New York, March 18, 2020 (GLOBE NEWSWIRE) — According to the current analysis of Reports and Data, the Laboratory Freezers market was valued at USD 3.23 billion in 2018 and is expected to reach USD 4.71 billion by the year 2026, at a CAGR of 4.8%. Laboratory freezers are essential equipment as they are widely used to store, cool, and keep samples for preservation. Typically, the refrigerators store samples at a temperature of around -5 to 15 degree Celsius while freezers store samples at -25 to -15 degrees Celsius. The cryopreservation is used for samples that need exceptionally low temperatures for preservation. The laboratory refrigerators and freezers also include inbuild special equipment used to conduct experiments.
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The global laboratory freezers market is widely driven by technological advancements and improvements in the products. The increased medicals tourism in various regions is also expected to fuel the demand intensely during the forecast period. Moreover, the growing advances in the infrastructure of research laboratories owing to the requirements of various experiments have also propelled the market. Regionally, the North American segment is expected to drive the market due to the presence of major key players in the region. The Asia Pacific region is growing at a higher rate as more blood-related products are used for various causes in the area. Moreover, increasing demand for blood components and blood is towering the global market in developing nations such as India and China. Utilization of advanced technology and technological advancements in refrigerators and freezers has elevated the global market in European countries such as France and Germany.
The freezers and refrigerators release harmful components that are known to deprive the ozone layer. This is one of the major market restraints for the market. Furthermore, functional aspects of the freezer, such as overheating, power consumption as it consumes a lot of energy, and release heat are expected to hamper the market during the forecast period. The high cost of laboratory freezers and Intense pricing pressure on manufacturers could hinder the market growth extensively.
Further key findings from the report suggest
- The increasing research in cryopreservation technology is increasing the demand for the cryopreservation systems. In June 2017, using nanoparticle solutions, scientists could successfully store pig and human tissues in the refrigerators which was not possible previously. Such developments in research is expecting the market to propel widely.
- The rising demand for biobanks is a crucial factor affecting the market. Various biological researches need samples that are tested for various experiments. These samples stored in the biobanks utilize the freezers and refrigerators like ultra-low temperature freezers that stores specimens of saliva, blood, urine and hair. For instance, Kenya Medical Research institute set up a biobank in Kilifi region.
- Furthermore, The Kemri-CGMRC (Centre for Geographic Medicine Research, Coast) has nearly 1.8 million biological specimen collected since 1989. In the biobanks, samples are stored in more than 55 freezers with each freezer having a capacity of 40,000 to 50,000 sample storage
- Companies have launched improved products which have gained the U.S. Environmental Protection Agency’s (EPA’s) ENERGY STAR certification. For instance, Thermo fisher is a company whose Ultra-low temperature freezer from Thermo Scientific TSX Series has received such a certification. These advancements are expected to be contributing factors for the market growth.
- Key participants include Thermo Fisher Scientific Inc., EVERmed S.R.L., Arctiko A/S, Panasonic Healthcare Co., Haier Biomedical, Helmer Scientific, VWR Corporation, Philipp Kirsch GmbH, Eppendorf AG, and Biomedical Solutions Inc.
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For the purpose of this report, Reports and Data has segmented the Laboratory freezers market on the basis of product, end use and region:
Product Outlook (Revenue in Million USD; 2016–2026)
- Freezers
- Plasma Freezers
- Enzyme Freezers
- Flammable Material Freezers
- Shock Freezers
- Explosion-proof Freezers
- Undergraduate Laboratory Freezer
- Ultra-low temperature freezer
- Refrigerators
- Chromatography Refrigerators
- Blood Bank Refrigerators
- Flammable Material Refrigerators
- Explosion-proof Refrigerators
- Pharmacy Undergraduate Refrigerators
- Cryopreservation Systems
End-use Outlook (Revenue in Million USD; 2016–2026)
- Academic and Research Institutes
- Pharmaceutical and Biotechnology Companies
- Blood Banks
- Hospitals
- Others
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Regional Outlook (Revenue in Million USD; 2016–2026)
- North America
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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