The Laboratory Freezers Market growth is restrained by the growing use of refurbished laboratory freezers. In this report, the global lab freezers market is segmented by product, end user, and region. Based on products, the laboratory freezers market is segmented into freezers, refrigerators, and cryopreservation systems. In 2020, the freezers segment accounted for the largest share in the lab freezers market. Growth in the market is driven by the increasing demand for blood and blood components for transfusion and for support in cancer therapy.

Global 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%.

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Based on type, the freezers market is segmented into ultra-low-temperature freezers, laboratory freezers, plasma freezers, enzyme freezers, explosion-proof freezers, and flammable material freezers. Ultra-low-temperature freezers is growing at the highest CAGR, by type, in the freezers segment. The high growth of this segment can be attributed to the wide application of ultra-low-temperature freezers for biological and biotech storage in research universities, medical centers, and hospitals.

The blood banks segment to grow at the highest CAGR, by end user, in the forecast period Growth in this end-user segment is mainly driven by 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. The increasing demand for plasma from biopharmaceutical companies for use in plasma fractionation procedures is also driving the demand for plasma freezers in blood banks.

Key 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).

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Thermo Fisher Scientific (US) is a leading player in the laboratory freezers market and accounted for the largest share of the market in 2020. The company’s products in the laboratory freezers market include laboratory refrigerators, cryopreservation systems, ultra-low-temperature freezers, flammable materials refrigerator, explosion-proof refrigerators, and chromatography refrigerators. In June 2020, the company launched the upgraded TSX Series of ultra-low-temperature freezers to include additional functionalities to deliver environmentally sustainable protection of materials

North America holds the largest share in the Laboratory Freezers market, by region, in the forecast period The Laboratory Freezers market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North America accounted for the largest share in the Laboratory Freezers market in 2020. The large share of this regional segment can be attributed to the high healthcare expenditure in the US & Canada and the growing R&D spending on pharmaceuticals & biotechnology in this region. The presence of a large number of laboratory freezer and refrigerator manufacturers in the region also plays a pivotal role in boosting market growth.

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