Laboratory Freezers Market Analysis and Forecast to 2031: By Product (Freezers, Refrigerators, Cryopreservation), End User (Blood Banks, Pharmaceutical & Biotechnology Companies, Others), and Region

Laboratory Freezers Market Analysis and Forecast to 2031: By Product (Freezers, Refrigerators, Cryopreservation), End User (Blood Banks, Pharmaceutical & Biotechnology Companies, Others), and Region

The laboratory freezers market was valued at USD 4.8 billion in 2021 and it is anticipated to grow further till USD 7.0 billion by 2031, at a CAGR of 3.9% during the forecast period.

A laboratory freezer is a carefully constructed piece of lab equipment that has a thermally insulated compartment and a heat pump, typically mechanical, electronic, or chemical, that transfers heat from the device's interior to its exterior environment. Depending on the substance being frozen, the interior of the freezer is cooled to a temperature that is much below or below the freezing point of water. For the storage of various biological products, such as blood, tissues, serum, and vaccination samples, among others, laboratory freezers are a common piece of equipment in a lot of blood banks, academic institutions, pharmaceuticals, and biotechnological enterprises.

Market Trends and Drivers

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 malignancies like leukaemia 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.

Market Restraints and Challenges

Hospitals, laboratories, and blood banks all make significant capital expenditures for the cold storage of biomedical materials. 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 often costs between 50% and 60% less than brand-new equipment. The use of technologically advanced medical devices in healthcare systems throughout these countries is constrained by inadequate public healthcare investment for infrastructure improvement in many emerging and underdeveloped countries. During the projected period, the high demand for reconditioned lab freezers and refrigerators would restrain the growth of the global laboratory freezers market to some extent.

Global Laboratory Freezers Market Segmental Overview

The report analyses the global laboratory freezers market based on the product, end user, and region.

Global Laboratory Freezers Market by Product

Based on the product, it is segmented into freezers, refrigerators, and cryopreservation. The freezers segment is anticipated to dominate the market during the forecast period. This market's significant market share may be ascribed to their use in pharmaceutical, biotechnology, and academic and research institutions to support the development of vaccines as well as in hospitals and medical labs to store test samples.

Global Laboratory Freezers Market by End User

Based on the end user, it is segmented into blood banks, pharmaceutical biotechnology companies, and others. The blood banks segment is anticipated to dominate the market during the forecast period. The growth in the need for adequate storage for the numerous reagents used in the biological domains, in the next years, is one of the key factors projected to support the market's expansion. The market is estimated to grow during the forecast period because to the increase in research and development of various ways that would aid in the storage of various delicate tissues.

Geographical Analysis of the Global Laboratory Freezers Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. The high healthcare costs in the US and Canada as well as the rising RD investment on pharmaceuticals and biotechnology in this region are to blame for the huge proportion of this geographical segment. The proliferation of laboratory freezer and refrigerator producers in the area also significantly contributes to the market's expansion.

Major Players in the Global Laboratory Freezers Market COVID-19 Impact

In the best-case scenario, the COVID-19 pandemic has considerably benefited the market for laboratory refrigerators over the long term. In the beginning of 2020, there was a decline in the market for lab freezers and refrigerators as a result of lockdowns and quarantine procedures. The number of laboratories, COVID-19 testing locations, and processing facilities handling SARS-CoV-2 samples, reagents, and vaccinations increased exponentially as the disease spread around the globe. To support sample processing, testing, and vaccine development labs, this in turn increased demand for laboratory refrigerators, freezers, and ultra-low-temperature freezers.

According to the most optimistic scenario, the population will continue to receive booster doses of the COVID-19 vaccine and the increase in demand for lab freezers and lab refrigerators will last for the next three to five years. Similar to this, health officials from Thailand, Bahrain, and the United Arab Emirates agreed to administer COVID-19 booster doses to those who had already received vaccinations from Sinovac Biotech Ltd., Sinopharm, and AstraZeneca. This might also mean that there is a rise in demand for ultra-low-temperature freezers in developing nations. In such a case, it can be said that the pandemic would have a noticeably favourable long-term influence if booster doses for COVID-19 continue throughout the ensuing years.

In a gloomy scenario, it can be believed that the COVID-19 epidemic has only had a fleetingly beneficial effect on the market for laboratory refrigerators. The demand for lab freezers and refrigerators in blood banks and hospitals would have significantly decreased due to postponed medical operations like organ transplants and lower blood donations globally.

In the worst-case scenario, it is also possible to assume that the pandemic will end without the need for additional booster shots or a wider vaccination campaign within six months to a year. In this case, pre-pandemic levels of market growth for laboratory freezers would be achieved.

In a plausible scenario, it may be considered that COVID-19 has had a largely favorable and perhaps long-lasting impact on the market for laboratory freezers. The demand generated for lab freezers/refrigerators would stay consistent in this scenario, following a trajectory similar to the pre-pandemic scenario, even if the COVID-19 immunization proved effective without needing any more booster doses. This could be due to the potential rise in vaccine trials driven by rising investments, the rise in surgical operations (such as organ transplants) and the rise in worldwide blood donations.

Recent Developments

• March 2021, Eppendorf AG redesigned and upgraded Cryo Cube F570 to be equipped with future-proof green cooling liquids, green insulation foam, and better performance.
• March 2021, Helmer Scientific launched the GX Solutions Laboratory Plasma Freezers for vaccines, medications, blood therapies, and sample storage using the Global Warming Potential Technology.
• June 2021, B Medical Systems partnered with Dr. Reddy’s Laboratories to provide cold chain solutions for the Sputnik V vaccine roll out in India.
• May 2021, Bio Life Solutions, Inc., acquired stirling Ultracold, a private manufacturer of ultra-low-temperature freezers.
• February 2021, Follet Products, LLC. Entered into a partnership with PHC Corporation of North America to market and sell the PHCbi line of ultra-low-temperature freezers, pharmaceutical-grade refrigerators, and biomedical freezers to Follett’s healthcare customers.
• January 2021, United Health Group launched virtual primary care for employees for wellness and routine and chronic condition management.

Frequently Asked QuestionsQ1. How big is the Laboratory Freezers market?Ans. The global Laboratory Freezers market size was USD 4.8 Billion in 2021 and is anticipated to reach USD 7.0 Billion in 2031, growing at a rate of 3.9% from 2022 to 2031.Q2. What is the Laboratory Freezers market growth rate?Ans. The growth rate of the Laboratory Freezers market is 3.9%.Q3. Which region holds a major market share for the Laboratory Freezers market?Ans. North America holds a major market share of the Laboratory Freezers market in 2021.Q4. Which segment accounted for the largest Laboratory Freezers market share?Ans. By product, freezers segment accounted for the largest Laboratory Freezers market share.Q5. Who are the key players in the Laboratory Freezers market?Q6. What are the factors driving the Laboratory Freezers market growth?Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.Q7. What are the key growth strategies of Laboratory Freezers market players?Ans. The key growth strategies of Laboratory Freezers market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Laboratory Freezers market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Laboratory Freezers market during the forecast period.

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