The Global Market for Laboratory Refrigerators and Ovens is Projected to Reach US$1.4 Billion by 2022

Commitment to Increase Life Sciences R&D Spending Among Developing Countries Drives the Laboratory Refrigerators and Ovens Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Laboratory Refrigerators and Ovens market. The global market for Laboratory Refrigerators and Ovens is projected to reach US$1.4 billion by 2022, driven by government policy driven initiatives to stimulate life sciences R&D against the backdrop of the growing need for innovation and value creation in the field of medicine and healthcare.  

Refrigerators and ovens are appliances that have a significant role in routine and complex tasks in clinical and biological research laboratories. Materials of biological origin require specific storage conditions for retaining their efficacy for longer duration, creating the need for specialized refrigerators and freezers that are designed to provide optimum storage conditions for materials such as blood, blood components, chromosomal fragments and reagents. Ovens too play a critical role in laboratories where they are employed for various routine functions such as drying, curing, annealing, conditioning, evaporating, sterilizing, dehydrating and testing samples. The growing life sciences R&D spending and technological advances are major factors driving demand for laboratory refrigerators and ovens. The growing incidence of chronic diseases is driving demand for novel and more effective therapeutics, resulting in growing research on biological products. This in turn is driving the use of refrigerators and ovens that can handle these materials. Other factors driving growth in the market include growing environmental and safety regulatory pressure, development of new products with enhanced performance, and growing market for contract research and manufacturing.

Technological advances represent a major market driver, enabling production of more energy-efficient refrigerators, freezers and ovens with advanced features that enhance their reliability. Particularly, energy-efficient laboratory refrigerators and freezers are gaining preference from laboratories looking to cut down operating costs and conform to regulations.  Use of novel refrigerants, better door insulation, high-density urethane foam cabinets, variable speed compressor and internal compartmentalization and superior insulation are major areas of advancements in new refrigerators and freezers. Laboratory ovens too are witnessing product enhancements and innovation with regard to size, temperature and capacity. Computer temperature control, digital display and stainless steel liner are some of the key features being integrated into modern laboratory ovens. Despite the opportunities for growth, the market will nevertheless witness challenges in the form of higher prices of advanced refrigerators, freezers and ovens, increasing competition from international players and intensifying pricing pressures. 

As stated by the new market research report on Laboratory Refrigerators and Ovens, the United States represents the largest market worldwide supported by well-established and growing life sciences research especially in the field of personalized medicine and organ transplant. Asia-Pacific ranks as the fastest growing market with a CAGR of 7.1% through the analysis period led by factors such as focus on life sciences R&D in emerging countries such as China and India; robust growth of contract research and manufacturing of pharmaceuticals and drugs; establishment of centers of excellence and innovation in biotechnology and healthcare research; growing healthcare needs, shift towards value based healthcare and the ensuing need to  reduce costs, increase efficiency and value.

Major players in the market include AGA Marvel, Azbil Telstar, S.L., Carbolite GERO Limited, Chart Industries, Inc., Cole-Parmer Instrument Company, Eppendorf AG, Helmer Scientific, Labcold Ltd., NuAire Inc., Panasonic Healthcare Holdings Co., Ltd., Sheldon Manufacturing, Inc., Thermo Fisher Scientific, Inc. and Worthington Industries among others.

The research report titled “Laboratory Refrigerators and Ovens: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Laboratory Refrigerators and Ovens in value terms for all major geographic markets such as United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America and Rest of World. Product segments analyzed in the report include Refrigerators (General Purpose Laboratory Refrigerator, Explosion Proof Refrigerator, Portable Refrigerator, Sub-Zero Refrigerator and Walk-In Refrigerator), Freezers (General Purpose Laboratory Freezer, Explosion Proof Freezer and Ultra Low Temperature Freezer), and Ovens (General Purpose Laboratory Oven and Vacuum Oven).

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