Laboratory Freezers Market: Global Industry Analysis and Forecast (2023-2029)

Laboratory Freezers Market size was valued at USD 4.74 Bn. in 2022 and the total Laboratory Freezers revenue is expected to grow by 5.5 % from 2023 to 2029, reaching nearly USD 6.90 Bn.

Laboratory Freezers Market Overview:

A laboratory freezer is a precisely designed piece of laboratory equipment with a thermally insulated compartment and a heat pump, which transmits heat from the inside of the device to its external environment, so that the inside of the freezer is cooled to a temperature below the freezing point of water at a minimum or much below it, depending on the substance being frozen. Laboratory freezers are commonly used equipment in multiple blood banks, academic institutions, and pharmaceutical and biotechnology enterprises for the preservation of various biological products such as blood, tissues, serum and vaccine samples, and so on. The freezers can be used to store biological samples that are being studied and used in experiments. The rising demand for blood and blood components for transfusion and cancer therapy is driving the growth of the Laboratory Freezers Market. Technological advances in lab freezers are also propelling this market forward. Owing to the usability of these products for optimal temperature-controlled storage of COVID-19 vaccines, the laboratory freezers market is grown significantly in 2021 and 2022. The increasing usage of reconditioned laboratory freezers and refrigerators hampers the market's growth.

Research Methodology:

The Research is done at the local level. Key Players as well as local players are studied and analyzed in this report. The study of import, export of the countries and working of the countries are analyzed by the production and consumption segments. A good sample size for the primary research in all countries has helped to make the report findings more authentic and deep in size. The primary respondents include manufacturers, distributors, and investors, which has helped in the understanding of the ecosystem. The triangulation method of the Laboratory Freezers Market estimate is used to calculate the market size, and the bottom-up approach is used. Primary research was done to support and validate the market size and an understanding of market dynamics. The best market size estimates are based on a combination of primary and secondary research, which is known as a research methodology. In-depth interviews with key thought leaders and industry experts were undertaken in order to validate estimates and market size through primary research.Laboratory Freezers MarketTo know about the Research Methodology:-Request Free Sample Report

Laboratory Freezers Market Dynamics:

Market Drivers: Making vaccinations to treat illnesses The laboratory freezers market has seen significant growth in recent decades, owing to a variety of causes such as an increase in manufacturers' focus on producing unique products for preserving diverse cells, as well as an increase in FDA approvals for cell treatments. In April 2022, BioLife Solutions, for example, released "High-Capacity Controlled Rate Freezers" (HCRF). In addition, Kite reported in July 2020 that it has won approval from the US FDA for its Tecartus (previously known as KTE-X19) CAR-T cell treatment. The therapy assist adults with relapsed mantle cell lymphoma (MCL). Furthermore, Juno Therapeutics' Breyanzi CAR-T therapy received FDA clearance in February 2022. It is given to adults who have relapsed large B cell lymphoma. Novartis received approval from Singapore's "Health Sciences Authority" to commercialize Kymriah in April 2022. This initial CAR-T therapy is reported to be a one-time procedure conducted specifically for each patient. The treatment was approved under the new cell, tissue, and gene therapy regulatory framework (CTGTP). Vericel Corporation gained permission for MACI in May 2022. (autologous cultured chondrocytes on porcine collagen membrane). Thus, growing approvals for cell-based treatments for the treatment of various diseases have increased the demand for laboratory freezers, which are necessary to maintain cells, propelling laboratory freezers market growth throughout the forecast period. Laboratory Freezers MarketDemand for blood and blood components is growing The need for blood and blood components is increasing globally. According to the American Red Cross, almost 21 million blood components are transfused in the United States alone each year. According to the American Cancer Society, an estimated 1.8 million new cancer cases will be diagnosed in the United States year 2020. Blood and blood components are in great demand for cancer surgery patients as well as people suffering from blood malignancies such as leukemia and lymphoma. Furthermore, blood donation has grown internationally, with the WHO projecting a 7.9 million increase in voluntary unpaid blood donations from 2013 to 2018. The increased demand for blood and blood products, as well as the growth in blood collection worldwide, raise the demand for lab freezers and refrigerators in blood banks for storage. The growing frequency of chronic illnesses, as well as the growing need for preserving biological products, blood samples, blood reagents, vaccines, DNA samples, and other substances, are driving the growth of the laboratory freezers market. Additionally, the requirement to provide thermal insulation and minimize product deterioration is a crucial component driving increased utilization rates. These Laboratory Freezers are available in a variety of configurations to meet a variety of commercial requirements. For example, plasma freezers are used for long-term preservation of blood and plasma products at temperatures ranging from -30 °C to 40 °C, while ultra-low temperature freezers are used for long-term storage of DNA and RNA samples at temperatures ranging from 70 °C to 80 °C. According to the American Society of Health-System Pharmacists, hospitals spend around 70-75% of their budget on pharmacy services. Additionally, according to the Institutes for Safety Medication Techniques, more than 20% of healthcare practitioners have documented harmful patient effects as a result of inadequate storage and inventory management practices. Market Restraints: Hospitals, labs, and blood banks make significant capital expenditures in the cold storage of biological samples. The average price of ultra-low-temperature freezers is between USD 10,000 and USD 25,000, making them prohibitively expensive for smaller blood banks, hospitals, and labs. Refurbished medical gadgets are often priced 55-60% less than new ones. Many rising and developing nations' public healthcare investments for infrastructure enhancement are insufficient, limiting the adoption of technologically sophisticated medical equipment in these countries' healthcare systems. The increasing demand for reconditioned lab freezers and refrigerators hampers the global laboratory freezers market's growth during the forecast period. Market Opportunity: Development of vaccines for new infectious illnesses Vaccine development for emerging infectious illnesses has gained increased attention as a result of the COVID-19 pandemic. This increased attention and expenditure in vaccine development will drive the rise of clinical research trials for vaccines in the future years. As most vaccines must be held at low temperatures during development and delivery, this would drive the expansion of the lab freezers and refrigerators industry. As a result, increased investments and focus on vaccine research for emerging infectious illnesses present an opportunity for participants in the laboratory freezers market in the forecast years.

