Laboratory Freezers Market: Demands, Overview, Shares, Growth Rate, Size, Opportunities, Challenges, Business Strategies, Competitive Analysis

Delvens launched a report on "Laboratory Freezers Market by Product (Cryopreservation, Plasma Freezer, Explosionproof Freezer, Enzyme Freezer, Ultra-Low Freezer, Blood Bank Refrigerator, Pharmacy Refrigerator, Chromatography Refrigerator), End User (Hospitals) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America)", The Global Laboratory Freezers Market was 4.7 billion USD was 2022. It is projected to reach 7.4 billion USD by 2030 with a CAGR of 5.9% in the forecast period of 2023-2030.

Laboratory Freezers Market analysis report puts across the idea of high level analysis of major market segments and identification of opportunities. This information not only aids businesses in taking sound and proficient decisions but also helps decide the advertising, promotion, marketing and sales strategy more gainfully. Additionally, estimation of strategic options, suggestions of winning action plans and support to make critical bottom-line decisions is also provided by experienced and innovative industry experts. It supports in adjusting the production depending on the conditions of demand in the market which evades the wastage of goods. The market data analysed in this Laboratory Freezers Market report makes achieve the business goal and objective in predetermined time frame.

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Laboratory freezers are specialized refrigeration units created to store and preserve samples, reagents, and other temperature-sensitive materials in research, clinical, and industrial laboratories. Depending on the particular purpose and requirements, these freezers are made to sustain low temperatures reliably, often ranging from -20°C to as low as -86°C.

The integrity and stability of numerous biological, chemical, and pharmaceutical samples are crucially protected by laboratory freezers. They are frequently utilized in biotechnology, pharmaceutical development, medical research, and other scientific fields.

Current Market and Drivers

The Global Laboratory Freezers Market was 4.7 billion USD was 2022. It is projected to reach 7.4 billion USD by 2030 with a CAGR of 5.9% in the forecast period of 2023-2030. There are several factors that affect the laboratory freezers market and its growth and demand.

Here are some major forces influencing the market for laboratory freezers:

Research and development activities are rising: The demand for laboratory freezers is being driven by the increasing emphasis on scientific research and development across numerous industries, including pharmaceuticals, biotechnology, healthcare, and life sciences. These freezers are crucial for preserving biological samples, vaccines, medications, reagents, and other temperature-sensitive items used in research and development procedures.

Growing Demand for Biobanking: These facilities store biological samples for upcoming research. The demand for laboratory freezers is being driven by the rise of biobanking programs, particularly in personalized medicine and genetic research. Ultra-low temperature freezers (-80°C and -86°C) are necessary for biobanks to preserve priceless biological samples for long-term storage.

Growing Need for Specialty Drugs and Biotechnology: Specific temperature control and storage requirements are frequently needed for specialty medications and biologics, such as vaccinations, gene treatments, and personalized medicine. The stability and effectiveness of these temperature-sensitive items are crucially maintained by laboratory freezers, fueling the demand for specialized freezers to satisfy these specifications.

Clinical trials and drug discovery are receiving more attention: Due to the pharmaceutical industry's focus on drug discovery, development, and clinical trials, a significant number of samples, chemicals, and experimental medications must be kept at certain temperatures. Throughout the drug development process, laboratory freezers are essential for protecting the integrity of these materials.

Key players in the Laboratory Freezers Market include Eppendorf AG, Haier Biomedical, Thermo Fisher Scientific, Inc., Helmer Scientific, PHC Holdings Corporation, Liebherr, Middleby Corporation (Follett Products, LLC), Felix Storch, Inc., BioLife Solutions, Inc. (Stirling Ultracold), Blue Star Limited, B Medical Systems (Luxembourg), Philipp Kirsch GmbH, Avantor, Inc., Standex International Corporation, Vestfrost Solutions A/S, Changhong Meiling Co. Ltd., EVERmed S.R.L., ARCTIKO A/S, Glen Dimplex Medical Appliances (LEC Medical), So-Low Environmental Equipment Co. Ltd., KW Apparecchi Scientifici SRL, Jeio Tech, Refrigerated Solutions Group, Thalheimer Kühlung, and Antylia Scientific.

The Recent Developments in the Global Laboratory Freezers Market are:

Lec Medical introduced cloud-connected refrigeration in August 2022 to improve safe storage and get rid of the time-consuming paper-based record-keeping for pharmacy staff. Through encrypted safe cloud storage over a Wi-Fi or Bluetooth connection, it provides local and remote temperature monitoring as well as the ability to record alarm history.

Eppendorf AG (Germany) modified and improved the CryoCube F570 in March 2021 so that it would have more performance and future-proof green cooling liquids and insulation foam.

Laboratory Freezers Market Segmentation

The Global Laboratory Freezers Market is segmented based on Products and End-user. Based on product type it is segmented into Freezers, Refrigerators, and Cryopreservation systems. Based on End-User it is further segmented into Blood Banks, Medical Laboratories, Pharmaceutical & Biotechnology Companies, and Others.

The refrigerator market is divided into blood bank refrigerators, chromatography refrigerators, explosion-proof refrigerators, refrigerators for combustible materials, laboratory refrigerators, and refrigerators for pharmacies based on type. Due to the widespread usage of laboratory refrigerators for the short-term preservation of samples for COVID-19 testing in medical laboratories, hospitals, and clinics, the laboratory refrigerators market is expected to develop significantly in 2020 and 2021.

By end user, the blood banks segment is expected to increase at the greatest CAGR over the forecast period. Due to the rising prevalence of blood illnesses such as sickle-cell anemia, blood cancer, and hemophilia, the demand for whole blood and blood components is the key factor driving growth in this end-user category. The demand for plasma freezers in blood banks is also being driven by the rising demand for plasma from biopharmaceutical companies for use in plasma fractionation operations.

Major and Growing Geographies

In terms of revenue and market share, North America now dominates the market for laboratory freezers, and this dominance is anticipated to last the entire projected period. This is brought on by increased costs for research and development resources as well as a rise in the prevalence of infectious diseases. On the other hand, Asia-Pacific is anticipated to expand at the fastest rate throughout the projected period due to rising government healthcare spending and growing recognition of the significance of laboratory freezers.

The market for laboratory freezers is anticipated to grow rapidly in Asia Pacific in 2021. Due to increased government initiatives and favorable financial conditions, the region is growing. Numerous local distributors of branded goods will also contribute to the market's quick growth. As cell collections and cryopreservation for stem cell banks rise, the area is anticipated to continue to develop. Untapped potential in Thailand, Malaysia, India, and other developing regions will probably propel industry expansion.

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