The laboratory freezers market has shown a significant rise in demand in 2020 and 2021 due to the utility of these products for appropriate temperature-controlled storage of COVID-19 vaccines. The growing use of refurbished laboratory freezers and refrigerators could restrain the growth of this market.
What the Market Looks Like?
MarketsandMarkets forecasts [291 Pages Report] The laboratory freezers market is projected to reach USD 5.7 billion by 2026 from USD 4.7 billion in 2022, at a CAGR of 4.9%. North America is the largest market for high-content screening, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The growth in this market is driven by increasing demand for blood and blood components for transfusion and for support in cancer therapy. Technological advancements in lab freezers also drive the growth of this market.
COVID-19 Impact on the Laboratory Freezers Market
To assess the impact of COVID-19 and provide market forecasts, scenario-based approaches are considered.
In the optimistic scenario, the COVID-19 pandemic has had a significantly positive long-term impact on the laboratory freezers market. Initially, as a result of lockdowns and quarantine measures, there was a dip in the lab freezers/refrigerators market in early 2020. However, as the disease progressed throughout the world, there was an exponential rise in the number of laboratories, COVID-19 testing sites, and processing facilities managing SARS-CoV-2 samples, reagents, and vaccines. This, in turn, led to growth in the demand for laboratory refrigerators, freezers, and ultra-low-temperature freezers to support sample processing, testing, and vaccine development labs.
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What are Key Trends in the Market?
The growth of the Laboratory Freezers market is primarily influenced by the following factors:
- Rollout of COVID-19 vaccines requiring freezer storage
- Increasing demand for blood and blood components for transfusion and for support in cancer therapy
- Growing number of organ transplant procedures
- Technological advancements in laboratory freezers and refrigerators
- Growing use of refurbished laboratory freezers
The Laboratory Freezers market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North America accounted for the largest share in the Laboratory Freezers market in 2020. The large share of this regional segment can be attributed to the high healthcare expenditure in the US & Canada and the growing R&D spending on pharmaceuticals & biotechnology in this region. The presence of a large number of laboratory freezer and refrigerator manufacturers in the region also plays a pivotal role in boosting market growth.
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