Laboratory Freezers Market Size to Hit US$ 5.7 Billion by 2026

2022-05-06 06:01:52 UTC | Healthcare & Pharmaceuticals
Laboratory Freezers Market Size to Hit US$ 5.7 Billion by 2026

The growth in this market is driven by increasing demand for blood and blood components for transfusion and for support in cancer therapy. Technological advancements in lab freezers also drive the growth of this market. The laboratory freezers market has shown a significant rise in demand in 2020 and 2021 due to the utility of these products for appropriate temperature-controlled storage of COVID-19 vaccines. The growing use of refurbished laboratory freezers and refrigerators could restrain the growth of this market. 

Global laboratory freezers market is projected to reach USD 5.7 billion by 2026 from USD 4.7 billion in 2022, at a CAGR of 4.9%. 

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Laboratory Freezers Market Dynamics 

Driver: Increasing demand for blood and blood components for transfusion and for support in cancer therapy 

The global demand for blood and blood components is on the rise. According to the American National Red Cross, nearly 21 million blood components are transfused each year in the US alone. 

According to the American Cancer Society, in 2020, an estimated 1.8 million new cancer cases were recorded in the US. The requirement of blood and blood components is high for cancer surgery patients as well as for patients suffering from blood cancers, such as leukemia and lymphoma. Moreover, blood donation has increased globally, with the WHO reporting an increase of 7.8 million blood donations from voluntary unpaid donors from 2013 to 2018. This increase in the demand for blood and blood products and rise in blood collection globally will increase the demand for lab freezers & refrigerators in blood banks for their storage.


Restraint: Growing use of refurbished laboratory freezers 

Capital investments in the cold storage of biomedical samples are very high for hospitals, laboratories, and blood banks. The average price of ultra-low-temperature freezers ranges between USD 10,000 and USD 25,000, which is expensive for smaller blood banks, hospitals, and laboratories 

Refurbished medical devices are generally available at 50–60% lower prices than new instruments. The public healthcare expenditure for infrastructure improvement in many emerging & underdeveloped countries is inadequate; this restricts the adoption of technologically advanced medical devices in healthcare systems across these countries. The high demand for refurbished lab freezers and refrigerators will hamper the growth of the global laboratory freezers market to a certain extent during the forecast period. 

Opportunity: Vaccine development for emerging infectious diseases 

Vaccine development for emerging infectious diseases has received greater attention due to the COVID-19 pandemic. This rising focus and investments in vaccine development would boost the growth of clinical research trials for vaccines in the coming years. This, in turn, would boost the growth of the lab freezers and refrigerators market as most vaccines are required to be stored at low temperatures at the time of development and distribution. Therefore, the increasing investments and focus on vaccine development for emerging infectious diseases pose an opportunity for players in the laboratory freezers market in the coming years. 

Challenge: Lack of awareness of the utility of specialized lab freezers and refrigerators 

In certain clinics, laboratories, blood banks, and pharmacies, there is a lack of awareness on the proper use of medical/lab refrigerators. Blood bank providers or small chemist shops may lack awareness of the benefits of using particular refrigerators to store specific specimens. Domestic refrigerators do not provide optimal temperature conditions for the storage of blood and blood components and DNA testing samples, among others. Domestic refrigerators are designed to keep efficiency in mind and sacrifice precision so that a degree of temperature variability is tolerated to reduce the amount of time and frequency that the compressor must run to cool the storage chamber.  

Latin America is expected to grow at the highest CAGR, by region, in the forecast period  

 The laboratory freezers market is segmented into North America, Europe, Asia Pacific, Latin America and Mare of the refrigerators segment. In 2020 and 2021, this segment shows high growth due to the extensive use of laboratory refrigerators in the short-term storage of samples for COVID-19 testing in medical laboriddle East & Africa. APAC to grow at the highest CAGR in the laboratory freezers market during the forecast period. Latin America is one of the fastest-growing markets for laboratory freezers owing to growing investments from global pharmaceutical manufacturers in Latin America and the availability of government funding for R&D activities as well as efforts to modernize the existing healthcare system.  

Prominent players in the laboratory freezers market include Eppendorf AG (Germany), Haier Biomedical (China), Thermo Fisher Scientific, Inc. (US), Helmer Scientific (US), PHC Holdings Corporation (Japan), Liebherr (Switzerland), Middleby Corporation (Follett Products, LLC), Felix Storch, Inc. (US), BioLife Solutions, Inc. (Stirling Ultracold) (US), Blue Star Limited (India), B Medical Systems (Luxembourg), Philipp Kirsch GmbH (Germany), Avantor, Inc. (US), Standex International Corporation (US), Vestfrost Solutions A/S (Denmark), Changhong Meiling Co. Ltd. (China), EVERmed S.R.L. (Italy), ARCTIKO A/S (Denmark), Glen Dimplex Medical Appliances (LEC Medical) (Ireland), So-Low Environmental Equipment Co. Ltd. (US), KW Apparecchi Scientifici SRL (Italy), Jeio Tech (Republic of Korea), Refrigerated Solutions Group (US), Stericox India Private Limited (India), Thalheimer Kühlung (Germany), and Antylia Scientific (US).  

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