This research study involved extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the regulatory landscape; competitive scenario; historic data; current trends in the market; technological innovations and upcoming technologies; and market drivers, restraints, opportunities, and challenges.

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What the Market Looks Like?

The report "Laboratory Freezers Market by Product(Cryopreservation, Plasma Freezer, ExplosionProof Freezer, Enzyme Freezer, Ultra-Low Freezer, Blood Bank Refrigerator, Pharmacy Refrigerator, Chromatography Refrigerator), End User(Hospitals) - Global Forecast to 2026", is projected to reach USD 5.7 billion by 2026 from USD 4.7 billion in 2022, at a CAGR of 4.9%. Growth in the market is driven by the increasing demand for blood and blood components for transfusion and for support in cancer therapy.

The increasing demand for blood & blood components, rising government support for research activities and clinical trials, and technological advancements in freezers & refrigerators are the major factors driving the growth of the market. Untapped emerging regions are expected to offer new growth opportunities for players operating in this market in the coming years.

The laboratory freezers market studied in this report is segmented by product type, end user, and region. Based on end user, the market is segmented into hospitals, medical laboratories, pharmacies, blood banks, academic & research institutes, and pharmaceutical and biotechnology companies. In 2015, the blood banks segment accounted for the largest share of the market, owing to the increasing demand for whole blood and blood components as a result of the rising prevalence of blood disorders such as sickle cell anemia, blood cancer, and hemophilia.

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The freezers segment holds the highest market share, by product, in the laboratory freezers market, in the forecast period.

In 2020, the freezers segment accounted for the largest share of the laboratory freezers market. The large share of this segment can be attributed to their utility in pharmaceutical and biotechnology companies and academic and research institutes to support vaccine development and in medical laboratories and hospitals for storing test samples.

In the freezers segment, the ultra-low-temperature freezers segment is expected to grow at the highest CAGR in the forecast period.

The ultra-low-temperature freezers segment is expected to grow at the highest CAGR in the forecast period. The large share of this segment can be attributed to their utility in pharmaceutical and biotechnology companies and academic and research institutes to support vaccine development and in medical laboratories and hospitals for storing test samples.

The laboratory refrigerators segment holds the highest share in the refrigerators segment

Based on type, the refrigerators market is segmented into blood bank refrigerators, chromatography refrigerators, explosion-proof refrigerators, flammable material refrigerators, laboratory refrigerators, and pharmacy refrigerators. In 2020, the laboratory refrigerators segment accounted for the largest shatories, hospitals, and clinics.

Latin America is expected to grow at the highest CAGR, by region, in the forecast period

The laboratory freezers market is segmented into North America, Europe, Asia Pacific, Latin America and Mare of the refrigerators segment. In 2020 and 2021, this segment shows high growth due to the extensive use of laboratory refrigerators in the short-term storage of samples for COVID-19 testing in medical laboriddle East & Africa. APAC to grow at the highest CAGR in the laboratory freezers market during the forecast period. Latin America is one of the fastest-growing markets for laboratory freezers owing to growing investments from global pharmaceutical manufacturers in Latin America and the availability of government funding for R&D activities as well as efforts to modernize the existing healthcare system.

Prominent players in the laboratory freezers market include Eppendorf AG (Germany), Haier Biomedical (China), Thermo Fisher Scientific, Inc. (US), Helmer Scientific (US), PHC Holdings Corporation (Japan), Liebherr (Switzerland), Middleby Corporation (Follett Products, LLC), Felix Storch, Inc. (US), BioLife Solutions, Inc. (Stirling Ultracold) (US), Blue Star Limited (India), B Medical Systems (Luxembourg), Philipp Kirsch GmbH (Germany), Avantor, Inc. (US), Standex International Corporation (US), Vestfrost Solutions A/S (Denmark), Changhong Meiling Co. Ltd. (China), EVERmed S.R.L. (Italy), ARCTIKO A/S (Denmark), Glen Dimplex Medical Appliances (LEC Medical) (Ireland), So-Low Environmental Equipment Co. Ltd. (US), KW Apparecchi Scientifici SRL (Italy), Jeio Tech (Republic of Korea), Refrigerated Solutions Group (US), Stericox India Private Limited (India), Thalheimer Kühlung (Germany), and Antylia Scientific (US).

What are Key Trends in the Market?

The growth of the Laboratory Freezers Market is primarily influenced by the following factors:

Increasing Demand for Blood and Blood Components for Transfusion and Production of Biopharmaceuticals
Growing Number of Organ Transplant Procedures
Rising Government Support for Research Activities and Clinical Trials
Technological Advancements in Laboratory Freezers and Refrigerators
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