Laboratory Freezers Market Challenge:

There is a dearth of information about the correct usage of medical/lab refrigerators in certain clinics, labs, blood banks, and pharmacies. Blood bank providers and small pharmacy shops may be unaware of the advantages of employing certain refrigerators to keep specific specimens. Domestic freezers, for example, do not provide appropriate temperature conditions for the preservation of blood and blood components, as well as DNA testing samples. Domestic refrigerators are constructed with efficiency in mind, sacrificing accuracy in order to accept a degree of temperature variability in order to lessen the length of time and frequency with which the compressor must work to chill the storage chamber. However, lab freezers are built with exact temperature control, dependability, and storage capacity in mind. If the samples are not stored properly, they get contaminated, and the findings may be skewed. Laboratory freezers, particularly ultra-low-temperature freezers, are delicate pieces of scientific equipment that must be properly maintained. Compressors, electronics, and HVAC dysfunction are frequent causes of ultra-low-temperature freezer failure. As a result, a lack of awareness about proper medical specimen storage and laboratory refrigerator and freezer maintenance provide a hindrance to the market's growth.

Laboratory Freezers Market Segment Analysis:

Based on Type, the Laboratory Freezers Market is segmented into Plasma Freezers, Enzyme Freezers, Flammable Material Freezers, and Others. The plasma freezers segment held the largest market share accounting for 66% in 2022. Plasma freezers are meant to keep temperatures between -30°C and -40°C. These freezers are used to store plasma products, whole blood, vaccinations, and test samples in blood banks, research institutes, pharmacies, and hospital plasma freezers. During the forecast period, the plasma freezers market is expected to dominate the biomedical freezers industry. This is mostly owing to an increase in the number of apheresis treatments and an increase in demand for fresh frozen plasma storage (FFP). Plasma exchange is the most prevalent apheresis technique in the United States, according to the American Society for Apheresis (ASFA). Additionally, numerous significant businesses are providing clients with a variety of plasma freezers. Labcold, for example, provides a variety of approved plasma freezers (in compliance with European Union Directive 93/42/EEC), including the Bench Top RVPF0234MD, Floor Standing RVPF0734MD, Freestanding RVPF1334MD, and Free Standing RVPF2134MD. This is expected to drive the plasma freezers market by increasing the adoption of plasma freezers by end-users such as blood banks and hospitals. New innovations in plasma freezers significantly cut energy usage, avoid crystallization, and eliminate uneven temperature distribution. Technologically improved biomedical refrigerators and freezers are being developed by companies such as Thermo Fisher Scientific, Eppendorf AG, Philipp Kirsch GmbH, and Panasonic Biomedical. Laboratory Freezers MarketBased on the Application, The market has been divided into four segments based on end-user: blood banks, medical laboratories, pharmaceutical, and biotechnology companies, and others. Because of the increased frequency of blood illnesses such as sickle cell anemia, blood cancer, and hemophilia, there is a significant need for blood and blood components in the blood bank industry. According to the American Cancer Society, about 176,200 persons in the United States will be diagnosed with leukemia, lymphoma, or myeloma in 2019. Additionally, various government campaigns to raise awareness about blood donation have expanded the use of laboratory freezers.

