Email
Print
Laboratory Freezers Market Overview
The Laboratory Freezers Market size is estimated to reach $4.1 billion by 2026. Furthermore, it is poised to grow at a CAGR of 4.9% over the forecast period of 2021-2026. The laboratory freezers are intensively used across the various medical domains as it helps in preserving the samples, materials, vaccines, and other bio-hazardous drugs. Ultra-Low temperature freezers (ULT) are designed primarily as per orders as they can reach temperatures much below -40 degrees C. Additionally, companies are offering ULTs that can touch temperatures up to -86-degree C. Additionally, owing to COVID-19 vaccination drives, the following freezers are of utmost need, as they help in storing vaccine samples, virus samples, DNAs and RNAs. Moreover, pharmaceutical refrigerators are used for storing vaccines and medications. On the other hand, chromatography refrigerators are used for storing critical products such as reagents, media, and various proteins and come in handy for researchers and clinicians. The increasing research pertaining to vaccination for coronavirus and a substantial increase in organ transplants-related procedures are some of the factors driving the laboratory freezers industry forward in the projected period of 2021-2026.
Report Coverage
The report: “Laboratory
Freezers Market Forecast
(2021-2026)”, by Industry
ARC covers an in-depth analysis of the following segments of the laboratory
freezers market.
By Type- Freezers, Cryopreservation Systems, and
Refrigerators.
By End-Users- Blood Banks, Medical Laboratories,
Pharmaceutical and Biotechnology Companies, Hospital and Clinics, and
Others.
By
Geography- North America (U.S., Canada, Mexico), Europe (Germany,
United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia
Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest
of Asia Pacific), South America (Brazil, Argentina, and Rest of South America),
and Rest of the World (the Middle East, and Africa).
Key Takeaways
- Geographically, North America’s laboratory freezers market held a dominant market share in the year 2020. It is owing to the region’s preference over spending heavily on research and development activities for better medical procedures. Additionally, the majority of the drug and pharmaceutical giants are situated in the following region, thereby allowing the predominant use of laboratory freezers to store medications, vaccines, and others. However, Asia-Pacific is set to grow at a lucrative pace owing to rising expenditure on the development of at-par medical facilities and research & development activities.
- The substantial increase in organ transplants across the globe has been one of the key drivers. However, the high cost associated with acquiring such freezers poses a threat to the growth of the market.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the laboratory freezers market report.
Laboratory Freezers Market- By Geography (%) for 2020.
Laboratory Freezers Market Segmentation Analysis- By Type
The laboratory freezers market based on type can be further
segmented into freezers, cryopreservation systems, and refrigerators. The
refrigerator segment held a dominant market size in the year 2020. It is owing
to the ready demand created by multinational and governments across to store
and transport vaccines for coronavirus. However, in 2020, the pharmaceutical
labs extensively used the following to research and preserve the various
samples of the Sars-Cov-19 genetic mutation. Moreover, the Serum Institute of
India had already prepared batches of vaccines which they had stored in dry
form in deep refrigeration units.
Moreover, the refrigerators segment is estimated to be the
fastest-growing, with a CAGR of 5.4% over the forecast period of 2021-2026. It
is owing to the increasing cases of various forms of blood diseases such as
hemophilia and others, which allows the blood banks to preserve different forms
of blood units within their reach for ready disposal. The following will allow
for their ready growth.
Laboratory Freezers Market Segmentation Analysis- By End Users
The laboratory freezers market based on end-users can be
further segmented into Blood Banks, Medical Laboratories, Pharmaceutical and
Biotechnology Companies, Hospital and Clinics, and Others. The pharmaceutical
and biotechnology companies held a dominant market share in the year 2020. It
is owing to the pandemic that various hospitals and clinics stopped performing
elective transplants. Additionally, the pharmaceutical companies had the ready
aim to develop a novel vaccine for coronavirus. The Trump administration in
2020 announced a contribution of $1.95 billion to Pfizer for the development,
production, and distribution of vaccines. The following trend was seen in other
regions as well.
However, the blood banks segment is estimated to be the
fastest-growing, with a CAGR of 5.7% over the forecast period of 2021-2026. It
is owing to the rising number of hematological diseases. Additionally, as per
the reports by the American Cancer Society, around 61,000 cases of leukemia
were diagnosed, which required ready usage of blood, thereby augmenting the
growth of the following segment. Moreover, the number of patients wanting a
transplant would help in the growth of the market.
