Global Laboratory Refrigerators and Ovens Market – Industry Trends and Forecast to 2030

Laboratory Refrigerators And Ovens Market Analysis and Size

The global pharmaceutical industry is increasing at a fast pace globally. Several companies are working on developing various medicines and vaccines that needs to be stored in a particular temperature. The high demand for laboratory refrigerators and ovens is high for the storage of blood samples in blood bank laboratories. Several technological advancements in oven systems will further work as a major market driver in the upcoming years.

Data Bridge Market Research analyses that the laboratory refrigerators and ovens market value isis USD 1.54 billion in 2022 and is expected to reach USD 2.28 billion by 2030, growing at a CAGR of 5% from 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Laboratory Refrigerators And Ovens Market Scope and Segmentation  

Market Definition

Laboratory refrigerators and freezers are the type of equipments that assists in storing samples and instrumentation used for conducting experiments requiring precise temperature control. These are also used for keeping blood supplies for quality preservation, pharmaceutical and medical supplies. Laboratory ovens help in providing accurate and uniform temperature control for processes such as heating, sterilizing, evaporating, baking and other industrial laboratory functions.

Laboratory Refrigerators And Ovens Market Dynamics

Drivers

• Growing Demand of Blood Banks

A very huge application of laboratory refrigerators and ovens is in the increased storage of industrial-grade compounds, volatile chemicals, medicines and vaccines that cannot be stored in atmosphere temperature. The increasing demand for laboratory refrigerators and ovens is more for the storage of blood samples in blood bank laboratories. The huge number of blood banks are widely available worldwide and the scarcity of blood in rural and semi-urban areas is boosting governments to invest largely in blood banks. The growing number of blood banks will likely boost the demand for laboratory refrigerators in the upcoming years.

• Increased Strategies and Collaborations

The wide adoption of strategies such as partnerships, merger, collaboration, and acquisitions by the major market players is projected to enhance market growth. For instance, Phononic, Inc., collaborated with Thermo Fischer Scientific, in May 2018 for creating a product line in healthcare and life sciences. This agreement also includes the development of Thermo Fischer Scientific‘s TSX 505 laboratory refrigerators. Therefore, such partnerships are estimated to increase the market growth.

Opportunities

• Increased Product Launches

The major market players are constantly developing new products, which is estimated to boost the global laboratory refrigerators and freezers market growth. For instance, Phononic Inc. launched medical grade under-counter refrigerator in June 2016, which was added to its Evolve brand. It is widely used for storage of vaccines, pharmaceutical drugs, and medical devices. The refrigerator offers increased stability in regulating temperature and a monitoring software. It also provides batter back-up facility and noise producing level is very low. Thus, it boosts the market growth. Additionally, Panasonic Health Co. launched a new refrigerator in February 2019, which will be used to preserve pharmaceutical drugs, vaccine, high–value samples and specimens. It has –300°C freezer and invertor compressor, which helps decrease power consumption. Therefore, wide introduction of new products is anticipated to, boost the market growth.

Restraints/Challenges

• High Price of Laboratory Refrigerators

It has been witnessed that the average product price of laboratory refrigerators and ovens is between medium to high. Small scale institutional labs cannot provide automated temperature control systems, which is expected to limit the market growth.

This laboratory refrigerators and ovens 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 refrigerators and ovens market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Global Laboratory Refrigerators And Ovens Market Scope

The laboratory refrigerators and ovens market is segmented on the basis of laboratory refrigerators, laboratory freezers, laboratory ovens. 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.

Laboratory Refrigerators

• General Purpose Lab Refrigerator
• Explosion Proof Refrigerator
• Portable Refrigerator
• Sub-Zero Refrigerator
• Walk-In Refrigerator

 Laboratory Freezers

• General Purpose Lab Freezer
• Explosion Proof Freezer
• Ultra Low Temperature Freezer

Laboratory Ovens

• General Purpose Lab Ovens
• Vacuum Ovens

Laboratory Refrigerators And Ovens Market Regional Analysis/Insights

The laboratory refrigerators and ovens market is analyzed and market size insights and trends are provided by laboratory refrigerators, laboratory freezers, laboratory ovens as referenced above.

The countries covered in the laboratory refrigerators and ovens 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 refrigerators and ovens market due to increased healthcare expenditure and increased R&D activities in the pharmaceutical sector. 

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 due to rising investment and funds for product launches by major regional market players.

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 refrigerators and ovens 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 refrigerators and ovens market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the laboratory refrigerators and ovens market. The data is available for historic period 2011-2021.

Competitive Landscape and Laboratory Refrigerators And Ovens Market Share Analysis

The laboratory refrigerators and ovens 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 refrigerators and ovens market.

Some of the major players operating in the laboratory refrigerators and ovens market are:

• Cole-Parmer Instrument Company, LLC (India)
• Helmer Scientific Inc. (U.S.)
• Eppendorf AG (Germany)
• Labcold Ltd. (U.K.)
• Haier Biomedical (China)
• Angelantoni Life Science (Italy)
• BINDER GmbH  (Italy)
• EVERMED s.r.l (Italy)
• Philipp Kirsch GmbH (Germany)
• Sheldon Manufacturing, Inc (U.S.)
• Terumo Medical Corporation (Japan)
• Carbolite GERO Limited (U.K.)
• Chart Industries, Inc. (U.S.)
• Sheldon Manufacturing, Inc. (U.S.)
• Thermo Fisher Scientific, Inc. (U.S.)
• Worthington Industries (U.S.)

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