Overview and Scope
Laboratory refrigerators and ovens refer to devices primarily used to monitor and control temperature with digital controls, glass doors, and alarm systems. These are used to store biological materials at precisely controlled temperatures, including vaccinations, medications, blood samples, and the supply of breast milk.
Sizing and Forecast
The laboratory refrigerators and ovens market size has grown strongly in recent years. It will grow from $1.44 billion in 2023 to $1.53 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to research and development activities, stringent regulatory requirement, biobanking and sample storage, biobanking and sample storage, pharmaceutical and biotech industry growth, globalization of research.
The laboratory refrigerators and ovens market size is expected to see strong growth in the next few years. It will grow to $1.96 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to precision medicine and personalized healthcare, climate change research, covid-19 research and vaccine storage, energy efficiency and sustainability, biological and pharmaceutical storage. Major trends in the forecast period include energy efficiency and sustainability, smart and connected laboratory equipment, temperature uniformity and precision control, customization and specialized applications, innovations in cooling technologies.
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Segmentation & Regional Insights
The laboratory refrigerators and ovens market covered in this report is segmented –
1) By Laboratory Refrigerators: General Purpose Lab Refrigerator, Explosion Proof Refrigerator, Portable Refrigerator, Sub-Zero Refrigerator, Walk-In Refrigerator
2) By Laboratory Ovens: General Purpose Lab Ovens, Vacuum Ovens
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Stores
Top 5 Major Players:
- Haier Biomedical,
- Cole-Parmer Instrument Company,
- Eppendorf AG,
- Helmer Scientific,
- Chart Industries Inc
North America was the largest region in the laboratory refrigerators and ovens market in 2023. The regions covered in the laboratory refrigerators and ovens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing healthcare infrastructure is expected to propel the growth of the laboratory refrigerators and ovens market going forward. Health expenditure is a capital consumption with the primary objective of encouraging, restoring, and sustaining health. Laboratory refrigerators and ovens are used in the healthcare industry to store biological samples such as explosive chemicals, ribonucleic acid (RBA), deoxyribonucleic acid, blood, blood derivatives, biological reagents, vaccines, and medications (DNA). Thus, the increasing healthcare infrastructure will encourage the demand for laboratory refrigerators and ovens to meet the parallel demand. For instance, in March 2022, according to the 2021–2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based Department of Health and Human Services department, the annual increase in national health spending was predicted to average 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. Furthermore, Medicare spending is predicted to grow at a 7.2% annual rate from 2021 to 2030, while Medicaid spending is expected to grow at a 5.6% yearly rate. Therefore, the growing healthcare infrastructure is driving the growth of the laboratory refrigerators and ovens market.
Key Industry Players
Major companies operating in the laboratory refrigerators and ovens market are developing products, such as general-purpose laboratory refrigerators, to meet larger customer bases, more sales, and increase revenue. General-purpose laboratory refrigerators are specialized refrigeration units designed for storing a wide range of laboratory and medical supplies that require temperature regulation. For instance, in July 2021, Thermo Fisher Scientific Inc., a US-based biotechnology company, launched TSG Series general purpose laboratory refrigerators and freezers. These refrigerators and freezers offer temperature ranges catering to both short- and long-term storage needs, including those essential for preserving COVID-19 vaccines. Their standard alarm features, notifying users of temperature fluctuations, door-ajar incidents, and power failures, not only simplify operational management but also prompt timely corrective actions, ensuring the ongoing safety of valuable materials.
The laboratory refrigerators and ovens market report table of contents includes:
1. Executive Summary
2. Laboratory Refrigerators And Ovens Market Characteristics
3. Laboratory Refrigerators And Ovens Market Trends And Strategies
4. Laboratory Refrigerators And Ovens Market – Macro Economic Scenario
5. Global Laboratory Refrigerators And Ovens Market Size and Growth
….
31. Global Laboratory Refrigerators And Ovens Market Competitive Benchmarking
32. Global Laboratory Refrigerators And Ovens Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Laboratory Refrigerators And Ovens Market
34. Laboratory Refrigerators And Ovens Market Future Outlook and Potential Analysis
35. Appendix
List of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Laboratory Refrigerators And Ovens Market, Segmentation By Laboratory Refrigerators, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Laboratory Refrigerators And Ovens Market, Segmentation By Laboratory Ovens, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Laboratory Refrigerators And Ovens Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…..
Table 74: Haier Biomedical Financial Performance
Table 75: Cole-Parmer Instrument Company Financial Performance
Table 76: Eppendorf AG Financial Performance
Table 77: Helmer Scientific Financial Performance
Table 78: Chart Industries Inc. Financial Performance
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