Laboratory Freezers Market Segmentation Analysis- By Geography
The laboratory freezers market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America’s laboratory freezers market held a dominant market share of 38% as compared to others. It is owing to multiple factors, such as a rising need seen in the geriatric population. Moreover, as per the sources, there are around 100,000 Americans waiting for their transplants, and a number gets added every ten minutes. Additionally, the prevalence of cardiovascular diseases has allowed an increase in kidney transplants. As per US CDC, 1 in 3 people in the USA faces issues owing to kidney failure in their lifetime. To control the following demands, the government spends heavily on R&D, which has allowed them to take a dominant position.
However, Asia-Pacific is set to grow at a lucrative pace and
offer marketable opportunities to the manufacturers. It is owing to a rise
being projected in the senior population across the region and their needs for
having a transplant post 55 years. As per OECD, the share of people aged above
65+ would be 2.5x in the coming decades, and by 2050, the 10 Asia-Pacific
countries would be termed as an aging society. The following would ask for
better medical infrastructure and funds deployment, which will allow for the
growth of laboratory freezers.
Laboratory Freezers Market Drivers
The usage of laboratory freezers has been supplemented by growing research in biotechnology and pharmaceuticals.
Laboratory freezers have been predominantly used by the
following setups as discussed in the segmentation above. Moreover, as per US
CDC, there are around 8,941 ongoing studies in Phase I or Pre-Clinical Phase in
which the various samples are isolated or studied as per the researcher’s objective
and the government’s permission. The following trend has been fuelled by the
arrival of coronavirus and the indent need to find a plausible vaccine.
Various pharmaceutical giants have rolled out several vaccines which are
required to be stores at temperatures below 0 degrees in dry form, more-so in
the developed countries vaccines such as Pfizer and Moderna were administered
which required cold storage facilities, and there need was supplanted by
laboratory freezers. Lastly, various drug trials are ongoing for treatment and
lowering other fatal diseases such as cancer which will further allow the
freezer market to grow.
A steady increase in organ transplants has addressed the growth of laboratory freezers.
Firstly, the rising number of cardiovascular ailments have
pushed the need for a kidney transplant and, lately other vital organ
transplants. Secondly, campaigns and awareness regarding organ donation have
helped spread awareness amongst the masses, which allows for better chances of
saving lives. As per a source, 36,000 Americans receive life-saving treatment
each year owed to transplants, and every ten minutes, a person gets added to
the national transplant waiting list. Additionally, of the needed transplant,
83% are under the bracket for kidney replacement owing to high cases of blood
sugar damage. With the increase in the geriatric population in the next decade,
it can be foreseen that the demand for laboratory freezers will increase.
Laboratory Freezers Market Challenges
The potential threat of hazards being caused by using laboratory freezers has hampered their market growth.
There are various potential health hazards that have been
reported owing to the malfunctioning of laboratory freezers. Some of the
reasons can be that incompatible chemicals' presence can induce vapors that can
potentially cause fire or other hazards. Furthermore, in the case of potential
lights and electrical switches are used in freezers, the chances of
short-circuits and other accidents increases as they can serve as possible
ignition factors. Additionally, manufacturers have created explosion-proof
units owing to no presence of ignition sources inside; however, the costs of
such units are high, and people are adopting second-hand/ used units, which
again has hampered the growth of the current market.
Laboratory Freezers Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures,
and geographical expansions are key strategies adopted by players in the laboratory
freezers market. The top 10- laboratory freezers market companies include:
- VWR Corporation
- ARTICKO
- Biomedical Solutions
- Haier
- US Labs
- Philips Healthcare
- GE Healthcare
- Thermo Fischer
- Helmer Scientific
- Panasonic Healthcare
Laboratory Freezers Market Developments
- In May 2021, IC Biomedical announced that they would set a manufacturing plant for developing stainless steel and aluminum freezers, cryogenic equipment and refrigerators, and freezers. Moreover, the company exported $1.8 billion worth of goods in terms of devices and pharmaceuticals owing to the pandemic in 2020. The advent of another manufacturing plant will help in going beyond their limits.
- In April 2021, BioLife solutions launched its freezer for cell and gene therapy developers across the globe. It is a high capacity, controlled rate freezer which would particularly benefit the above-listed parties. The entire production line would feature several cryovials with a racking system, temperature programming, and sample charting for quality assurance.
Relevant Titles
Liquid
Handling Systems Market- Forecast (2021-2026)
Report Code- HCR 0025
Drug
Delivery Market- Forecast (2021-2026)
Report Code-HCR 0064
For more Lifesciences and Healthcare related reports, please click here