The increase in the technological advancements, rise in medical tourism and emerging market in regions among the developing countries are expected to be the major drivers of the laboratory freezers market in the forecast period.
According to the current analysis of Reports and Data, the Laboratory Freezers market was valued at USD 3.23 billion in 2019 and is expected to reach USD 4.71 billion by the year 2027, at a CAGR of 4.8%. Laboratory freezers are essential equipment to store samples at a temperature of -25 to -15 degrees Celsius. The cryopreservation is used for samples that need exceptionally low temperatures for preservation. The laboratory refrigerators and freezers also include in-built special equipment used to conduct experiments. The global laboratory freezers market is widely driven by technological advancements and improvements in the products. The increased medicals tourism in various regions, particularly in emerging economies, is also expected to fuel the demand intensely during the forecast period. Moreover, the growing advances in the infrastructure of research laboratories owing to the requirements of various experiments have also propelled the market. Regionally, the North American segment is expected to drive the market due to the presence of major key players. The Asia Pacific region is growing at a higher rate as more blood-related products are used for various causes in the area. Moreover, escalating demand for blood components and blood is expected to tower the global demand; hence providing traction to the market in developing nations such as India and China. The utilization of advanced technology and technological advancements in refrigerators and freezers has elevated the global market in European countries such as France and Germany. The freezers and refrigerators release harmful components that are known to deprive the ozone layer. This is one of the major market restraints for the market. Furthermore, functional aspects of the freezer, such as overheating, power consumption as it consumes a lot of energy, and release heat are expected to hamper the market during the forecast period. The high cost of laboratory freezers and Intense pricing pressure on manufacturers could hinder the market growth extensively.
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Market Overview:
The global Laboratory Freezers market is expected to reach USD over the forecast period, according to a novel report published by Reports and Data. Robust revenue growth is attributable to rising prevalence of chronic diseases, rapid advancements in medical and healthcare sector, increasing healthcare expenditure and improving healthcare infrastructure and research facilities. Other factors such as increasing adoption of latest treatment facilities, tools and techniques across several healthcare centers, increasing funds by various public and private sectors, and government initiatives to create awareness about diseases and devices are expected to fuel market growth during the forecast period. In addition, high adoption of point of care diagnosis and home care settings, rising global geriatric population, rising shortage of medicines and vaccines worldwide is expected to open lucrative growth opportunities for existing and emerging market players going ahead.
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Competitive landscape:
The report also sheds light on leading players in the market with details about their global position, revenue contribution, financial standing, product portfolio and license agreement. The global Laboratory Freezers market is extremely competitive and comprise global and regional market players. These players are focused on adopting various strategies such as mergers and acquisitions, collaborations, and government partnerships, research and development activities and introducing novel products to strengthen their market position. Some of the key players operating in the global market are Thermo Fisher Scientific Inc., EVERmed S.R.L., Arctiko A/S, Panasonic Healthcare Co., Haier Biomedical, Helmer Scientific, VWR Corporation, Philipp Kirsch GmbH, Eppendorf AG, and Biomedical Solutions Inc
Further the research report offers details about 5 major regions covered in the global Laboratory Freezers market.
Regional analysis covers:
- North America
- S.
- Canada
- Mexico
- Europe
- Russia
- K.
- Germany
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- A.E.
- Israel
- Rest of MEA
Laboratory Freezers Market Segmentation:
Product Outlook (Revenue in Million USD; 2017–2027)
- Freezers
- Plasma Freezers
- Enzyme Freezers
- Flammable Material Freezers
- Shock Freezers
- Explosion-proof Freezers
- Undergraduate Laboratory Freezer
- Ultra-low temperature freezer
- Refrigerators
- Chromatography Refrigerators
- Blood Bank Refrigerators
- Flammable Material Refrigerators
- Explosion-proof Refrigerators
- Pharmacy Undergraduate Refrigerators
- Cryopreservation Systems
End-use Outlook (Revenue in Million USD; 2017–2027)
- Academic and Research Institutes
- Pharmaceutical and Biotechnology Companies
- Blood Banks
- Hospitals
- Others
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