New York, June 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Laboratory Refrigerators And Ovens Global Market Report 2023" - https://www.reportlinker.com/p06463982/?utm_source=GNW
, Thermo Fisher Scientific Inc., Worthington Industries, Carbolite GERO Limited, Azbil Telstar S.L., and Angelantoni Life Science.
The global laboratory refrigerators and ovens market is expected to grow from $1.36 billion in 2022 to $1.44 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The laboratory refrigerators and ovens market is expected to reach $1.79 billion in 2027 at a CAGR of 5.7%.
The laboratory refrigerators and ovens market consists of sales of ultra-low temperature freezers, chest freezers, under-counter freezers and upright freezers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the laboratory refrigerators and ovens market in 2022. The regions covered in laboratory refrigerators and ovens report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of laboratory refrigerators are general-purpose lab refrigerators, explosion-proof refrigerators, portable refrigerators, sub-zero refrigerators, and walk-in refrigerators.General-purpose lab refrigerators refer to a kind of refrigerator designed with basic features and options optimized for use in the laboratory.
The main types of laboratory ovens are general-purpose lab ovens and vacuum ovens, that are sold through several distribution channels, including hospital pharmacies, retail pharmacies, and online stores.
The growing healthcare infrastructure is expected to propel the growth of the laboratory refrigerators and ovens market going forward.A 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.
Product innovations are a key trend gaining popularity in the laboratory refrigerators and ovens market.Major companies operating in the laboratory refrigerators and ovens market are introducing innovative products to sustain their position in the market.
For instance, in June 2022, Haier Biomedical, a UK-based sustainable products and services provider to the life science sector, launched the DW-86L828ST, a new-generation ULT (ultra low temperature) freezer.This product has innovatively integrated dual-system refrigeration technology with sophisticated frequency converter technology, offering double security and industry-leading ultra-low energy performance.
Additionally, the product has been uniquely merged with leading energy-saving refrigeration technologies such as the HC refrigeration system, intelligent frequency conversion technology, and frequency conversion compressor.
In August 2022, Azenta Life Sciences, a US-based provider of life sciences solutions, acquired B Medical Systems for $469 million.This acquisition is expected to increase Azenta’s cold chain capabilities and introduce new methods for the safe transportation of temperature-sensitive samples.
B Medical System is a Luxembourg-based provider of medical refrigeration and blood management solutions.
The countries covered in the laboratory refrigerators and ovens market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The laboratory refrigerators and ovens market research report is one of a series of new reports that provides laboratory refrigerators and ovens market statistics, including laboratory refrigerators and ovens industry global market size, regional shares, competitors with a laboratory refrigerators and ovens market share, detailed laboratory refrigerators and ovens market segments, market trends and opportunities, and any further data you may need to thrive in the laboratory refrigerators and ovens industry. This laboratory refrigerators and ovens market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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