Laboratory Freezers Market

Global Laboratory Freezers Market Size (2024 to 2029)

The global laboratory freezers market size was worth USD 3.38 billion in 2023. The global market estimated to grow at a CAGR of 4.8% from 2024 to 2029 and be worth USD 4.48 billion by 2029 from USD 3.54 billion in 2024.

The global Laboratory Freezers market is developing at a rapid pace. Laboratory refrigerators are used to cool samples or specimens for preservation. They are refrigeration units storing blood plasma and other blood products, vaccines, and other medical and pharmaceutical supplies. They must be hygienic and reliable and thus differ from standard refrigerators in homes/restaurants. There are four types of laboratory refrigerators that are explosion-proof freezers, blood bank refrigerators, chromatography refrigerators and lab fridges.

MARKET DRIVERS

Technological advancements, growing blood transfusions and rising organ transplant cases are key growth drivers in the laboratory freezer market.

Advancements in laboratory freezers, such as advanced technology, such as implementing passwords and smart locks to open the freezers, will drive the market forward. Mobile laboratory freezers have shown a significant increase in market share. These mobile laboratory freezers are used to move from one place to another place or one country to another. These freezers are used mainly because some of the drugs and vaccines should be kept at some temperature for all the time they are used. More costly drugs are stored in these freezers for an easy way to use and not to affect the drugs or vaccine until the patient takes it.

At a global level, the number of organ transplantation procedures is increasing significantly. This is because the organs need to be preserved under specific cooled conditions to keep them healthy, make them available and ready for the proceedings, demand laboratory freezers, and drive growth to the market. As per the U.S. Government Information on Organ Donation and Transplantation, around 39,718 transplants were performed in 2019.

As per the U.S. National Cancer Institute, personalized medicine plays the most prominent role in cancer prevention and reduction. A person's genes or proteins use these medicines to prevent, diagnose, and treat disease. For this purpose, millions of biological samples are taken from individuals who should be stored in biobanks and laboratory freezers. Furthermore, the rising elderly people population suffering from various diseases needs blood, and organ transplantation provides lucrative support to the global laboratory freezers market.

MARKET RESTRAINTS

The freezer's cost is expensive, limiting the market growth to some extent. Increased usage of renovated or redecorated equipment is further hampering the market growth. Furthermore, the iceboxes used in the freezers may lower the ozone layer, negatively impacting the market. Shortage and lack of knowledge about using these laboratory freezers during the COVID-19 pandemic have resulted in a downturn in market growth. Additionally, government restriction on the approval of these freezers also impedes the market growth.

Impact Of COVID-19 On the Global Laboratory Freezers Market

COVID-19 is a worldwide public health emergency that has affected nearly every market. The disease spreads rapidly through respiratory droplets from sneezing or coughing, primarily through contact with infected individuals. In all laboratories and research laboratories, laboratory freezers are used. Laboratory freezers are commonly used in medical facilities, blood banks, pharmacies, and biotechnological industries to preserve biological materials such as organs, blood, serum, and vaccine tests. These freezers must meet relevant protection and temperature consistency requirements. Due to the increase in vaccine development and research by researchers worldwide, the demand for these laboratory freezers during the Covid-19 pandemic has increased.

Increasing demand for blood and blood components, increasing the number of organ donation procedures, and technical advances in laboratory freezers are all driving market development. In a laboratory freezer, the storage of volatile chemicals, industrial-grade compounds that can combust if exposed to the environment, vaccines, and blood samples.

DNA/RNA, autopsy specimens, tissues & plasma, blood, hormones, antibiotics, and medicines are all stored in ultra-low temperature freezers. Laboratory Freezers, as per a WHO protocol, the storage of respiratory and serum specimens in domestic frost-free freezers should be stopped due to large temperature fluctuations. Laboratory freezers are expected to put additional strain on supply chains because they are used for research, but steady demand could mean continued growth in the coming years.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Laboratory Freezers Market Analysis By Product Type

the blood bank refrigerators segment accounted for the largest share of the laboratory freezers market in 2023 due to the growing demand for blood and other blood components and a standard increase in blood disorders, anemia, and blood cancer. Further, the growth of this segment is driven by the increased amount spent by the government, the growing number of surgical procedures, and the rising demand for blood bank refrigerators in the medical and scientific 'sectors.

The plasma freezers sub-segment has the highest market share in the Freezers type. This plasma contains vital minerals and salts that must be supplied to various body parts. For this reason, plasma should be stored at a temperature below -30C. These plasma storage freezers are used in hospitals, biomedical research centers, universities, etc. It is made up of durable stainless steel. Ultra-low temperature freezer segment has the following market share in freezers. Ultra-low temperature freezer is used in research laboratories and the medical and chemical industry. For most of the chemical research, this type of freezer is used to know how the chemicals change at different temperatures and change their properties during temperature changes. In the medical industry, this low-temperature freezer is used in hospital inventory for long-term use of medicines. Many scientific research projects should be carried out at shallow temperatures.

Global Laboratory Freezers Market Analysis By End-User

the blood banks segment dominated the market and accounted for 33% of the global market share in 2023. This segment's demand is attributed to the growing number of hospitals in developed and developing countries. In addition, the ever-increasing number of initiatives taken by the government to spread awareness regarding blood donation directly influences the utilization of laboratory freezers and refrigerators.

