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The Surge In Healthcare Infrastructure Fuels Expansion Of The Laboratory Refrigerators And Ovens Market Driver: A Major Catalyst in the Evolution of the Laboratory Refrigerators And Ovens Market in 2025
Laboratory Refrigerators And Ovens Market
The expansion of healthcare facilities is anticipated to drive the growth of the laboratory refrigerators and ovens industry in the future. The primary aim of health expenditure is to promote, restore, and maintain health, which in turn involves a significant capital investment. In the healthcare sector, laboratory refrigerators and ovens are indispensable for the storage of biological samples including explosive chemicals, ribonucleic acid (RBA), deoxyribonucleic acid (DNA), blood and its derivatives, biological reagents, vaccines, and medicines. Accordingly, as healthcare infrastructure expands, the demand for these appliances will increase to keep pace. For example, the 2021-2030 National Health Expenditure (NHE) report released by the Centers for Medicare & Medicaid Services, a department of the US Department of Health and Human Services, in March 2022, projected an average annual increase of 5.1% in national health spending between 2021 and 2030, totaling approximately $6.8 trillion by 2030. Additionally, growth rates of 7.2% per annum for Medicare outlay and a 5.6% annual growth rate for Medicaid expenditure are predicted from 2021 to 2030. Therefore, as healthcare facilities continue to grow, so too does the laboratory refrigerators and ovens market.
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How will the growth rate of the laboratory refrigerators and ovens market shape industry trends by 2034?
In the past few years, the market size for laboratory refrigerators and ovens has seen robust growth. It is projected to expand from $1.52 billion in 2024 to $1.6 billion in 2025, with a compound annual growth rate (CAGR) of 5.6%. The historical growth can be tied back to factors such as research and development endeavours, stringent regulatory standards, biobanking and sample storage technologies, development in the pharmaceutical and biotech industries, and the global expansion of research.
The market for laboratory refrigerators and ovens is predicted to experience significant expansion in the upcoming years. The market value is projected to reach $2.1 billion in 2029 with a compound annual growth rate (CAGR) of 7.0%. The projected growth within this period can be ascribed to factors such as precision medicine and personalized healthcare, climate change studies, research related to COVID-19 and the storage of its vaccine, attention to energy efficiency and sustainability, as well as biological and pharmaceutical storage. Notable trends for the forecast period encompass energy efficiency and sustainability, smart and integrated laboratory tools, exactness in temperature uniformity and control, customization and specific applications, and advancements in refrigeration technologies.
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What trends are poised to drive the future success of the laboratory refrigerators and ovens market?
Innovations in product development are becoming a predominant trend in the market for laboratory refrigerators and ovens. Primarily, companies involved in this sector are launching progressive products to maintain their competitive advantage in the market. An example of this innovation trend is the launch of the DW-86L828ST, a next-generation ultra low temperature (ULT) freezer, by Haier Biomedical, a sustainable products and services provider in the life sciences sector based in the UK, in June 2022. This product ingeniously merges dual-system refrigeration tech with advanced frequency converter tech, delivering exceptional ultra-low energy performance along with double security. Moreover, the product incorporates leading energy-efficient refrigeration technologies, namely the HC refrigeration system, smart frequency conversion technology, and frequency conversion compressors.
Which primary segments of the laboratory refrigerators and ovens market are driving growth and industry transformations?
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
Subsegments:
1) By General Purpose Lab Refrigerator, Undercounter Refrigerators, Upright Refrigerators, Benchtop Refrigerators
2) By Explosion Proof Refrigerator, Flammable Storage Refrigerators, Hazardous Location Refrigerators
3) By Portable Refrigerator, Mini Refrigerators, Compact Refrigerators
4) By Sub-Zero Refrigerator, -20°C Freezers, -40°C Freezers
5) By Walk-In Refrigerator, Custom Walk-In Units, Prefabricated Walk-In Units
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Which geographical regions are pioneering growth in the laboratory refrigerators and ovens market?
North America was the largest region in the laboratory refrigerators and ovens market in 2024. The regions covered in the laboratory refrigerators and ovens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the laboratory refrigerators and ovens market landscape?
Major companies operating in the laboratory refrigerators and ovens market include 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
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What Is Covered In The Laboratory Refrigerators And Ovens Global Market Report?
• Market Size Forecast: Examine the laboratory refrigerators and ovens market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the laboratory refrigerators and ovens market for a structured understanding.
• Key Players Overview: Analyze major players in the laboratory refrigerators and ovens market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the laboratory refrigerators and ovens market.
• Segment Contributions: Evaluate how different segments drive overall growth in the laboratory refrigerators and ovens market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the laboratory refrigerators and ovens market.
• Industry Challenges: Identify potential risks and obstacles affecting the laboratory refrigerators and ovens market.
• Competitive Landscape: Review strategic developments in the laboratory refrigerators and ovens market, including expansions, agreements, and new product launches.
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