Laboratory Freezers Market Forecasts to 2028 – Global Analysis By Product Type (Freezers,Refrigerators, Cryopreservation Systems and Other Product types), End Users(Blood Banks, Biotech Companies, Laboratory equipment manufacturers, Laboratory freezer manufacturers, Pharmaceutical &, Biotechnology Companies, Academic & Research Institutes and Original equipment manufacturers) and By Geography
According to Stratistics MRC, the Global Laboratory Freezers Market is accounted for $4.83 billion in 2022 and is expected to reach $7.46 billion by 2028 growing at a CAGR of 7.5% during the forecast period. A laboratory freezer is a carefully constructed piece of lab equipment with a thermally insulated compartment and a heat pump that transfers heat from the interior of the device to its surroundings. Depending on the substance being frozen, the interior of the freezer is cooled to a temperature that is at or much below the freezing point of water. For the preservation of various biological products like blood, tissues, serum, vaccine samples, and so forth, laboratory freezers are a common piece of equipment in blood banks, academic institutions, pharmaceutical companies, and biotechnology businesses. The biological samples that are being examined and used in experiments can be kept in the freezers.
According to the U.S. Department of Energy (DOE), laboratory freezers use approximately 3 billion kWh of electricity annually in the U.S., which is equivalent to approximately 2% of all electricity consumed in the country.Market Dynamics:Driver:
Blood and blood components are in greater demand for transfusions and to support cancer treatment.
The demand for blood and blood components is growing on a global scale. Approximately 21 million blood components are transfused annually in the US alone, according to the American National Red Cross. The American Cancer Society estimates that there will be 1.8 million new cancer cases in the US in 2020. Patients undergoing cancer surgery and those with blood cancers like leukemia and lymphoma have a high need for blood and blood components. Additionally, the WHO reported that from 2013 to 2018, there was an increase of 7.8 million voluntary unpaid blood donations worldwide. The demand for lab freezers and refrigerators in blood banks will rise as a result of the rise in global blood donation and the demand for blood and blood products.Restraint:
Increasing utilization of reconditioned laboratory freezers
Hospitals, laboratories, and blood banks all make significant capital expenditures for the cold storage of biomedical samples. Since the average cost of an ultra-low-temperature freezer is between $10,000 and $25,000, smaller blood banks, hospitals, and laboratories cannot afford them. Refurbished medical equipment typically costs between 50% and 60% less than brand-new equipment. The adoption of technologically advanced medical devices in healthcare systems throughout these countries is constrained by the inadequate public healthcare expenditure for infrastructure improvement in many emerging and underdeveloped countries. During the forecast period, the high demand for refurbished lab freezers and refrigerators will restrain the growth of the global laboratory freezer market to some extent.Opportunity:
Development of vaccines for new infectious diseases
Due to the COVID-19 pandemic, there has been a greater focus on developing vaccines for infectious diseases that are just starting to emerge. The growth of clinical research trials for vaccines in the upcoming years will be aided by the increased focus on and investments in vaccine development. As most vaccines must be stored at low temperatures during the development and distribution processes, this would in turn spur market growth for lab freezers and refrigerators. Therefore, players in the laboratory freezer market will have an opportunity in the years to come as a result of the growing investments in and attention to vaccine development for emerging infectious diseases.Threat:
Lack of knowledge regarding the benefits of specialized lab refrigerators and freezers
There are some clinics, laboratories, blood banks, and pharmacies where there is a lack of knowledge regarding how to use medical and lab refrigerators properly. Small chemist shops or blood bank providers might not be aware of the advantages of using particular refrigerators to store particular specimens. Domestic refrigerators don't offer the best temperature conditions for preserving things like DNA test samples, blood, and blood components. Domestic refrigerators are made with efficiency in mind, making some compromises in terms of temperature accuracy to allow for some temperature variability. This minimizes the amount of time and frequency the compressor needs to run to cool the storage chamber. However, precise temperature control, dependability, and storage capacity are major factors in the design of lab freezers. The samples could become contaminated, and the results could be skewed if they are not stored in the best possible conditions. As a result, the development of this market may be hindered by a lack of knowledge regarding the proper storage of medical specimens and the upkeep of laboratory refrigerators and freezers.Covid-19 Impact:
The COVID-19 pandemic has had a very positive long-term effect on the market for laboratory freezers. The market for lab freezers and refrigerators initially experienced a decline in early 2020 as a result of lockdowns and quarantine measures. However, as the illness spread around the globe, there was a sharp increase in the number of labs, COVID-19 testing locations, and processing facilities in charge of handling SARS-CoV-2 samples, reagents, and vaccines. The need for laboratory refrigerators, freezers, and ultra-low-temperature freezers to support sample processing, testing, and vaccine development labs consequently increased.
