Laboratory Freezers Market size is valued at $ 2.49Bn by 2019, and is anticipated to grow at a CAGR of 6.28% during the forecast period 2020-2025. The Laboratory Freezers Market growth rate is attributed to the increasing demand for blood and blood components, rising number of organ transplant procedures and technological advancements in laboratory freezers. The main purpose is to keep the laboratory elements intact and to avoid their reaction that is caused owing to high temperature. Laboratory freezers are normally used in hospitals and industrial sectors. Laboratory freezers are devices used to cool samples or specimens for preservations. There are refrigeration units for storing blood plasma and other blood products, vaccines and other medical and pharmaceutical supplies. From utilization of advanced technology and technological advancements in refrigerators and freezers to rising government support for research activities and clinical trials and untapped emerging regions offering new growth opportunities for players operating in this market in the coming years is anticipated to propel the Laboratory Freezers Market during the forecast period 2020-2025. For instance, the European Commission’s Medical Device Directive has employed certain requirements and regulations for the freezers to safeguard the storage of blood and blood components.
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Product Type – Segment Analysis
Blood Bank Refrigerator segment of the refrigerators held the largest share in the market over other Laboratory Freezers types owing to the rising demand for the safe storage of blood units and plasma from hospitals, pharmacies, clinics, and diagnostic centers is anticipated to drive the growth of the blood bank refrigerators which can be attributed the growing demand for blood and blood other blood components with the standard increase of blood disorders like anemia and blood cancers. Furthermore, the segmental growth is driven by growing number of surgical procedures and rising demand for blood banks refrigerators in medical and scientific institutes. Also, extensive application of plasma freezers in clinics, blood banks, hospitals, and other diagnostic facilities around the world and rise in blood donation initiatives is set to bolster the growth prospects of this segment during the forecast period 2020-2025. Apart from this, increasing research in cryopreservation technology is increasing the demand for the cryopreservation systems. Using nanoparticle solutions, scientists could successfully store pig and human tissues in the refrigerators which were not possible previously; such development in research is anticipated to propel the market segmental growth in the forecast period 2020-2025.
End Users- Segment Analysis
On the basis of End Users, blood bank segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 4.27%. The reason could be attributed to increasing prevalence of hematological diseases and a rise in the total number of accidents that have led to the increase in the demand for plasma for use in plasma fractionation procedures which has in turn, resulted in the hike in demand for blood bank refrigerators & plasma freezers. The blood bank segment is also driven by high demand for blood and blood components owing to the rising prevalence of blood disorders such as sickle cell anemia, blood cancer, and hemophilia. According to a report published by the American Cancer Society, nearly 60,530 leukemia cases are likely to be diagnosed by the end of 2020, which in turn demands more blood to the patients with these symptoms thereby, augmenting the blood bank market growth.
Apart from this, with the prevalence of chronic diseases there has been an increasing demand for personal medicine thereby increasing the number of bio-banks, which utilize various types of freezers and refrigerators to store biological products such as serum, saliva, blood, tissues and others.
By Geography – Segment Analysis
North America dominated the Laboratory Freezers Market with a share of 38% in 2019. The application of Laboratory Freezers has grown rapidly over the last few years owing to the increasing demand and awareness of advanced lab freezers and refrigerators which continues to expand its market. As per report published on 2019, by U.S. Government Information on Organ Donation and Transplantation, there were around 39,718 transplants being performed. The U.S. market is anticipated to witness a growth for laboratory freezers owing to high health care expenditure, increase in R&D activities in the pharmaceutical and life sciences industries, and advanced health care infrastructure. However, Asia-Pacific is anticipated to be the fastest-growing segment during the forecast period 2020-2025. Factors such as soaring research and development activities and rising investments by the top market players in emerging Asia Pacific countries, the increasing focus on healthcare modernization, and demand for low-cost medicines are supporting the growth of the Asia Pacific market.
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Drivers – Laboratory Freezers Market
With increasing investments in the pharmaceuticals sector and high incidence of chronic and acute diseases is set to boost growth of the global Laboratory Freezers market. For instance, the number of organ transplantation procedures are increasing hence there is a need for the organs to be preserved under specific cooled conditions to keep them healthy thereby making them ready and available for the proceedings which in turn demands the use of laboratory freezers thereby, bolstering the market. Furthermore, there is a rise in the elderly population suffering from various chronic diseases and are in great need for blood and organ transplantation, providing a lucrative support to the laboratory freezers market globally. Moreover, increasing R&D on adaption of new freezing techniques and high demand for blood and its components freezers, collected from donors for causes such as accidents, bleeding disorders and trauma are considered as a Laboratory Freezers key driver of the market during the forecast period 2020-2025.
Challenges – Laboratory Freezers Market
The major challenge for the market is the high initial capital investment required for new production plant, R&D cost required adds additional cost for production of various laboratory freezers and compliance of these Laboratory Freezers products in a vast and heterogeneous market. The poor compliance is attributed to stringent government regulations which are anticipated to hamper growth of the global Laboratory Freezers market; the main obstacle being the freezers is to minimize the energy consumption. However, these refrigerants used in the freezers leads to ozone layer depletion. Hence, the equipment should have least potential for global warming; it should be non-toxic as well as non-inflammable.
Laboratory Freezers Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Laboratory Freezers Market. In 2019, Laboratory Freezers Market share is fragmented by the top ten players present in the market. Laboratory Freezers Market top 10 companies are Thermo Fisher Scientific Inc., Eppendorf AG, Haier, Panasonic Healthcare Co. Ltd., Philipp Kirsch GmbH, Helmer Scientific, EVERmed S.R.L., Arctiko A/S, VWR Corporation, Star Refrigeration and others.
Under counter Freezers Market
Upright Freezers Market
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