Latin America is expected to grow at the highest CAGR, by region, in the forecast period.
Northbrook, IL -- (SBWIRE) -- 08/25/2021 -- According to the new market research report "Laboratory Freezers Market by Product(Cryopreservation, Plasma Freezer, ExplosionProof Freezer, Enzyme Freezer, Ultra-Low Freezer, Blood Bank Refrigerator, Pharmacy Refrigerator, Chromatography Refrigerator), End User(Hospitals) - Global Forecast to 2026", published by MarketsandMarkets™, 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%.
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The Growth in the market is driven by the increasing demand for blood and blood components for transfusion and for support in cancer therapy.
The laboratory freezers market has shown a significant rise in demand in 2020 and 2021 due to the utility of these products for appropriate temperature-controlled storage of COVID-19 vaccines. This demand is expected to decline after 2021 and remain steady from 2022, fueled by pre-pandemic growth drivers. However, the market during 2022–2026 may show growth if booster doses of COVID-19 vaccines are made mandatory during the forecast period.
The market growth is restrained by the growing use of refurbished laboratory freezers. In this report, the global lab freezers market is segmented by product, end user, and region.
Based on products, the laboratory freezers market is segmented into freezers, refrigerators, and cryopreservation systems. In 2020, the freezers segment accounted for the largest share in the lab freezers market.
The freezers segment holds the highest market share, by product, in the laboratory freezers market, in the forecast period.
In 2020, the freezers segment accounted for the largest share of the lab freezers market. The large share of this segment can be attributed to their utility in pharmaceutical and biotechnology companies and academic and research institutes to support vaccine development and in medical laboratories and hospitals for storing test samples.
In the freezers segment, the ultra-low-temperature freezers segment is expected to grow at the highest CAGR in the forecast period.
The ultra-low-temperature freezers segment is expected to grow at the highest CAGR in the forecast period. The large share of this segment can be attributed to their utility in pharmaceutical and biotechnology companies and academic and research institutes to support vaccine development and in medical laboratories and hospitals for storing test samples.
The laboratory refrigerators segment holds the highest share in the refrigerators segment
Based on type, the laboratory freezers market is segmented into blood bank refrigerators, chromatography refrigerators, explosion-proof refrigerators, flammable material refrigerators, laboratory refrigerators, and pharmacy refrigerators. In 2020, the laboratory refrigerators segment accounted for the largest shatories, hospitals, and clinics.
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The laboratory freezers market is segmented into North America, Europe, Asia Pacific, Latin America and Mare of the refrigerators segment. In 2020 and 2021, this segment shows high growth due to the extensive use of laboratory refrigerators in the short-term storage of samples for COVID-19 testing in medical laboriddle East & Africa. APAC to grow at the highest CAGR in the lab freezers market during the forecast period. Latin America is one of the fastest-growing markets for laboratory freezers owing to growing investments from global pharmaceutical manufacturers in Latin America and the availability of government funding for R&D activities as well as efforts to modernize the existing healthcare system.
Prominent players in the laboratory freezers market include Eppendorf AG (Germany), Haier Biomedical (China), Thermo Fisher Scientific, Inc. (US), Helmer Scientific (US), PHC Holdings Corporation (Japan), Liebherr (Switzerland), Middleby Corporation (Follett Products, LLC), Felix Storch, Inc. (US), BioLife Solutions, Inc. (Stirling Ultracold) (US), Blue Star Limited (India), B Medical Systems (Luxembourg), Philipp Kirsch GmbH (Germany), Avantor, Inc. (US), Standex International Corporation (US), Vestfrost Solutions A/S (Denmark), Changhong Meiling Co. Ltd. (China), EVERmed S.R.L. (Italy), ARCTIKO A/S (Denmark), Glen Dimplex Medical Appliances (LEC Medical) (Ireland), So-Low Environmental Equipment Co. Ltd. (US), KW Apparecchi Scientifici SRL (Italy), Jeio Tech (Republic of Korea), Refrigerated Solutions Group (US), Stericox India Private Limited (India), Thalheimer Kühlung (Germany), and Antylia Scientific (US).