Laboratory freezers are normally used in hospitals and industrial sectors. Certain factors that are driving the market growth include increasing demand for blood and blood components, rising number of organ transplant procedures and technological advancements in laboratory freezers.
The rising number of organ transplant procedures is the key factor that drives the growth of the global market. According to a global database on donation and transplantation, in 2017, around 139,024 organs were transplanted annually, which is an increase of 7.25% over 2015. Furthermore, government support for the development of technologically advanced products will further accelerate market growth. For instance, the European CommissionŐs Medical Device Directive has employed certain requirements and regulations for the freezers to safeguard the storage of blood and blood components. Hence, with the rising number of organ transplant procedures and increased awareness drives the demand of this market.
However, the high cost of laboratory freezers is expected to hamper the growth of the global market.
Scope of the Report
As per the scope of the report, Laboratory freezers are devices used to store chemicals, enzymes and important reagents used in a medical laboratory, pharmaceutical industries, and blood banks.
Key Market Trends
Blood Banks Segment is expected to dominate the Market
Based on End-user, the market has been segmented into Blood Banks, Medical Laboratories, Pharmaceutical & Biotechnology Companies, and Others. The blood bank segment is driven by high demand for blood and blood components due to the rising prevalence of blood disorders such as sickle cell anemia, blood cancer, and hemophilia. According to the American Cancer Society, in 2019, around 176,200 people in the US are diagnosed with leukemia, lymphoma or myeloma. In addition, several government initiatives for spreading awareness regarding blood donation has also increased the usage of laboratory freezers.
North America dominates the Laboratory Freezers Market
North America has multiple factors, which support the growth of this market, better than other geographic regions. Some factors include an increase in R&D activities in the pharmaceutical & biotechnology industries, advanced health care infrastructure, and rising organ transplant procedures. According to the U.S. Department of Health and Human Services, on average, 95 transplants take place each day in the U.S., the region is also supported by multiple international companies being collaborated with many major hospital chains, which drives the business of the studied market.
Asia-Pacific is expected to grow at a faster pace, owing to the presence of a large patient pool, rapid population growth, and an increase in research and development activities in this region.
The market studied is moderately competitive. Some of the major players in the laboratory freezers market include Arctiko A/S, Avantor, Inc. (VWR International), Biomedical Solutions Inc., Eppendorf AG, Evermed S.R.L., Haier lnc., Helmer Scientific, Panasonic Healthcare Co., Ltd., Philipp Kirsch GmbH, and Thermo Fisher Scientific, Inc. which provides these products across the globe.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Blood and Blood Components
4.2.2 Growing Number of Organ Transplant Procedures
4.2.3 Technological Advancements in Laboratory Freezers
4.3 Market Restraints
4.3.1 High Cost of Laboratory Freezers
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Plasma Freezers
5.1.2 Enzyme Freezers
5.1.3 Flammable Material Freezers
5.2 By End User
5.2.1 Blood Banks
5.2.2 Medical Laboratories
5.2.3 Pharmaceutical & Biotechnology Companies
5.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.3.3 Asia Pacific
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Middle East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East and Africa
5.3.5 South America
18.104.22.168 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Arctiko A/S
6.1.2 Avantor, Inc. (VWR International)
6.1.3 Biomedical Solutions Inc.
6.1.4 Eppendorf AG
6.1.5 Evermed S.R.L.
6.1.6 Haier lnc.
6.1.7 Helmer Scientific
6.1.8 Panasonic Healthcare Co., Ltd.
6.1.9 Philipp Kirsch GmbH
6.1.10 Thermo Fisher Scientific, Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.