Laboratory Freezers Market Trends:
The laboratory freezer market is projected to reach $5.7 billion in 2026 from $4.7 billion in 2022, at a CAGR of 4.9%. The growth of this market is driven by increasing demand for blood and blood components for transfusion and cancer treatment support. Technological advances in laboratory freezers are also driving the growth of this market.
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Key Market Players of Laboratory Freezers Market:
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)
Thermo Fisher Scientific (US) is a leading player in the laboratory freezers market and accounted for the largest share of the market. The company’s products in the laboratory freezers market include laboratory refrigerators, cryopreservation systems, ultra-low-temperature freezers, flammable materials refrigerator, explosion-proof refrigerators, and chromatography refrigerators.
COVID-19 Impact on the Laboratory Freezers Market
In the optimistic scenario, the COVID-19 pandemic has had a significantly positive long-term impact on the laboratory freezers market. Initially, as a result of lockdowns and quarantine measures, there was a dip in the lab freezers/refrigerators market in early 2020. However, as the disease progressed throughout the world, there was an exponential rise in the number of laboratories, COVID-19 testing sites, and processing facilities managing SARS-CoV-2 samples, reagents, and vaccines. This, in turn, led to growth in the demand for laboratory refrigerators, freezers, and ultra-low-temperature freezers to support sample processing, testing, and vaccine development labs.
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Opportunity: Vaccine development for emerging infectious diseases
Vaccine development for emerging infectious diseases has received greater attention due to the COVID-19 pandemic. This rising focus and investments in vaccine development would boost the growth of clinical research trials for vaccines in the coming years. This, in turn, would boost the growth of the lab freezers and refrigerators market as most vaccines are required to be stored at low temperatures at the time of development and distribution. Therefore, the increasing investments and focus on vaccine development for emerging infectious diseases pose an opportunity for players in the laboratory freezers market in the coming years.
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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