Laboratory refrigerators and freezers are used for preservation of specimen samples, blood samples, blood plasma, and other products including vaccines, syringes, etc. giving it a broad range of applications. These are highly sterilized and maintained at the required standards for prevention from bacterial or any other contamination. They are supposed to maintain a constant temperature, in order to minimize the risk of contamination and explosion (in case of volatile products). A refrigerator or freezer typically contains – condenser, compressor, evaporator, and expansion valve. Freezer is used when the products are to be maintained at a temperature below the freezing point.
Global Laboratory Refrigerators and Freezers Market Drivers
Adoption of strategies such as collaboration, partnerships, merger, and acquisitions by the key players is expected to drive the global laboratory refrigerators and freezers market growth. For instance, in May 2018, Phononic, Inc., partnered with Thermo Fischer Scientific, a biotechnology product development company for creating an exclusive product line in healthcare and life sciences. This agreement also includes development of Thermo Fischer Scientific‘s TSX 505 series of laboratory refrigerators. Hence, such partnerships are expected to accelerate the global laboratory refrigerators and freezers market growth.
Furthermore, key players are constantly introducing new product into the market, which is expected to propel the global laboratory refrigerators and freezers market growth. For instance, in June 2016, Phononic Inc. launched a product, medical grade under-counter refrigerator, which was added to its Evolve brand. It is used for storage of pharmaceutical drugs, vaccines, and medical devices. The refrigerator provides high stability in regulating temperature and a monitoring software. It also has batter back-up facility and noise producing level is very low (less than 35 decibels).
Furthermore, in February 2019, Panasonic Health Co. launched a new refrigerator, which is going to be used for preservation of pharmaceutical drugs, vaccine, high–value samples and specimens. It has – 300C freezer (free natural refrigerants used) and invertor compressor, which helps in reduction of power consumption. Hence, introduction of new products is expected to, drive the global laboratory refrigerators and freezers market growth.
Global Laboratory Refrigerators and Freezers Market Regional Analysis
North America is expected to hold a dominant position in the global laboratory refrigerators and freezers market, owing to increase in number of blood banks, influencing positively North America’s laboratory refrigerators and freezers market growth. According to Americas Blood Centers, there are over 600 blood collection centers present in the U.S., 2018, and these blood collection centers are expected to require more number of laboratory refrigerators and freezers for storing the blood plasma and other products. Hence, this may increase the demand for laboratory refrigerators and freezers in North America and thereby, driving the global laboratory refrigerators and freezers market growth.
Global Laboratory Refrigerators and Freezers Market Restraints
Manufacturers are constantly developing new products in laboratory refrigerators and freezers. This further adds up into final cost, making these products expensive, which may hinder the global laboratory refrigerators and freezers market growth. For instance, one TSX Series Ultra Low Temperature Freezer, a product of Thermo Fischer Scientific costs around US$ 21,908. Such high costs of laboratory refrigerators and freezers may lead to lesser adoption in emerging economies and thereby, restricting the global laboratory refrigerators and freezers market growth.
Global Laboratory Refrigerators and Freezers Market Key Players
Some of the major players operating in the global laboratory refrigerators and freezers market include, Thermo Fischer Scientific, Phononic Inc., Philipp Kirsch GmbH, Haier Biomedical, Panasonic Healthcare Co., Ltd., VWR Corporation, Eppendorf AG, Bionics Scientific Technologies Ltd., Helmer Scientific, and Aegis Scientific Inc.
Global Laboratory Refrigerators and Freezers Market Taxonomy
The global laboratory refrigerators and freezers market is segmented on the basis of product type, end user, and region.
By Product Type
By End User
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