Global Laboratory Freezers Market – Industry Trends and Forecast to 2029

Global Laboratory Freezers Market, By Product Type (Freezers, Refrigerators, Cryopreservation Systems),  End User (Blood Banks, Pharmaceutical and Biotechnology Companies, Academic and Research Institutes, Medical Laboratories, Hospitals, Pharmacies), Target Audience (Laboratory Equipment Manufacturers, Laboratory Freezer Manufacturers, Original Equipment Manufacturers, Suppliers and Distributors of Laboratory Freezers, Hospitals, Healthcare Service Providers, Diagnostic Centers, Laboratories, Medical Institutes, Blood Banks, Research and Consulting Firms, Others), – Industry Trends and Forecast to 2029

Market Analysis and Size

Laboratory freezers are commonly used equipment in many blood banks, academic institutions, pharmaceutical and biotechnological companies for the storage of various biological products such as blood, tissues, serum, and vaccine samples, among others. The freezers can be used as a storage area for biological samples that are being studied and used in experiments.

Data Bridge Market Research analyses that the laboratory freezers market is expected to reach the value of USD 4.65 billion by the year 2029, at a CAGR of 5.80% during the forecast period. Rising demand for blood and blood components for transfusion and biopharmaceutical production, increased emphasis on research and development capabilities in medical devices and on the adoption of advanced IT healthcare technologies, rising number of surgical procedures worldwide, rising number of road accidents, and rising expenditure for the development of healthcare infrastructure, particularly in developing economies, are the major factors attributing to this trend.

Market Definition

A laboratory freezer is a piece of equipment used by many blood banks, academic institutions, pharmaceutical and biotechnological companies, and others to store medical equipment, devices, organs, and other items. Thermal insulation technology is used in laboratory freezers to help maintain a cold environment inside the freezer by converting heat from the outside environment.

Report Scope and Market Segmentation

Laboratory freezers Market Dynamics

Drivers

• The rise in the public private funding

One of the major factors driving market growth is an increase in public-private funding for targeted research activities, which is being accompanied by an increase in the prevalence of infections. Another market growth driver is the increasing demand for organ transplant procedures.

• The increase in the technological advancement and healthcare funding

Ever-increasing technological advancement and innovation of new medical devices and instruments, an increase in the number of product launches, increased government support for research activities and clinical trials, and increased government funding, as well as the untapped potential of emerging markets, will all contribute to lucrative market growth opportunities.

• Government investments for healthcare interoperability

The increase in the funding by the federal government to drive the adoption of these solutions further influence the market. Additionally, the surge in healthcare expenditure, advancements in healthcare infrastructure, and high demand for expanded care delivery positively affect the laboratory freezers market.

.Restraints/Challenges

The high investment and maintenance costs associated with laboratory freezers will slow market growth. Furthermore, the market will face additional challenges due to the high value of ownership and fluctuating raw material costs.

This laboratory freezers market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the laboratory freezers market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Laboratory Freezers Market

In the best-case scenario, the COVID-19 pandemic has had a significant long-term positive impact on the laboratory freezers market. Initially, there was a drop in the lab freezers/refrigerators market in early 2020 as a result of lockdowns and quarantine measures. However, as the disease spread around the world, the number of laboratories, COVID-19 testing sites, and processing facilities handling SARS-CoV-2 samples, reagents, and vaccines increased exponentially. As a result, the demand for laboratory refrigerators, freezers, and ultra-low-temperature freezers to support sample processing, testing, and vaccine development labs has increased.

.Recent Development

• Eppendorf AG (Germany) redesigned and upgraded the CryoCube F570 in March 2021 to include future-proof green cooling liquids, green insulation foam, and improved performance.
• Helmer Scientific (US) introduced the GX Solutions Laboratory & Plasma Freezers for vaccines, medications, blood therapies, and sample storage in March 2021, utilising Global Warming Potential (GWP) Technology. UnitedHealth Group (US) launched virtual primary care for employees in January 2021 for wellness and routine and chronic condition management.
• B Medical Systems (Luxembourg) joined forces with Dr. Reddy's Laboratories (India) in June 2021 to provide cold chain solutions for the Sputnik V vaccine roll-out in India.

Global Laboratory Freezers Market Scope

The laboratory freezers market is segmented on the basis of product type, end user and target audience. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product type                                                                      

• Freezers
• Refrigerators
• Cryopreservation systems

On the basis of product type, the laboratory freezers market is segmented into freezers, refrigerators and cryopreservation systems. Freezers have been further segmented into enzyme freezers, plasma freezers, explosion-proof freezers, flammable material freezers, laboratory freezers, ultra-low-temperature freezers. Refrigerators have been further segmented into blood bank refrigerators, chromatography refrigerators, explosion-proof refrigerators, flammable material refrigerators, laboratory refrigerators and pharmacy refrigerators.

End User

• Blood banks
• Pharmaceutical and biotechnology companies
• Academic and research institutes
• Medical laboratories
• Hospitals
• Pharmacies

Laboratory freezers market has also been segmented on the basis of end user into blood banks, pharmaceutical and biotechnology companies, academic and research institutes, medical laboratories, hospitals and pharmacies.

Target Audience

• Laboratory equipment manufacturers
• Laboratory freezer manufacturers
• Original equipment manufacturers
• Suppliers
• Distributors of laboratory freezers
• Hospitals
• Healthcare service providers
• Diagnostic centers
• Laboratories
• Medical institutes
• Blood banks
• Research and consulting firms

On the basis of target audience, the laboratory freezers market is segmented into laboratory equipment manufacturers, laboratory freezer manufacturers, original equipment manufacturers, suppliers and distributors of laboratory freezers, hospitals, healthcare service providers, diagnostic centers, laboratories, medical institutes, blood banks, research and consulting firms and others.

Laboratory Freezers Market Regional Analysis/Insights

The laboratory freezers market is analysed and market size insights and trends are provided by country, product type, target audience and end users as referenced above.

The countries covered in the laboratory freezers market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the laboratory freezers market in terms of market share and revenue, and this dominance is expected to continue throughout the forecast period of 2022-2029. This is due to an increase in the expenditure for research and development capabilities, as well as the rising prevalence of infectious diseases. Asia-Pacific, on the other hand, is expected to grow at the fastest rate during the forecast period, owing to rising government spending on healthcare and growing awareness of the importance of laboratory freezers.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The laboratory freezers market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for laboratory freezers market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the laboratory freezers market. The data is available for historic period 2010-2020.

Competitive Landscape and Laboratory Freezers Market Share Analysis

The laboratory freezers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to laboratory freezers market.

Some of the major players operating in the laboratory freezers market are

• Thermo Fisher Scientific Inc. (US)
• LabWare (US)
• LabVantage Solutions Inc. (US)
• Abbott (US)
• Waters Corporation. (US)
• Agilent Technologies, Inc (US)
• IDBS (US)
• PerkinElmer, Inc. (US)
• Autoscribe Informatics. (UK)
• Arxspan a Bruker Company (US)
• Dassault Systèmes (France)
• RURO Inc., Kinematik (Ireland)
• LabLynx LIMS (US)
• Labworks (US)
• Cerner Corporation (US)
• McKesson Corporation (US)
• Scientific Equipment Repair (US).