Laboratory Freezers Market Share, Industry Growth, Trend, Key Companies by 2027
According to the current analysis of Reports and Data, the Laboratory Freezers market was valued at USD 3.23 billion in 2019 and is expected to reach USD 4.71 billion by the year 2027, at a CAGR of 4.8%. Laboratory freezers are essential equipment to store samples at a temperature of -25 to -15 degrees Celsius. The cryopreservation is used for samples that need exceptionally low temperatures for preservation. The laboratory refrigerators and freezers also include in-built special equipment used to conduct experiments. The global laboratory freezers market is widely driven by technological advancements and improvements in the products. The increased medicals tourism in various regions, particularly in emerging economies, is also expected to fuel the demand intensely during the forecast period. Moreover, the growing advances in the infrastructure of research laboratories owing to the requirements of various experiments have also propelled the market. Regionally, the North American segment is expected to drive the market due to the presence of major key players. The Asia Pacific region is growing at a higher rate as more blood-related products are used for various causes in the area. Moreover, escalating demand for blood components and blood is expected to tower the global demand; hence providing traction to the market in developing nations such as India and China. The utilization of advanced technology and technological advancements in refrigerators and freezers has elevated the global market in European countries such as France and Germany. The freezers and refrigerators release harmful components that are known to deprive the ozone layer. This is one of the major market restraints for the market. Furthermore, functional aspects of the freezer, such as overheating, power consumption as it consumes a lot of energy, and release heat are expected to hamper the market during the forecast period.
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Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth
Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.
Further key findings from the report suggest
- The increasing research in cryopreservation technology is increasing the demand for the cryopreservation systems. In June 2017, using nanoparticle solutions, scientists could successfully store pig and human tissues in the refrigerators which was not possible previously. Such developments in research is expecting the market to propel widely.
- Rising demand and adoption of laboratory freezers for biobanks is a crucial factor that is positively affecting the market. Various biological researches need samples that are tested for various experiments. These samples stored in the biobanks utilize the freezers and refrigerators like ultra-low temperature freezers that store specimens of saliva, blood, urine, and hair. For instance, Kenya Medical Research institute set up a biobank in the Kilifi region.
- Furthermore, the Kemri-CGMRC (Centre for Geographic Medicine Research, Coast) has nearly 1.8 million biological specimens collected since 1989. Samples are stored in more than 55 freezers with each freezer having a capacity of 40,000 to 50,000 sample storage in biobanks.
- Companies have launched improved products that have gained the U.S. Environmental Protection Agency’s (EPA’s) ENERGY STAR certification. For instance, Thermo Fisher is a company whose Ultra-low temperature freezer from Thermo Scientific TSX Series has received such a certification. These advancements are expected to be contributing factors for market growth.
Top Players in the Global Laboratory Freezers Market:
Thermo Fisher Scientific Inc., EVERmed S.R.L., Arctiko A/S, Panasonic Healthcare Co., Haier Biomedical, Helmer Scientific, VWR Corporation, Philipp Kirsch GmbH, Eppendorf AG, and Biomedical Solutions Inc.
The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.
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Laboratory Freezers Market Segmentation:
Product Outlook (Revenue in Million USD; 2017–2027)
- Cryopreservation Systems
End-use Outlook (Revenue in Million USD; 2017–2027)
- Academic and Research Institutes
- Pharmaceutical and Biotechnology Companies
- Blood Banks
Global Laboratory Freezers Market Report: Regional Segmentation
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Frequently Asked Questions Answered in the Report:
- What is the estimated revenue growth rate of the global Laboratory Freezers market over the forecast period?
- What are the major factors driving the global market revenue growth?
- Which are the leading manufacturers and suppliers in the global Laboratory Freezers market?
- Which regional market is expected to lead in terms of revenue share in the global Laboratory Freezers market over the forecast years?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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