Global Laboratory Freezers Market: Overview
The laboratory freezers market is projected to reach USD 7.10 Billion by 2030 from USD 4.7 Billion in 2022, at a CAGR of 5.30%.
The growth in this market is thrived by hiking demand for blood and blood components for transfusion and for support in cancer therapy.
Technological advancements in lab freezers also thrust the growth of this market.
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, laboratories and hospitals.
Segmental Analysis of Global Laboratory Freezers Market:
Based on Products
Ultra Low Temperature Freezers
Flammable Material Freezers
Flammable Material Refrigerators
Based on End-User
Pharmaceuticals and Bio-technology Companies
Growth in this segment is mainly thrived by the increasing demand for whole blood and blood components as a result of the rising prevalence of blood disorders such as sickle-cell anaemia, blood cancer, and haemophilia.
The rising demand for plasma from biopharmaceutical companies for use in plasma fractionation procedures is also driving the demand for plasma freezers in blood banks.
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Based on Region
Middle East and Africa
North America is projected to capture a high revenue over 2022-2030. This can be attributed to the high healthcare expenditure in the US & Canada and the growing R&D spending on pharmaceuticals & biotechnology in this region.
The existence of a large number of laboratory freezer and refrigerator manufacturers in the region also plays a pivotal role in boosting the market growth.
Thermo Fisher Scientific
Philipp Kirsch GmbH
Cole-Parmer India Pvt. Ltd.
Stericox Sterilizer Systems India
Cryo Scientific Systems Pvt Limited
ACMAS Technologies (P) Ltd
Cool Wind Scientific Systems
A laboratory freezer is a specifically designed piece of laboratory equipment that has a thermally insulated compartment and a heat pump primarily mechanical, chemical or electronic which mediates heat from the inside of the device to its external surrounding. It is made so that the inside of the freezer is cooled to a temperature below the freezing point of water at a minimum or much below it, depending on the substance being frozen.
The laboratory freezers are the commonly used equipment in innumerable blood banks, pharmaceutical as well as biotechnological companies and academic institutions for the storage of diverse biological products that include blood, vaccine samples, and serums. The freezers can be used as a preservation area for such biological samples, which are undergoing research and are used for experiments.
Key Trends: Growth Determinants and Challenges
- 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 expansion. According to the American National Red Cross, approximately 21 million blood components are transfused each year in the US alone.
The adoption of blood and blood components is high for cancer surgery patients as well as for patients suffering from blood cancers, such as leukaemia and lymphoma.
Moreover, blood donation has expanded globally, with the WHO reporting an increase of 7.8 million blood donations from voluntary unpaid donors from 2013 to 2018.
This surge 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.
- Lack of awareness of the utility of specialized lab freezers and refrigerators
In some clinics, blood banks, laboratories and pharmacies, there is scarcity of awareness on the proper use of medical lab refrigerators. Blood bank providers or small chemist shops may lack awareness of the fringe benefits of using particular refrigerators to store specific specimens.
Domestic refrigerators do not offer optimal temperature conditions for the storage of blood and blood components and DNA testing samples, among others.
Domestic refrigerators are created to keep efficiency in mind and sacrifice precision so that a degree of temperature variability is tolerated to lower the amount of time and frequency that the compressor must run to cool the storage chamber.
However, lab freezers are designed with precise temperature control, storage capacity and compatibility as key considerations.
If the samples are not stored in under optimum conditions, they may get contaminated, and results may be distorted.
- In March 2021, Eppendorf AG (Germany) redesigned and upgraded CryoCube F570 to be equipped with future-proof green cooling liquids, green insulation foam, and better performance.
- In March 2021, Helmer Scientific (US) launched the GX Solutions Laboratory & Plasma Freezers for vaccines, medications, blood therapies, and sample storage using the Global Warming Potential (GWP) Technology.
- In June 2021, B Medical Systems (Luxembourg) partnered with Dr. Reddy’s Laboratories (India) to provide cold chain solutions for the Sputnik V vaccine roll-out in India.
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Key Takeaways from the report:
- Deep-insights on regional analysis of the laboratory freezer market.
- Qualitative analysis of segments, growth challenges and determinants of the global laboratory freezer market.
- The laboratory freezers market is projected to reach USD 7.10 Billion by 2030 from USD 4.7 Billion in 2022, at a CAGR of 5.30%.
Major questions answered in the report:
- Which segment accounts for the largest share in the market of global laboratory freezers?
- Which prime companies are contributing in the growth of Global Laboratory Freezers market?
- What are the major developments and growth challenges for the Global Laboratory Freezers market?
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