Laboratory freezers are normally used in hospitals and industrial sectors. Certain factors that are driving the market growth include increasing demand for blood and blood components, rising number of organ transplant procedures and technological advancements in laboratory freezers.
The rising number of organ transplant procedure is the key factor that drives the growth of the global market. According to a global database on donation and transplantation, in 2017, around 139,024 organs were transplanted annually, which is an increase of 7.25% over 2015. Furthermore, government support for the development of technologically advanced products will further accelerate market growth. For instance, the European Commission’s Medical Device Directive has employed certain requirements and regulations for the freezers to safeguard the storage of blood and blood components. Hence, with the rising number of organ transplant procedures and increased awareness drives the demand of this market.
However, the high cost of laboratory freezers is expected to hamper the growth of the global market.
Key Market Trends
Blood Banks Segment is expected to dominate the Market
Based on End-user, the market has been segmented into Blood Banks, Medical Laboratories, Pharmaceutical & Biotechnology Companies, and Others. The blood bank segment is driven by high demand for blood and blood components due to the rising prevalence of blood disorders such as sickle cell anemia, blood cancer, and hemophilia. According to the American Cancer Society, in 2019, around 176,200 people in the US are diagnosed with leukemia, lymphoma or myeloma. In addition, several government initiatives for spreading awareness regarding blood donation has also increased the usage of laboratory freezers.
North America dominates the Laboratory Freezers Market
North America has multiple factors, which support the growth of this market, better than other geographic regions. Some factors include increase in R&D activities in the pharmaceutical & biotechnology industries, advanced health care infrastructure and rising organ transplant procedures. According to U.S. Department of Health and Human Services, on average, 95 transplants take place each day in the U.S., The region is also supported by multiple international companies being collaborated with many major hospital chains, which drives the business of the studied market.
Asia-Pacific is expected to grow at a faster pace, owing to the presence of large patient pool, rapid population growth, and increase in research and development activities in this region.
The market studied is moderately competitive. Some of the major players in the laboratory freezers market include Arctiko A/S, Avantor, Inc. (VWR International), Biomedical Solutions Inc., Eppendorf AG, Evermed S.R.L., Haier lnc., Helmer Scientific, Panasonic Healthcare Co., Ltd., Philipp Kirsch GmbH, and Thermo Fisher Scientific, Inc. which provides these products across the globe.
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