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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%. The growth of this market is driven by increasing demand for blood and blood components for transfusion and cancer treatment support. Technological advances in laboratory freezers are also driving the growth of this market.

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Key Market Players of Laboratory Freezers Market:

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)

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 a realistic scenario, it could be assumed that the effect of COVID-19 on the laboratory freezers market has been fairly positive and possibly long-term. In this scenario, even if the COVID-19 vaccination proves effective without requiring additional booster doses, the demand created for lab freezers/refrigerators would remain stable, following a trend similar to the pre-pandemic scenario. This could be attributed to the possible increase in the number of vaccine trials fueled by growing investments, the increasing number of surgical procedures conducted (such as organ transplants), and increasing blood donations globally.

In the optimistic scenario, this increase in demand for lab freezers and lab refrigerators can be expected to continue for the next 3–5 years, as COVID-19 vaccination continues to mitigate new emerging variants of the virus and provide booster doses to the population. Similarly, in early-mid 2021, health officials from Thailand, Bahrain, and the United Arab Emirates decided to offer booster shots of the COVID-19 vaccine to people already inoculated with vaccines from Sinovac Biotech Ltd., Sinopharm, and AstraZeneca.

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Opportunity: Vaccine development for emerging infectious diseases

Vaccine development for emerging infectious diseases has received greater attention due to the COVID-19 pandemic. This rising focus and investments in vaccine development would boost the growth of clinical research trials for vaccines in the coming years. This, in turn, would boost the growth of the lab freezers and refrigerators market as most vaccines are required to be stored at low temperatures at the time of development and distribution.

Recent Developments:

• In March 2021, Eppendorf AG (Germany) redesigned and upgraded CryoCube F570 to be equipped with future-proof green cooling liquids, green insulation foam, and better performance.
• In March 2021, Helmer Scientific (US) launched the GX Solutions Laboratory & Plasma Freezers for vaccines, medications, blood therapies, and sample storage using the Global Warming Potential (GWP) Technology In January 2021, UnitedHealth Group (US) launched virtual primary care for employees for wellness and routine and chronic condition management.
• In June 2021, B Medical Systems (Luxembourg) partnered with Dr. Reddy’s Laboratories (India) to provide cold chain solutions for the Sputnik V vaccine roll-out in India.
• In May 2021, BioLife Solutions, Inc. (US) acquired Stirling Ultracold (US), a private manufacturer of ultra-low-temperature freezers.
• In February 2021, Follett Products, LLC. (US) entered into a partnership with PHC Corporation of North America (US) to market and sell the PHCbi line of ultra-low-temperature freezers, pharmaceutical-grade refrigerators, and biomedical freezers to Follett’s healthcare customers.

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