The freezer segment is expected to be the largest during the forecast period
During the forecast period, the freezer segment is anticipated to contribute the largest revenue share. The best option for both industry and scientific research is an ultra-freezer, which is ideal for blood banks, transfusion facilities, hospitals, industrial research labs, and medical research institutions. The ability to store samples at low temperatures for extended periods of time is the fundamental benefit of an ultra-freezer; as a result, reference applications often involve very sensitive samples. The segment's revenue growth is being driven by these elements.
The blood banks segment is expected to have the highest CAGR during the forecast period
The segment of blood banks is anticipated to experience a significantly rapid revenue CAGR during the forecast period, which can be attributed to the increasing demand for whole blood and blood components as a result of the prevalence of sickle cell anemia, hemophilia, and blood cancer, as well as the need for plasma from biopharmaceutical producers for use in plasma fractionation techniques. So that they can be used most effectively based on the needs of the patient, blood banks divide the samples they receive into a variety of parts. To process samples quickly and precisely, blood banks employ teams of qualified laboratory experts. They work in anonymity and under generally calm circumstances, in stark contrast to their colleagues in busy hospitals. The segment's revenue is increasing due to these factors.
Region with highest share:
North America held the largest market share for laboratory freezers. The high healthcare costs in the US and Canada, as well as the rising R&D expenditure on pharmaceuticals and biotechnology in this region, are to blame for the large share of this regional segment. The proliferation of laboratory freezer and refrigerator producers in the area also significantly contributes to the market's expansion.Region with highest CAGR:
The market in Asia Pacific is anticipated to experience the highest revenue CAGR over the course of the forecast period. This growth is attributed to increased government initiatives, the presence of numerous local businesses that sell branded goods, the increasing frequency of cell collection and cryopreservation for stem cell banks, and favorable funding conditions. For instance, the opening of Haier's new deep freezer production facility at its first industrial park in Pune, India, was announced in February 2022. Haier is the market leader in consumer electronics and home appliances worldwide. With this action, Haier has strengthened its support for the 'Make in India' program of the Indian Central Government, which seeks to promote domestic manufacturing by producing high-end goods to satisfy Indian consumers' needs. The investment would also strengthen Haier's position in India and increase its capacity to produce high-quality deep freezer equipment annually.
Key players in the market
Some of the key players in Laboratory Freezers market include Agilent Technologies, Inc , Antylia Scientific, ARCTIKO A/S, Arxspan a Bruker Company, Autoscribe Informatics., B Medical Systems, BioLife Solutions, Inc, Cerner Corporation, Changhong Meiling Co. Ltd., Dassault Systèmes, Glen Dimplex Medical Appliances, KW Apparecchi Scientifici SRL, LabVantage Solutions Inc., McKesson Corporation, PHC Holdings Corporation, Philipp Kirsch GmbH, Refrigerated Solutions Group, Scientific Equipment Repair, So-Low Environmental Equipment Co. Ltd., Standex International Corporation, Stericox India Private Limited, Thermo Fisher Scientific, Inc and Vestfrost Solutions A/S.Key Developments:
In January 2022, Cryoport, Inc., which is a worldwide leader in temperature-controlled supply chain solutions for the life sciences industry, announced a strategic collaboration with Cell Matters, S.A. to provide end-to-end cryopreservation services for leukapheresis-derived therapies continuing to support both autologous and allogeneic cell therapies. The businesses will work together to devise a commercial strategy for promoting these services.
In March 2021, Stirling Ultracold, which is a privately owned ingenious development company of Ultra-low Temperature (ULT) freezers, announced a definitive agreement to merge with BioLife Solutions in order to combine expert knowledge and widen individual product offerings for biopharma research as well as life science clients. Following the closure of this deal in the early second quarter of 2021, BioLife wants to preserve the Stirling Ultracold brand and current team in Athens, Ohio - indicating business-as-usual for existing customers and partners.
In October 2021, EIN released an article on the laboratory freezer market, sourced from TBRC's Global Laboratory Freezers Market report. TBRC global laboratory freezers market report includes -20°C to -40°C, -40°C to -80°C, less than -80°C, bio-banks and blood banks, pharmaceutical.
Product Types Covered:
• Cryopreservation Systems
• Other Product types
End Users Covered:
• Blood Banks
• Biotech Companies
• Laboratory Equipment Manufacturers
• Biotechnology Companies
• Academic & Research Institutes
• Original Equipment Manufacturers
• Distributors of Laboratory Freezers
• Medical Laboratories
• Healthcare Service Providers
• Diagnostic Centers
• Medical Institutes
• Research and Consulting Firms
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & AfricaWhat our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements