Laboratory Freezers Market to grow further till USD 7.0 billion by 2031, at a CAGR of 3.9%

New York, 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.

Global Laboratory Freezers Market report from Global Insight Services is the single authoritative source of intelligence on Laboratory Freezers Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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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.

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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.

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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 R&D 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
The key players in the market are Eppendorf AG (Germany), Haier Biomedical (China), Thermo Fisher Scientific, Inc. (US), Helmer Scientific (US), PHC Holdings Corporation (Japan), Liebherr (Switzerland), Middleby Corporation (Follett Products, LLC), Felix Storch, Inc. (US), BioLife Solutions, Inc. (Stirling Ultracold) (US), Blue Star Limited (India), B Medical Systems (Luxembourg), Philipp Kirsch GmbH (Germany), Avantor, Inc. (US), Standex International Corporation (US), and Vestfrost Solutions A/S (Denmark) among others.

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