Laboratory Refrigerators And Ovens Market Drivers, Demand, Insights 2024-2033

The laboratory refrigerators and ovens market size has grown strongly in recent years. It will grow from $1.44 billion in 2023 to $1.53 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to research and development activities, stringent regulatory requirement, biobanking and sample storage, biobanking and sample storage, pharmaceutical and biotech industry growth, globalization of research.

The laboratory refrigerators and ovens market size is expected to see strong growth in the next few years. It will grow to $1.96 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to precision medicine and personalized healthcare, climate change research, covid-19 research and vaccine storage, energy efficiency and sustainability, biological and pharmaceutical storage. Major trends in the forecast period include energy efficiency and sustainability, smart and connected laboratory equipment, temperature uniformity and precision control, customization and specialized applications, innovations in cooling technologies.

Market Overview -
Laboratory refrigerators and ovens refer to devices primarily used to monitor and control temperature with digital controls, glass doors, and alarm systems. These are used to store biological materials at precisely controlled temperatures, including vaccinations, medications, blood samples, and the supply of breast milk.

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The Surge In Healthcare Infrastructure Fuels Expansion Of The Laboratory Refrigerators And Ovens Market
The growing healthcare infrastructure is expected to propel the growth of the laboratory refrigerators and ovens market going forward. Health expenditure is a capital consumption with the primary objective of encouraging, restoring, and sustaining health. Laboratory refrigerators and ovens are used in the healthcare industry to store biological samples such as explosive chemicals, ribonucleic acid (RBA), deoxyribonucleic acid, blood, blood derivatives, biological reagents, vaccines, and medications (DNA). Thus, the increasing healthcare infrastructure will encourage the demand for laboratory refrigerators and ovens to meet the parallel demand. For instance, in March 2022, according to the 2021-2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based Department of Health and Human Services department, the annual increase in national health spending was predicted to average 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. Furthermore, Medicare spending is predicted to grow at a 7.2% annual rate from 2021 to 2030, while Medicaid spending is expected to grow at a 5.6% yearly rate. Therefore, the growing healthcare infrastructure is driving the growth of the laboratory refrigerators and ovens market.

Competitive Landscape -
Major companies operating in the laboratory refrigerators and ovens market report are Haier Biomedical, Cole-Parmer Instrument Company, Eppendorf AG, Helmer Scientific, Chart Industries Inc., Labcold Ltd., NuAire Inc., Marvel Refrigeration, Philipp Kirsch GmbH, Sheldon Manufacturing Inc., Thermo Fisher Scientific Inc., Worthington Industries, Carbolite GERO Limited, Azbil Telstar S.L., Angelantoni Life Science, Panasonic Healthcare Holdings Co. Ltd., Binder GmbH, Bionics Scientific Technologies (P) Ltd., BMT Medical Technology s.r.o., Despatch Industries, Esco Micro Pte. Ltd., FALC Instruments S.r.l., Foshan JCT Machinery Co. Ltd., Hettich Benelux B.V., Labconco Corporation, Lab Research Products, PHC Corporation, VWR International LLC, Aegis Scientific Inc., RUMEDICO GmbH .

Product Innovation In The Laboratory Refrigerators And Ovens Market
Product innovations are a key trend gaining popularity in the laboratory refrigerators and ovens market. Major companies operating in the laboratory refrigerators and ovens market are introducing innovative products to sustain their position in the market. For instance, in June 2022, Haier Biomedical, a UK-based sustainable products and services provider to the life science sector, launched the DW-86L828ST, a new-generation ULT (ultra low temperature) freezer. This product has innovatively integrated dual-system refrigeration technology with sophisticated frequency converter technology, offering double security and industry-leading ultra-low energy performance. Additionally, the product has been uniquely merged with leading energy-saving refrigeration technologies such as the HC refrigeration system, intelligent frequency conversion technology, and frequency conversion compressor.

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Key Segments -

The laboratory refrigerators and ovens market covered in this report is segmented -
1) By Laboratory Refrigerators: General Purpose Lab Refrigerator, Explosion Proof Refrigerator, Portable Refrigerator, Sub-Zero Refrigerator, Walk-In Refrigerator
2) By Laboratory Ovens: General Purpose Lab Ovens, Vacuum Ovens
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Stores

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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