Laboratory Freezers Market Size, Share, Industry Trends and Forecast to 2030

Laboratory Freezers Market Size & CAGR in 2021

The global laboratory freezers market is expected to showcase a CAGR of 4.2% from 2021 to 2028. This growth is projected to result in the market reaching a value of USD 2.1 billion by 2028. The increasing demand for storage of biological samples, vaccines, and other sensitive materials is a key factor driving the market growth.

COVID-19 Impact on the Laboratory Freezers Market

The COVID-19 pandemic had a significant impact on the laboratory freezers market. With the surge in research activities related to vaccines and treatments for the virus, the demand for laboratory freezers skyrocketed. Many pharmaceutical companies and research institutions invested in high-quality freezers to store and preserve sensitive materials, leading to a surge in market growth during the pandemic.

Laboratory Freezers Dynamics

The laboratory freezers market is driven by factors such as the increasing adoption of personalized medicine, advancements in biobanking, and the rising prevalence of chronic diseases. The need for safe storage of biological samples and vaccines is propelling the demand for laboratory freezers across research facilities and healthcare institutions globally.

Segments and Related Analysis

The laboratory freezers market can be segmented based on type, temperature range, end-user, and region. By type, the market is divided into upright freezers, chest freezers, and portable freezers. Based on temperature range, the market includes ultra-low temperature freezers, laboratory refrigerators, and cryogenic storage. By end-user, the market is categorized into hospitals and diagnostic centers, pharmaceutical and biotechnology companies, research laboratories, and others.

By Region Analysis

Regionally, North America holds the largest share in the laboratory freezers market, driven by the presence of leading pharmaceutical companies, research institutions, and healthcare facilities. Europe and Asia Pacific are also significant markets for laboratory freezers, with increasing investments in research and development activities contributing to market growth in these regions.

Key Market Players and Competitive Landscape

Some of the key players in the laboratory freezers market include Thermo Fisher Scientific, Panasonic Healthcare Corporation, Haier Biomedical, Eppendorf AG, and BINDER GmbH. These companies focus on strategic collaborations, product launches, and acquisitions to strengthen their market presence and expand their product offerings.

Recent Happenings in the Laboratory Freezers Market

In recent developments, Thermo Fisher Scientific launched a new range of ultra-low temperature freezers with advanced features for improved sample storage. Panasonic Healthcare Corporation introduced a portable freezer model ideal for field research and clinical trials. These innovations highlight the ongoing advancements in the laboratory freezers market to meet the evolving needs of research and healthcare sectors.