Market Size of Laboratory Freezers Industry
|2021 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Laboratory Freezers Market Analysis
The laboratory freezers market is poised to grow at a CAGR of 4.5% over the forecast period.
COVID-19 had a significant impact on the laboratory freezers market owing to the factors such as the rapid shut of laboratories and clinics led to decreased sales as well as the import of freezers worldwide. Even though, as the vaccine for COVID-19 had been introduced, the demand for laboratory freezers and refrigerators increased as vaccine storage strictly followed the temperature settings. For instance, as per the Moderna COVID-19 vaccine handling summary published in October 2022, vaccines are advised to be stored in freezers between -50°C and -15°C (-58°F and 5°F) until the expiration date. Furthermore, as per the article published in September 2021, the mRNA platform allowed for the rapid development of vaccines, but their global use was limited by the need for ultracold storage. Most resource-constrained countries lack cold chain storage to carry out mass vaccinations. Hence, the studied market witnessed a significant impact throughout the pandemic phase. Furthermore, in the post-pandemic era, as the restrictions were lifted and COVID-19 cases were reduced, the market is witnessing growth through the rise in product launches, advancements in laboratory freezer settings, and an increase in vaccine production for different diseases.
Factors such as increasing demand for blood and blood components, the growing number of organ transplant procedures, and technological advancements in laboratory freezers drive market growth over the forecast period. For instance, as per the HRSA 2022 update, in the United States, more than 40,000 transplants were performed in 2021. As per the same source, there are 105,842 people including men, women, and children on the national transplant waiting list. Furthermore, as per the 2022 update from NHF, every year, 400 or so male babies are born with hemophilia A. Hence, there is likely to be a huge need for blood donation and plasma transfusions, which is anticipated to utilize cold storage or laboratory-grade freezers for preservation. Hence, as the number of blood-related issues increases, the laboratory freezer demand rises thereby boosting the market growth over the forecast period.
The laboratory freezers industry has observed extensive developments in the last few decades supported by various factors such as a rise in the focus of manufacturers on developing novel products for preserving different cells. For instance, in April 2021, BioLife Solutions, Inc., a developer, and supplier of a portfolio of class-defining bioproduction products and services for cell and gene therapies, launched a new line of high-capacity controlled rate freezers (HCRF), with an initial shipment to a cell therapy company. Furthermore, product launches, collaborations, mergers, and acquisitions in the field of laboratory freezers are anticipated to boost market growth over the forecast period. For instance, in January 2022, Calibre Scientific acquired Medline Scientific, a distributor of laboratory consumables and equipment with headquarters in Oxfordshire, United Kingdom. Medline Scientific further enhances Calibre Scientific's growing distribution presence in the United Kingdom.
Therefore, due to the increasing demand for blood and blood components, the rise in laboratory freezer product launches, technological advancements in a laboratory freezers, and a growing number of organ transplant procedures, the laboratory freezers market is anticipated to witness growth over the forecast period. However, the high cost of laboratory freezers is expected to restrain the growth of the global market over the forecast period.