Laboratory Freezers Market Is Anticipated to Grow further till USD 7.0 billion by 2031

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.

Global Laboratory Freezers Market Segmental Overview
The report analyses the global laboratory freezers market based on the product, end user, and region.

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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.

COVID-19 Impact
In the best-case scenario, the COVID-19 pandemic has considerably benefited the market for laboratory refrigerators over the long term. In the beginning of 2020, there was a decline in the market for lab freezers and refrigerators as a result of lockdowns and quarantine procedures. The number of laboratories, COVID-19 testing locations, and processing facilities handling SARS-CoV-2 samples, reagents, and vaccinations increased exponentially as the disease spread around the globe. To support sample processing, testing, and vaccine development labs, this in turn increased demand for laboratory refrigerators, freezers, and ultra-low-temperature freezers.

According to the most optimistic scenario, the population will continue to receive booster doses of the COVID-19 vaccine and the increase in demand for lab freezers and lab refrigerators will last for the next three to five years. Similar to this, health officials from Thailand, Bahrain, and the United Arab Emirates agreed to administer COVID-19 booster doses to those who had already received vaccinations from Sinovac Biotech Ltd., Sinopharm, and AstraZeneca. This might also mean that there is a rise in demand for ultra-low-temperature freezers in developing nations. In such a case, it can be said that the pandemic would have a noticeably favourable long-term influence if booster doses for COVID-19 continue throughout the ensuing years.

In a gloomy scenario, it can be believed that the COVID-19 epidemic has only had a fleetingly beneficial effect on the market for laboratory refrigerators. The demand for lab freezers and refrigerators in blood banks and hospitals would have significantly decreased due to postponed medical operations like organ transplants and lower blood donations globally.

In the worst-case scenario, it is also possible to assume that the pandemic will end without the need for additional booster shots or a wider vaccination campaign within six months to a year. In this case, pre-pandemic levels of market growth for laboratory freezers would be achieved.

In a plausible scenario, it may be considered that COVID-19 has had a largely favorable and perhaps long-lasting impact on the market for laboratory freezers. The demand generated for lab freezers/refrigerators would stay consistent in this scenario, following a trajectory similar to the pre-pandemic scenario, even if the COVID-19 immunization proved effective without needing any more booster doses. This could be due to the potential rise in vaccine trials driven by rising investments, the rise in surgical operations (such as organ transplants) and the rise in worldwide blood donations.

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