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Soaring Growth Expected in Laboratory Refrigerators and Ovens Market with an Estimated Worth of $2.1 billion by 2029
Laboratory Refrigerators and Ovens Market
What Is The Projected Market Size Of The Global Laboratory Refrigerators And Ovens Market And Its Growth Rate?
The laboratory refrigerators and ovens market continues to witness robust growth and is forecasted to reach promising heights in the future. Some pivotal market statistics include:
• 2024 Market size of $1.52 billion.
• Surging to $1.6 billion in 2025 at a compound annual growth rate (CAGR) of 5.6%.
• The market is expected to grow to a sizeable $2.1 billion in 2029 at a CAGR of 7.0%.
What Is Driving The Growth In The Laboratory Refrigerators And Ovens Market?
The aggressive growth in the healthcare infrastructure accelerates the market growth of laboratory refrigerators and ovens. The healthcare industry uses these appliances to store biological samples like blood, DNA, and vaccines, propelling the demand for laboratory refrigerators and ovens to surmount. For instance, in March 2022, the US-based Centers for Medicare & Medicaid Services predicted a yearly increase in health spending of 5.1% from 2021 to 2030 in its National Health Expenditure (NHE) report. With such an upsurge in health expenditure, the laboratory refrigerators and ovens market is being inevitably driven forward.
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Who Are the Key Players Driving Laboratory Refrigerators And Ovens Market Growth?
Key players in the market for laboratory refrigerators and ovens include:
• Haier Biomedical
• Eppendorf AG
• Helmer Scientific
• Labcold Ltd.
• NuAire Inc.
• Marvel Refrigeration
• Thermo Fisher Scientific Inc.
• Carbolite GERO Limited
• Angelantoni Life Science
• Panasonic Healthcare Holdings Co. Ltd.
What Are The Key Trends In The Laboratory Refrigerators And Ovens Market?
Key trends prevalent in the market are:
• Energy efficiency and sustainability
• Smart and connected laboratory equipment
• Temperature uniformity and precision control
• Customization and specialized applications
• Innovations in cooling technologies
What Are The Segments Of The Global Laboratory Refrigerators And Ovens Market?
The laboratory refrigerators and ovens market can be segmented as follows:
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
Which Region Leads The Laboratory Refrigerators And Ovens Market?
North America dominated the laboratory refrigerators and ovens market in 2024. Other regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Laboratory Refrigerators And Ovens Market Global Market Report?
- Market Size Analysis: Analyze the Laboratory Refrigerators And Ovens Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Laboratory Refrigerators And Ovens Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Laboratory Refrigerators And Ovens Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Laboratory Refrigerators And Ovens Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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