Refrigerated Incubators Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Refrigerated Incubators Market Analysis

The refrigerated incubators market is expected to register a CAGR of 5.6% over the forecast period (2022-2027).

COVID-19 has greatly challenged the medical and healthcare communities and pushed them to the limits. Hospitals struggle as the disease spreads faster than the companies can produce Personal Protective Equipment (PPE) and supply the necessary medical supplies. But supply is just one of the many challenges that COVID-19 presents to the medical device industry. The cooling industry is one of the sectors that play a crucial part in the fight against the coronavirus (COVID-19) pandemic from behind the scenes. It takes care of everything from maintaining the proper temperature to safely transporting and storing medicines, as well as keeping patients and caregivers safe and comfortable in both traditional healthcare facilities and emergency hospitals set up in halls, parking lots, and other public spaces. Pharma products require close temperature control and monitoring to comply with industry regulations and pharmaceutical safety guidelines. Despite the deadly effect of COVID-19, there is a significant positive impact on the refrigerated incubators market.

Further, the rising adoption of refrigerated incubators for research activities targeting infectious diseases and the increasing technological advancements in refrigerated incubators are among the major factors driving the growth of the studied market. The rising threat of infectious diseases is responsible for creating social and economic risks. Epidemics and pandemics are responsible for a significant part of the healthcare costs associated with medical treatment and outbreak control. For example, the COVID-19 pandemic has resulted in a significant loss of human life around the world and poses an unprecedented threat to public health, food systems, and the workplace. The demand for refrigerated incubators is rising as they are used as tools by researchers who are trying to develop a vaccine. In clinical studies, two coronavirus vaccines - one from Pfizer-BioNTech and the other from Moderna - were found to be more than 90% effective. The Pfizer vaccine requires long-term storage at -70°C, while the Moderna vaccine required long-term storage at -20°C. (Both can be kept for a short time in a normal refrigerator at 2°C to 8°C.) The Oxford/AstraZeneca vaccine can be kept and carried for a long time at ordinary fridge settings. Such factors are likely to boost the adoption of refrigerated incubators, thereby contributing to the studied market growth.

Also, technological advancements and the latest trends in the refrigerated incubator market, such as password-protected settings, door opening alarms, auto decontamination cycles, self-calibration, pre-set alarms, over-temperature alarms, and thermostats, safe, reproducible incubation, and even at high ambient temperatures are expected to drive the sales of refrigerated incubators during the forecast period. For instance, the new Thermo Scientific refrigerated incubators utilize powerful compressor technology designed to provide optimal temperature conditions for applications that require thermal stability and uniformity above, around, or below the usual ambient laboratory temperature.

In addition, new product launches and strategic activities by major players in the market are positively affecting the growth of the market studied. For instance, in January 2022, PHC Corporation of North America introduced a new, high-performance undercounter freezer designed to provide precise temperature control and uniformity. The PF-L5181W-PA meets Centers for Disease Control and Prevention (CDC) guidelines and maintains temperatures between -15°C and -25°C. It has been engineered to maintain a tight uniformity of ±5°C for storing critical vaccines and biologics whether the unit is loaded or empty. Additionally, In January 2019, Gilson announced the launch of a new benchtop instrumentation product line offering mixing, temperature control, and centrifugation of samples. The instruments feature advanced technologies that improve lab productivity and save valuable time. Thus, owing to the product launches and acquisitions, the studied market is expected to have significant growth over the forecast period.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the availability of alternative incubators is likely to impede market growth.

Refrigerated Incubators Market Trends

This section covers the major market trends shaping the Refrigerated Incubators Market according to our research experts:

51-200L Segment is Expected to Witness Significant High Growth Over the Forecast Period

Refrigerated Incubators Industry Segmentation

As per the scope of the report, refrigerated incubators and cooled incubators are designed to maintain a constant temperature based on cooling requirements for research. Typical temperature settings range from -50°C to 65°C based upon varying convection types. Refrigerated incubators are suitable for various enzyme digestion studies, including microbiological sample testing and bacteria research, curing, hematological testing, and others. The Refrigerated Incubators Market is segmented by Type (50L, 51-200L, 201-750L, 751-1500L, and above 1501L), Application (Hospitals, Research Laboratories and Academic Institutes, Pharmaceutical and Biotechnology Companies, and Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD million) for the above segments.