Overview of This Study:

This study on Laboratory Freezers industry involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.

Research Methodologies Followed:

Primary Research

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The laboratory freezers market comprises several stakeholders such as laboratory freezers manufacturers, suppliers, and distributors.

Secondary Research

Secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Business, Factiva, and DB Hoovers), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the laboratory freezers market.

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Revenue Gains Expectations: The laboratory freezers market is projected to reach USD 5.7 billion by 2026 from USD 4.7 billion in 2022, at a CAGR of 4.9%. The growing use of refurbished laboratory freezers and refrigerators could restrain the growth of this market.

Restraint: Growing use of refurbished laboratory freezers

Refurbished medical devices are generally available at 50–60% lower prices than new instruments. The public healthcare expenditure for infrastructure improvement in many emerging underdeveloped countries is inadequate; this restricts the adoption of technologically advanced medical devices in healthcare systems across these countries.

Challenge: Lack of awareness of the utility of specialized lab freezers and refrigerators

Laboratory freezers, especially ultra-low-temperature freezers, are sensitive lab equipment that require proper maintenance. The common sources of failure of ultra-low-temperature freezers include compressors, electronics, or HVAC malfunction. Therefore, a lack of knowledge regarding the proper storage of medical specimens and maintenance of laboratory refrigerators and freezers could pose a challenge for the growth of this market.

Recent Developments:

In March 2021, Eppendorf AG (Germany) redesigned and upgraded CryoCube F570 to be equipped with future-proof green cooling liquids, green insulation foam, and better performance.
In March 2021, Helmer Scientific (US) launched the GX Solutions Laboratory Plasma Freezers for vaccines, medications, blood therapies, and sample storage using the Global Warming Potential (GWP) Technology In January 2021, UnitedHealth Group (US) launched virtual primary care for employees for wellness and routine and chronic condition management.
In June 2021, B Medical Systems (Luxembourg) partnered with Dr. Reddy’s Laboratories (India) to provide cold chain solutions for the Sputnik V vaccine roll-out in India.
In May 2021, BioLife Solutions, Inc. (US) acquired Stirling Ultracold (US), a private manufacturer of ultra-low-temperature freezers.
In February 2021, Follett Products, LLC. (US) entered into a partnership with PHC Corporation of North America (US) to market and sell the PHCbi line of ultra-low-temperature freezers, pharmaceutical-grade refrigerators, and biomedical freezers to Follett’s healthcare customers.
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The blood banks segment to grow at the highest CAGR, by end user, in the forecast period

Growth in this end-user segment is mainly driven by the increasing demand for whole blood and blood components as a result of the rising prevalence of blood disorders such as sickle-cell anemia, blood cancer, and hemophilia.

North America holds the largest share in the Laboratory Freezers market, by region, in the forecast period

North America accounted for the largest share in the Laboratory Freezers market. The large share of this regional segment can be attributed to the high healthcare expenditure in the US Canada and the growing RD spending on pharmaceuticals biotechnology in this region.