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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%
NEW YORK CITY, NY, UNITED STATES, September 22, 2022 /EINPresswire.com / -- 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.
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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. The high cost of laboratory freezers and Intense pricing pressure on manufacturers could hinder the market growth extensively.
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.
Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, and product & service portfolio. The Laboratory Freezers market is extremely competitive and consists of several key players at the regional and global levels. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures, and collaborations to strengthen their market position and enhance their product portfolio.
Leading companies operating in the market are:
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.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Laboratory Freezers Market Segmentation:
Product Outlook (Revenue in Million USD; 2017–2027)
Freezers
Plasma Freezers
Enzyme Freezers
Flammable Material Freezers
Shock Freezers
Explosion-proof Freezers
Undergraduate Laboratory Freezer
Ultra-low temperature freezer
Refrigerators
Chromatography Refrigerators
Blood Bank Refrigerators
Flammable Material Refrigerators
Explosion-proof Refrigerators
Pharmacy Undergraduate Refrigerators
Cryopreservation Systems
End-use Outlook (Revenue in Million USD; 2017–2027)
Academic and Research Institutes
Pharmaceutical and Biotechnology Companies
Blood Banks
Hospitals
Others
Regional Outlook:
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
Latin America (Brazil, Rest of LATAM)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Some essential purposes of the Laboratory Freezers market research report:
Vital Developments: Custom investigation provides critical improvements to the Laboratory Freezers market, including R&D, new item shipment, coordinated efforts, development rate, partnerships, joint efforts, and local development of rivals working in the market on a global scale and regional.
Market Characteristics: The report contains Laboratory Freezers market highlights, income, limit, limit utilization rate, value, net, creation rate, generation, utilization, import, trade, supply, demand, cost, part of the industry in general, CAGR, and gross margin. Likewise, the market report offers an exhaustive investigation of the elements and their most recent patterns, along with Service market fragments and subsections.
Investigative Tools: This market report incorporates the accurately considered and evaluated information of the major established players and their extension into the Laboratory Freezers market by methods. Systematic tools and methodologies, for example, Porter's Five Powers Investigation, Possibilities Study, and numerous other statistical investigation methods have been used to analyze the development of the key players working in the Laboratory Freezers market.
Convincingly, the Laboratory Freezers report will give you an unmistakable perspective on every single market reality without the need to allude to some other research report or source of information. This report will provide all of you with the realities about the past, present, and eventual fate of the Laboratory Freezers market.
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