Global Laboratory Freezers Market is valued approximately at USD 4.3 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 4.9% over the forecast period 2021-2027. A laboratory freezer is a 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, allowing the inside of the freezer to be cooled to a temperature below the freezing point of water at a minimum or much below it, depending on the substance being frozen. The market is driven by increasing demand for blood and blood components for transfusion and for support in cancer therapy and technological advancements in laboratory freezers and refrigerators. For instance, according to the American Cancer Society, an estimated 1.8 million new cancer cases will be diagnosed in the United States year 2020. Patients undergoing cancer surgery, including those suffering from blood cancers such as leukaemia and lymphoma, have a significant demand for blood and blood components. Furthermore, blood donation has increased globally, with the WHO projecting a 7.8 million increase in voluntary unpaid blood donations from 2013 to 2018. However, Growing use of refurbished laboratory freezers may impede market growth over the forecast period of 2021-2027.
North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa cover the Laboratory Freezers market. North America held the largest share of the Laboratory Freezers market. The high healthcare expenditure in the United States and Canada, as well as the rising R&D spending on pharmaceuticals and biotechnology in this region, account for the substantial proportion of this geographical area. The presence of a large number of laboratory freezer and refrigerator manufacturers in the region also plays a pivotal role in boosting market growth.
Major market player included in this report are:
Standex International Corporation
Thermo Fisher Scientific, Inc.
Felix Storch, Inc.
Glen Dimplex Medical Appliances
PHC Holdings Corporation
BioLife Solutions, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.
Target Audience of the Global Laboratory Freezers Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers