organ transplants has addressed the growth of laboratory freezers.

Firstly, the rising number of cardiovascular ailments have pushed the need for a kidney transplant and, lately other vital organ transplants. Secondly, campaigns and awareness regarding organ donation have helped spread awareness amongst the masses, which allows for better chances of saving lives. As per a source, 36,000 Americans receive life-saving treatment each year owed to transplants, and every ten minutes, a person gets added to the national transplant waiting list. Additionally, of the needed transplant, 83% are under the bracket for kidney replacement owing to high cases of blood sugar damage. With the increase in the geriatric population in the next decade, it can be foreseen that the demand for laboratory freezers will increase.

Laboratory Freezers Market Challenges

The potential threat of hazards being caused by using laboratory freezers has hampered their market growth.

There are various potential health hazards that have been reported owing to the malfunctioning of laboratory freezers. Some of the reasons can be that incompatible chemicals' presence can induce vapors that can potentially cause fire or other hazards. Furthermore, in the case of potential lights and electrical switches are used in freezers, the chances of short-circuits and other accidents increases as they can serve as possible ignition factors. Additionally, manufacturers have created explosion-proof units owing to no presence of ignition sources inside; however, the costs of such units are high, and people are adopting second-hand/ used units, which again has hampered the growth of the current market.

Laboratory Freezers Market Competitive Landscape

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the laboratory freezers market. The top 10- laboratory freezers market companies include:

  1. VWR Corporation
  3. Biomedical Solutions
  4. Haier
  5. US Labs
  6. Philips Healthcare
  7. GE Healthcare
  8. Thermo Fischer
  9. Helmer Scientific
  10. Panasonic Healthcare

Laboratory Freezers Market Developments

  • In May 2021, IC Biomedical announced that they would set a manufacturing plant for developing stainless steel and aluminum freezers, cryogenic equipment and refrigerators, and freezers. Moreover, the company exported $1.8 billion worth of goods in terms of devices and pharmaceuticals owing to the pandemic in 2020. The advent of another manufacturing plant will help in going beyond their limits.
  • In April 2021, BioLife solutions launched its freezer for cell and gene therapy developers across the globe. It is a high capacity, controlled rate freezer which would particularly benefit the above-listed parties. The entire production line would feature several cryovials with a racking system, temperature programming, and sample charting for quality assurance.

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1. Laboratory Freezers Market- Overview
    1.1 Definitions and Scope
2. Laboratory Freezers Market- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends
    2.2 Key trends by Type
    2.3 Key trends by End-User 
    2.4 Key trends by Geography
3. Laboratory Freezers Market- Comparative Analysis
    3.1 Company Benchmarking – Key Companies
    3.2 Financial Analysis– Key Companies
    3.3 Market Share Analysis– Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis- Average Selling Price
4. Laboratory Freezers Market- Startup Companies Scenario Premium
    4.1 Key Startup Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5. Laboratory Freezers Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Case Studies of Successful Ventures
6. Laboratory Freezers Market- Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters Five Force Model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Laboratory Freezers Market– Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Laboratory Freezers Market– By End Users (Market Size –$Million/$Billion)
    8.1 Blood Banks
    8.2 Medical Laboratories
    8.3 Pharmaceutical and Biotechnology Companies
    8.4 Hospitals and Clinics
    8.5 Others
9. Laboratory Freezers Market– By Type (Market Size –$Million/$Billion)
    9.1 Freezers
        9.1.1 Plasma Freezers
        9.1.2 Enzyme Freezers
        9.1.3 Chest Freezer
        9.1.4 Upright Freezer
        9.1.5 Ultra-Low Freezer
        9.1.6 Others
    9.2 Refrigerators
        9.2.1 Blood Bank Refrigerator
        9.2.2 Explosion-Proof Refrigerator
        9.2.3 Flammable Material Refrigerator
        9.2.4 Pharmacy Refrigerators
        9.2.5 Others
10. Laboratory Freezers Market- By Geography (Market Size –$Million/$Billion)
    10.1 North America
        10.1.1 U.S.
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 U.K.
        10.2.2 Germany
        10.2.3 France
        10.2.4 Italy
        10.2.5 Spain
        10.2.6 Russia
        10.2.7 Rest of Europe
    10.3 Asia-Pacific
        10.3.1 China
        10.3.2 India
        10.3.3 Japan
        10.3.4 South Korea
        10.3.5 Australia & New Zealand
        10.3.6 Rest of Asia-Pacific
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Rest of South America
    10.5 Rest of the World
        10.5.1 Middle East
        10.5.2 Africa
11. Laboratory Freezers Market- Entropy
12. Laboratory Freezers Market– Industry/Segment Competition Landscape Premium 
    12.1 Market Share Analysis
        12.1.1 Global Market Share – Key Companies
        12.1.2 Market Share by Region – Key companies
        12.1.3 Market Share by Countries – Key Companies
        12.1.4 Competition Matrix
        12.1.5 Best Practices for Companies
13. Laboratory Freezers Market– Key Company List by Country Premium Premium
14. Laboratory Freezers Market Company Analysis
    14.1 Company 1
    14.2 Company 2
    14.3 Company 3
    14.4 Company 4
    14.5 Company 5
    14.6 Company 6
    14.7 Company 7
    14.8 Company 8
    14.9 Company 9
    14.10 Company 10
"*Financials for private companies would be provided on a best efforts basis”.