Laboratory Freezers Market Regional Insights:

In 2022, North America held the largest market share of more than 55%; the U.S.'s strict regulations, high standards, and significant investment in hospital and healthcare infrastructure are major contributors to the region's supremacy. The improvement of patient care and the reduction of pharmaceutical and biological component waste are top priorities since the United States spends almost 22.1% of its GDP on healthcare. The frequency of blood transfusion procedures and the consumption of different pharmaceutical goods are both greatly influenced by the growing incidence of chronic illnesses and the growing elderly population. All end-use categories are seeing an increase in demand for laboratory freezers as a result of this reason. The United States is the most significant sector, controlling the majority of North America. The growing incidence of numerous chronic diseases among both the pediatric and geriatric populations is one of the causes suggesting an increase in the number of patients admitted, putting further strain on the traditional pharmaceutical system. The growing knowledge of currently accessible, technologically sophisticated systems and the scarcity of low-cost qualified personnel are some of the key drivers expected to drive the laboratory freezer market. During the forecast period, Asia Pacific is expected to grow at a profitable pace. This region's contribution is expected to exceed 18% by 2024. The rapid economic growth of nations such as India, China, and Indonesia, among others, is a major driver driving up spending on healthcare infrastructure and medical services. This region is growing as an important medical tourism destination, and the government and commercial sector are spending heavily to meet the service quality standards embraced in the western regions. Additionally, the growing patient population suffering from chronic illnesses is raising the demand for various blood components and pharmaceutical items.

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Laboratory Freezers Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2017 to 2022 Market Size in 2022: US $ 4.74 Bn.
Forecast Period 2023 to 2029 CAGR: 5.5% Market Size in 2029: US $ 6.90 Bn.
Segments Covered: by Type 1. Plasma Freezers 2. Enzyme Freezers 3. Flammable Material Freezers 4. Others
by End User 1. Blood Banks 2. Medical Laboratories 3. Pharmaceutical & Biotechnology Companies 4. Others

Laboratory Freezers Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

Laboratory Freezers Market, Key Players are:

1. Eppendorf AG 2. Haier Biomedical 3. Thermo Fisher Scientific, Inc. 4. Helmer Scientific 5. PHC Holdings Corporation 6. Liebherr 7. Middleby Corporation 8. Felix Storch, Inc. 9. BioLife Solutions, Inc. 10. Blue Star Limited 11. B Medical Systems 12. Philipp Kirsch GmbH 13. Avantor, Inc. 14. Standex International Corporation 15. Vestfrost Solutions A/S 16. Changhong Meiling Co. Ltd. EVERmed S.R.L. 17. ARCTIKO A/S 18. Glen Dimplex Medical Appliances 19. So-Low Environmental Equipment Co. Ltd. 20. KW Apparecchi Scientifici SRL 21. Jeio Tech 22. Refrigerated Solutions Group 23. Stericox India Private Limited 24. Thalheimer Kühlung 25. Antylia Scientific Frequently Asked Questions: 1] What is a laboratory freezer ? Ans. Laboratory freezers are chilled cabinets used to store biological specimens and volatile chemicals at temperatures ranging from -40 to 10 degrees Celsius.. 2] How much does a laboratory freezer cost? Ans. The price of a freezer can vary greatly depending on the temperature model. General-purpose freezers can cost as little as $1,000, while higher-end ULT and cryogenic freezers can cost up to $30,000 or more. 3] What temperature is a lab freezer? Ans. There are four main temperature categories for freezers and refrigeration options: Refrigerators at +4oC for chromatography supplies, blood storage, and medicines; freezers at -20oC (and lower) for enzymes and biochemicals; -30oC to -40oC for biological samples; and -80°C freezers for long-term storage and stability. 4] What are freezers used for? Ans. A freezer is a big container similar to a refrigerator in which the temperature is kept below freezing point so that food may be stored for extended periods of time. 5] Which is the coldest freezer you can buy? Ans. Cryogenic chest freezers reach temperatures as low as 150 °C (238 °F) and come with a liquid nitrogen backup.
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