(EMAILWIRE.COM, November 19, 2020 ) According to the new market research report by MarketsandMarkets, the global laboratory freezers market is projected to reach USD 3.76 Billion by 2021, at a CAGR of 4.6% from 2016 to 2021.

The increasing demand for blood & blood components, rising government support for research activities and clinical trials, and technological advancements in freezers & refrigerators are the major factors driving the growth of the market.

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Geographical Growth Analysis:

In this report, the global laboratory freezers market is studied at regional and country levels. In 2015, North America represented the largest regional market, followed by Europe. Although North America will continue to dominate the global market during the forecast period, the Asia-Pacific region is expected to register the highest market growth in the coming years. A majority of the growth in this region is driven by the improving healthcare infrastructure, increasing investments by government agencies, growth in biotechnology research, and rising focus of key market players on emerging Asia-Pacific countries.

Untapped emerging regions are expected to offer new growth opportunities for players operating in this market in the coming years. However, high cost of laboratory freezers and growing use of refurbished equipment are the major factors restraining the growth of this market.

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The increasing demand for blood & blood components and growing number of organ transplant procedures are the key factors driving the growth of the global market. However, the availability of low-cost products from a large number of local players and increasing use of refurbished equipment are some of the major factors restraining the growth of this market.

Based on end user, the laboratory freezers market is segmented into hospitals, medical laboratories, pharmacies, academic & research institutes, blood banks, and pharmaceutical & biotechnology companies. The blood banks segment accounted for the largest share of the market in 2015. The large share of this segment can be attributed to the rising demand for whole blood and blood components, owing to the increasing prevalence of blood disorders such as sickle cell anemia, blood cancer, and hemophilia.

In this report, the global laboratory freezers market is studied at regional and country levels. In 2015, North America represented the largest regional market, followed by Europe. Although North America will continue to dominate the global market during the forecast period, the Asia-Pacific region is expected to register the highest market growth in the coming years.

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Some key players mentioned in the research report are:

The key players in this market are Thermo Fisher Scientific Inc. (U.S.), Haier Biomedical (China), Eppendorf AG (Germany), Helmer Scientific (U.S.), VWR Corporation (U.S.), ARCTIKO A/S (Europe), Biomedical Solutions Inc. (U.S.), EVERmed S.R.L. (Italy), Philipp Kirsch GmbH (Germany), and Panasonic Healthcare Co., Ltd. (Japan)