The global 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%. Growth in the market is driven by the increasing demand for blood and blood components for transfusion and for support in cancer therapy.
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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 laboratory freezers market during 2022–2026 may show growth if booster doses of COVID-19 vaccines are made mandatory during the forecast period.
The global laboratory freezers market is fairly consolidated. Prominent players in the laboratory freezers market include Eppendorf AG (Germany), Haier Biomedical (China), Thermo Fisher Scientific, Inc. (US), Helmer Scientific (US), and PHC Holdings Corporation (Japan). Companies in the laboratory freezers market adopted strategies such as partnerships, agreements, acquisitions, product launches & upgrades as well as expansions to enhance their presence in the laboratory freezers market.
Thermo Fisher Scientific (US) is a leading player in the laboratory freezers market and accounted for the largest share of the market in 2020. 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.
Haier Biomedical (US) is one of the prominent players in the laboratory freezers market. It is one of the leading manufacturers of durable goods throughout the globe. Haier Biomedical is engaged in designing, manufacturing, and marketing quality laboratory equipment and refrigerated products for the life science and clinical industry.
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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.
Frequently Asked Questions (FAQ):
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