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Laboratory Refrigerators And Ovens Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Laboratory Refrigerators And Ovens
What Is the Laboratory Refrigerators And Ovens Market Size and Projected Growth Rate?
The market size for laboratory refrigerators and ovens has significantly increased in the past few years. The market is projected to rise 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 is linked to factors such as research and development initiatives, stringent regulatory norms, the rising need for biobanking and sample storage, growth in the pharmaceutical and biotech industry, and the worldwide expansion of research.
The market size for laboratory refrigerators and ovens is predicted to exhibit robust expansion in the upcoming years, reaching an estimated valuation of $2.1 billion by 2029, growing at a CAGR of 7.0%. The expected growth during the forecasted timeline relates to developments in precision medicine and personalized healthcare, studies on climate change, research and storage for COVID-19 vaccines, commitment to energy efficiency and sustainability, as well as biological and pharmaceutical storage needs. The main market trends anticipated for the forecasted period encompass energy efficiency and sustainability, high-tech and interconnected lab equipment, precise temperature uniformity and control, tailored and application-specific designs, and advancements in cooling technologies.
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What Are the Different Laboratory Refrigerators And Ovens Market 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
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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What Are the Primary Drivers Shaping the Laboratory Refrigerators And Ovens Market?
The expansion of healthcare infrastructure is anticipated to fuel the growth of the laboratory refrigerators and ovens market. The primary aim of health expenditure is to promote, restore, and maintain health, making it a form of capital consumption. Laboratory refrigerators and ovens play a crucial role in the healthcare sector, storing biological samples like explosive chemicals, ribonucleic acid, deoxyribonucleic acid, blood and its derivatives, biological reagents, vaccines, and medicines. Therefore, the growing healthcare infrastructure is likely to stimulate demand for laboratory refrigerators and ovens to match the growing need. For example, the 2021-2030 National Health Expenditure report released by the Centers for Medicare & Medicaid Services, a US-based branch of the Department of Health and Human Services, in March 2022, forecasted an average annual increase of 5.1% in national health spending between 2021 and 2030, hitting nearly $6.8 trillion by 2030. Moreover, Medicare spending is projected to rise at a yearly rate of 7.2% from 2021 to 2030, while Medicaid spending is expected to rise at a 5.6% annual rate. Hence, the expansion of healthcare infrastructure is stimulating the growth of the laboratory refrigerators and ovens market.
Which Companies Are Leading in the Laboratory Refrigerators And Ovens Market?
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
What Are the Major Trends Shaping the Laboratory Refrigerators And Ovens Market?
One of the main trends being noticed in the market for laboratory refrigerators and ovens is product innovation. Many leading firms in the market are coming up with inventive products to retain their market standing. As an example, Haier Biomedical - a UK firm that delivers sustainable products and services to the life science sector - in June 2022, released a new-generation product known as the DW-86L828ST. It's an ultra-low temperature freezer that ingeniously combines a dual-system refrigeration technique with sophisticated frequency converter technology, thereby providing enhanced security and maximum energy efficiency. In addition, the product uniquely includes top energy-saving refrigeration technologies like the HC refrigeration system, technology for intelligent frequency conversion, and frequency conversion compressors.
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What Are the Top Revenue-Generating Geographies 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Laboratory Refrigerators And Ovens Market?
2. What is the CAGR expected in the Laboratory Refrigerators And Ovens Market?
3. What Are the Key Innovations Transforming the Laboratory Refrigerators And Ovens Industry?
4. Which Region Is Leading the Laboratory Refrigerators And Ovens Market?
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