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.
What the Market Looks Like?
The global laboratory freezers market is projected to reach USD 3.76 Billion by 2021, at a CAGR of 4.6% from 2016 to 2021. Geographically, North America dominated the global laboratory freezers market in 2015.
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.
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Based on end user, the laboratory freezers market is segmented into hospitals, medical laboratories, pharmacies, academic & research institutes, blood banks, and pharmaceutical & biotechnology companies. The blood banks segment accounted for the largest share of the market in 2015.
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
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.
North America dominated the global laboratory freezers market in 2015. The large share of this regional segment can be attributed to the presence of developed healthcare systems in the U.S. & Canada and growing R&D spending on pharmaceuticals & biotechnology in this region. However, the Asia-Pacific region is expected to register the highest growth in the coming years, due to a growth in research activities & pharmaceutical manufacturing and increasing investments by leading players and respective government agencies in emerging APAC countries.
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