Laboratory Freezers Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Product (Freezers, Refrigerators, Cryopreservation Systems); End-Users (Blood Banks, Pharmaceutical & Biotechnology Companies, Hospitals & Pharmacies, Others); and Region/Country
The global laboratory freezers market is expected to grow at a significant rate of around 5% during the forecast period. Laboratory Freezers are used to store different types of samples of biological components such as blood, derivatives of blood, biological reagents, vaccines, medicines, and flammable chemicals. In addition, the rising number of medical procedures, combined with the rising pervasiveness of problems including anemia and cancer, is bringing about an expansion in blood transfusion methods. Keeping up with ideal temperature and cleanliness during the capacity and transportation of blood as well as blood components is basic. The American National Red Cross estimates that nearly 16 million blood components are transfused each year in the US. The rising demand for blood transfusion will drive market growth. For instance, according to the data published by the American Cancer Society (ACS), in January 2020, around 1.8 million new cancer cases were diagnosed and 606,520 cancer deaths in the United States.
Thermo Fisher Scientific Inc., Haier Biomedical, PHC Holdings Corporation, Avantor inc., Helmer Scientific, Liebherr, Felix Storch Inc., Blue Star Ltd, Philipp Kirsch GmbH, and Vestfrost Solutions. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Product, Freezers Markets category to witness robust CAGR during the forecast period”
Based on product, the market is segmented into freezers, refrigerators, and cryopreservation systems. Among them, the freezers category is to witness the fastest growth during the forecast period. This is mainly due to the government initiatives to increase the number of blood units collected, the demand for blood products has risen as the number of hematological disorders and traumatic and road accidents have increased and the high prevalence of blood cancer is the major factor for the market growth. For instance, according to the Leukemia and Lymphoma Society (LLS), approximately, 186,400 people in the U.S. were diagnosed with leukemia and lymphoma in 2021.
“Amongst end-users, the blood banks to hold a significant share in the market in 2020”
Based on end-users, the market is categorized into blood banks, pharmaceutical companies, hospital & pharmacies. Among them, the blood banks category is to witness the fastest growth during the forecast period. This is mainly due to the hospitals, pharmacies, clinics, diagnostic centers, and blood banks increasing their demand for safe blood and blood derivatives storage. For instance, as per the American Red Cross, approximately 36,000 units of red blood cells are required in the United States every day. These factors are driving the medical refrigerators market globally.
“North America to hold a significant share in the market”
For a better understanding of the market adoption of the All-Terrain Vehicle industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America accounted for significant market growth. Owing to increasing blood donation, health awareness, high income, reimbursement policies, and well-established healthcare infrastructure are some of the key factors for the growth of this market during the forecast period. In addition, reimbursement policies, and well-established healthcare infrastructure, rising R&D activities, and the presence of the main medical diagnostics companies in North America have energized the regional market. Moreover, the adoption of innovative & advanced technology and a large focus on clinical research drive regional growth during the forecast period. For instance, in August 2019, Helmer Scientific launched professional medical refrigerators with OptiCool cooling technology in its GX Solution Refrigerator line.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Laboratory Freezers Market|
|2.2.||Research Methodology of the Laboratory Freezers Market|
|5||IMPACT OF COVID-19 ON THE LABORATORY FREEZERS MARKET|
|6||LABORATORY FREEZERS MARKET REVENUE, 2020-2028F|
|8.2.||Pharmaceutical & Biotechnology Companies|
|8.3.||Hospitals & Pharmacies|
|9.1.3.||Rest of North America|
|9.2.6.||Rest of Europe|
|9.3.4.||Rest of Asia-Pacific|
|9.4.||Rest of World|
|11||LABORATORY FREEZERS MARKET OPPORTUNITIES|
|12||LABORATORY FREEZERS MARKET TRENDS|
|13.1.||Demand Side Analysis|
|13.2.||Supply Side Analysis|
|14||VALUE CHAIN ANALYSIS|
|15.1.1.||Porters Five Forces Analysis|
|16.1.||Thermo Fisher Scientific Inc.|
|16.3.||PHC Holdings Corporation|
|16.7.||Felix Storch Inc.|
|16.8.||Blue Star Ltd|
|16.9.||Philipp Kirsch GmbH|
Research Methodology for the Laboratory Freezers Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global laboratory freezers market were the three major steps undertaken to create and analyze the adoption of laboratory freezers markets in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Laboratory Freezers Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the laboratory freezers market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the laboratory freezers market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Laboratory Freezers Market. Further, we conducted factor analysis using dependent and independent variables such as various product and end-users of laboratory freezers markets. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the laboratory freezers sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global laboratory freezers market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the laboratory freezers market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global laboratory freezers market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global laboratory freezers market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, drive type, and application in the global laboratory freezers market.
The main objective of the Global Laboratory Freezers Market Study
The current & future market trends of the global laboratory freezers market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the laboratory freezers market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product and end-users.
- Define and analysis of the regulatory framework for the laboratory freezers market
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the laboratory freezers market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Laboratory Freezers Market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry