Laboratory Freezers Market Size Estimated to Reach $4.1 Billion by 2026
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.
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.
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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.
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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
Medical Laboratories Market
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