The pharmaceutical and biotechnology segment is predicted to hold a considerable share of the worldwide market during the forecast period. Laboratory Freezers are also used in the pharmaceutical and biotechnology sector. These are used to store vaccines and other medical or pharmaceutical supplies at a specific temperature, not to change the drugs or vaccine concentrations. It is also used in pharmaceuticals to maintain and reduce the risk of bacterial contamination and explosions of volatile materials. In the biotechnology sector, these laboratory freezers are used to store chemical and biological samples. For example, biomedical freezers with temperatures as low as -70°C to -80°C are used to keep samples like RNA and DNA.

REGIONAL ANALYSIS

Regionally, North America occupied the majority of the market share in the global market in 2019. North America dominated the laboratory freezer market during the period. Within North America, the U.S. is estimated to occupy the largest share of the laboratory freezer market during the forecast period. Growing research and development activities in the pharmaceutical industry and increasing the healthcare expenditure sector in this region are majorly propelling market growth. In addition, due to the increase in COVID-19 cases in America, the government has decided to store the vaccine to prevent and reduce vaccines and drugs. Therefore, the government has invested most in this sector to reduce the virus, which drives the market forward in this region.

The European region is estimated to showcase promising growth for laboratory freezers during the forecast period due to the exploitation of technological advancements in refrigerators. As a result, freezers have uplifted the market growth in this region. Germany also has prominent growth in this sector due to the increasing older population, organ transplant procedures, and blood-related diseases. In addition, the government has taken a step forward to safely use laboratory freezers to use blood, organs, drugs, etc.

At the same time, the Asia Pacific region is expected to witness the fastest growth rate during the forecast period. The growth is due to the soaring research and development activities, raising funds, and investments by the leading market players, government, and other organizations. India and China are in a leading position in using laboratory freezers. Many market players in India are manufacturing these laboratory freezers for storing blood, species genes, plasma, etc. Most of India's researchers focus on manufacturing vaccines related to coronavirus, cancer, diabetes, and cardiovascular diseases. For the drug invention, the samples of the infected people must be stored in laboratory freezers.

The LATAM market is expected to reach USD 0.23 billion by 2024, with a CAGR value of 3.7% during the period. Growing government spending, the rising number of surgical procedures, and increasing expenditure for healthcare divisions directly support the market growth in this region.

The MEA region will have sluggish growth during the forecast period due to a lack of government policies and fewer funds and investments by the key players. However, U.L. announced it had established a laboratory in Italy, authorized by the Egyptian Organization for Standardization and Quality (EOS). This is used to conduct testing and issue relevant test reports according to Egyptian Energy Efficiency and performance standards.

KEY PLAYERS IN THE GLOBAL LABORATORY FREEZER MARKET

Companies leading the global laboratory freezers market are WWR Corporation (U.S.), ARCTIKO A/S (Europe), Biomedical Solutions Inc. (U.S.), EVERmed S.R.L. (Italy), Phili GmbH (Germany), Thermo Fisher Scientific Inc. (U.S.), Haier Biomedical (China), Eppendorf AG (Germany), Helmer Scientific (U.S.) and Panasonic Healthcare Co., Ltd. (Japan).

RECENT HAPPENINGS IN THE MARKET

• In 2021, Eppendorf re-designed the CryoCubeF570 with future-proof green cooling liquids and green insulation foam for better performance. This can also be connected to VisioNize® Lab Suite for monitoring via the VisioNize box.
• In 2021, Helmer Scientific announced the launch of G.X. Solutions Laboratory and Plasma Freezers. These Freezers are designed for vaccine and blood therapies and other clinical applications, ranging from 5 to 25 cu ft.
• In 2021, I.C. Biomedical invested in manufacturing an advanced plant near Cartersville, Georgia. I.C. Biomedical is the producer of cryogenic freezers, and this project will create new employment.
• In 2021, Dr. Reddy's Lab agreed with B Medical Systems to build a vaccine storage cold chain solution across the country. It is also used to distribute the Russian vaccine Sputnik V throughout India.
• In 2021, BioLife Solutions launched a high-capacity, controlled-rate freezer explicitly designed to meet the needs of cell and gene therapy developers.
• In 2020, Star Refrigeration launched an ultra-efficient low, charge ammonia chiller, which helps reduce carbon emissions from the U.K.'s top pharmaceutical companies.

DETAILED SEGMENTATION OF THE GLOBAL LABORATORY FREEZERS MARKET INCLUDED IN THIS REPORT

This research report on the global laboratory freezers market has been segmented and sub-segmented into the following categories.

By Product Type

• Freezers
  • Enzyme Freezers
  • Plasma Freezers
  • Explosion-Proof  Freezers
  • Flammable Material Freezers
  • Laboratory Freezers
  • Ultra-Low-Temperature Freezers
• Refrigerators
  • Blood Bank Refrigerators
  • Chromatography Refrigerators
  • Explosion-Proof Refrigerators
  • Flammable Material Refrigerators
  • Laboratory Refrigerators
  • Pharmacy Refrigerators

By End User

• Blood Banks
• Pharmaceutical & Biotechnology Companies
• Academic & Research Institutes
• Medical Laboratories
• Hospitals
• Pharmacies

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa