Laboratory Freezers Market Size & Growth Analysis to 2030

The global laboratory freezers market size is anticipated to witness a significant CAGR of around 6% during the forecast period 2021 to 2027. The rising demand for blood and blood components, increasing demand for organ transplants, and supportive government policies are some of the major factors to drive the market growth. Furthermore, the technological advancement and the increasing investment in research and development especially in the biopharmaceutical industry are further anticipated to boost the market. Cancer surgery patients require more blood and blood components compared to others. As per the latest cited by the American Cancer Society, it is estimated that there will be approximately 1.8 million new cancer cases in the United States in 2020, which is further expected to drive the market growth.

Market Drivers:

Increasing Demand for Cold Storage in Life Sciences and Biotechnology: The life sciences and biotechnology sectors require precise and reliable cold storage solutions for the preservation of biological samples, reagents, vaccines, and other temperature-sensitive materials. Laboratory freezers provide controlled and stable temperature environments, ensuring the integrity and viability of these valuable assets. The growing demand for research and development activities in life sciences and biotechnology drives the adoption of laboratory freezers.

Expansion of Biobanks and Biorepositories: Biobanks and biorepositories are specialized facilities that store and manage large collections of biological samples for research purposes. These samples include human tissues, cells, DNA, and blood products, among others. Laboratory freezers play a critical role in maintaining the long-term viability and integrity of these samples. The increasing establishment of biobanks and biorepositories worldwide drives the demand for laboratory freezers.

Growing Focus on Drug Discovery and Development: The pharmaceutical and biopharmaceutical industries are experiencing significant growth, driven by the increasing demand for novel drugs and therapies. Drug discovery and development processes require the storage of valuable compounds, chemicals, and biological materials at specific temperatures. Laboratory freezers provide the necessary cold storage conditions to preserve the stability and potency of these substances. The emphasis on drug discovery and development activities fuels the demand for laboratory freezers.

Expansion of Clinical Laboratories and Diagnostic Centers: Clinical laboratories and diagnostic centers perform a wide range of medical tests and analysis, requiring reliable cold storage solutions for the storage of samples, specimens, and reagents. Laboratory freezers are essential for maintaining the integrity and quality of these samples during storage and transportation. The expansion of clinical laboratories and diagnostic centers, driven by factors such as increasing healthcare demands and diagnostic advancements, contributes to the growth of the laboratory freezers market.

Increasing Focus on Precision Medicine and Personalized Healthcare: Precision medicine and personalized healthcare approaches require the collection and storage of patient-specific biological samples for diagnostic and treatment purposes. Laboratory freezers play a crucial role in preserving these samples for analysis and future use. The growing adoption of precision medicine and personalized healthcare drives the demand for laboratory freezers.

Technological Advancements in Freezer Design and Functionality: Technological advancements have led to the development of more advanced laboratory freezers with improved temperature control, energy efficiency, storage capacity, and sample organization features. These advancements enhance the performance and usability of laboratory freezers, offering greater convenience and functionality to end-users. The continuous innovation in freezer design and technology drives the market growth.

Stringent Regulatory Requirements: Laboratories, biobanks, and clinical facilities are subject to strict regulatory requirements regarding the storage and management of samples and specimens. Compliance with regulations, such as Good Laboratory Practices (GLP) and Good Manufacturing Practices (GMP), necessitates the use of reliable and validated laboratory freezers. The adherence to regulatory standards and the need for compliance drive the demand for laboratory freezers.

Market Snapshot:

Market Insights:

The global laboratory freezers market is bifurcated into product, end-use, and geography. On the basis of product, the market is further segmented into freezers, refrigerators, and cryopreservation. The refrigerator segment dominated the global market in 2020 and is expected to maintain its dominance over the forecast period.  The strong demand for the laboratory refrigerator for short-term preservation at various places such as clinics, hospitals, and laboratories is a major factor to drive the segment growth. The refrigerator segment is further sub-segmented into laboratory refrigerators, blood bank refrigerators, pharmacy refrigerators, and others.

On the basis of end-use, the market is segmented into Blood Banks, Pharmaceutical & Biotechnology Companies, Academic & Research Institutes, and others. The blood banks segment dominated the global laboratory freezers market in 2020 and is expected to grow at the same trends over the forecast period. The strong demand for blood and blood components coupled with the growing number of unpaid donors globally is a major factor to drive the segment growth. According to World Health Organization (WHO), around 118.5 million units of donated blood are collected globally every year and 156 countries have registered an increase of 7.8 million blood donations from voluntary unpaid donors from 2013 to 2018.

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The laboratory freezers comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The laboratory freezers market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Product:

• Freezers
  • Ultra-Low Temperature
  • Laboratory
  • Plasma
  • Enzyme
  • Explosion-proof
  • Flammable Material
• Refrigerator
  • Laboratory Refrigerators
  • Blood Bank Refrigerators
  • Pharmacy Refrigerators
  • Flammable Material Refrigerators
  • Explosion-proof Refrigerators
  • Chromatography Refrigerators
• Cryopreservation

By End-Use:

• Blood Banks
• Pharmaceutical & Biotechnology Companies
• Academic & Research Institutes
• Medical Laboratories
• Hospitals
• Pharmacies

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage

Geographically, North America dominated the global laboratory freezers market in 2020 and held the largest revenue share of over one-third percent of the market. The increasing investment in healthcare infrastructure and the growing research & development activities are some of the major factors to drive the market growth in the region. Furthermore, the presence of some major players and the growing biopharmaceutical industry is further expected to fuel the market growth in North America. On the flip side, the Asia Pacific is expected to register the fastest growth rate over the forecast period.

Competitive Assessment

Some of the major market players operating in the global laboratory freezers market are Arctiko A/S, BioLife Solutions, Inc., Avantor, Inc., ChanghongMeiling Co. Ltd., and Blue Star Limited. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Arctiko A/S
• BioLife Solutions, Inc.
• Avantor, Inc.
• ChanghongMeiling Co. Ltd.
• Blue Star Limited
• Felix Storch, Inc.
• Evermed s.r.l.
• Helmer Scientific
• Haier Biomedical
• Middleby Corporation

Key Questions Answered by Laboratory Freezers Market Report

• Global laboratory freezers market forecasts from 2021-2027
• Regional laboratory freezers market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the regions as mentioned above
• Laboratory freezers submarket forecasts from 2021-2027 covering the market by product, by end-use, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about laboratory freezers market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level laboratory freezers markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the laboratory freezers market