PUBLISHER: The Business Research Company | PRODUCT CODE: 1664446
PUBLISHER: The Business Research Company | PRODUCT CODE: 1664446
Laboratory refrigerators and ovens are devices primarily designed for temperature monitoring and control, featuring digital controls, glass doors, and alarm systems. They play a crucial role in storing biological materials at precisely controlled temperatures, encompassing vaccinations, medications, blood samples, and the storage of breast milk.
The primary types of laboratory refrigerators include general-purpose lab refrigerators, explosion-proof refrigerators, portable refrigerators, sub-zero refrigerators, and walk-in refrigerators. General-purpose lab refrigerators are specifically designed with basic features and options optimized for laboratory use. As for laboratory ovens, the main types include general-purpose lab ovens and vacuum ovens. These devices are distributed through various channels, including hospital pharmacies, retail pharmacies, and online stores.
The laboratory refrigerators and ovens market research report is one of a series of new reports from The Business Research Company 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.
The laboratory refrigerators and ovens market size has grown strongly in recent years. It will grow from $1.52 billion in 2024 to $1.6 billion in 2025 at a compound annual growth rate (CAGR) of 5.6%. 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 $2.1 billion in 2029 at a compound annual growth rate (CAGR) of 7.0%. 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.
The anticipated growth of the laboratory refrigerators and ovens market is driven by the expanding healthcare infrastructure. Health expenditure, aimed at promoting, restoring, and sustaining health, is a significant capital consumption. In the healthcare industry, laboratory refrigerators and ovens play a crucial role in storing various biological samples such as explosive chemicals, ribonucleic acid (RNA), deoxyribonucleic acid (DNA), blood, blood derivatives, biological reagents, vaccines, and medications. The rising demand for these storage solutions is expected to parallel the growth in healthcare infrastructure. For example, a report from the Centers for Medicare & Medicaid Services in March 2022 predicted an annual increase in national health spending averaging 5.1% between 2021 and 2030, reaching around $6.8 trillion by 2030. The increasing healthcare infrastructure is, therefore, a driving force behind the growth of the laboratory refrigerators and ovens market.
Another factor contributing to the growth of the laboratory refrigerators and ovens market is the increasing number of clinical trials. Clinical trials, which assess the safety, efficacy, and benefits of medical interventions, require sophisticated storage solutions to maintain the quality and integrity of essential materials. Laboratory refrigerators and ovens play a vital role in meeting this need. As of May 2023, ClinicalTrials.gov recorded 452,604 clinical studies, indicating a significant rise from the 365,000 registered trials in early 2021. This surge in clinical trials emphasizes the demand for high-quality storage equipment, driving the growth of the laboratory refrigerators and ovens market.
A key trend in the laboratory refrigerators and ovens market is the emphasis on product innovations by major companies. These companies are introducing advanced products to maintain their market positions. For instance, in June 2022, Haier Biomedical launched the DW-86L828ST, a new-generation ultra-low-temperature (ULT) freezer. This product integrates dual-system refrigeration technology with sophisticated frequency converter technology, offering enhanced security and industry-leading ultra-low energy performance. It also incorporates energy-saving refrigeration technologies such as the HC refrigeration system, intelligent frequency conversion technology, and frequency conversion compressor.
Major companies in the laboratory refrigerators and ovens market are developing products, such as general-purpose laboratory refrigerators, to cater to a larger customer base, boost sales, and increase revenue. General-purpose laboratory refrigerators are specialized refrigeration units designed to store a wide variety of laboratory and medical supplies that require temperature control. For example, in August 2023, Thermo Fisher Scientific Inc., a U.S.-based biotechnology company, launched a new series of laboratory refrigerators and freezers called the TSV Series, which are manufactured in India. The TSV Series is designed to meet the short- to medium-term storage needs of academic, research, and healthcare laboratories in India, ensuring the stability of samples and chemicals, which is essential for accurate laboratory processes.
In August 2022, Azenta Life Sciences acquired B Medical Systems for $469 million, enhancing Azenta's cold chain capabilities and introducing new methods for the safe transportation of temperature-sensitive samples. B Medical System, based in Luxembourg, is known for its medical refrigeration and blood management solutions.
Major companies operating in the laboratory refrigerators and ovens market include Haier Biomedical, Cole-Parmer Instrument Company, Eppendorf AG, Helmer Scientific, Chart Industries Inc., Labcold Ltd., NuAire Inc., Marvel Refrigeration, Philipp Kirsch GmbH, Sheldon Manufacturing Inc., Thermo Fisher Scientific Inc., Worthington Industries, Carbolite GERO Limited, Azbil Telstar S.L., Angelantoni Life Science, Panasonic Healthcare Holdings Co. Ltd., Binder GmbH, Bionics Scientific Technologies (P) Ltd., BMT Medical Technology s.r.o., Despatch Industries, Esco Micro Pte. Ltd., FALC Instruments S.r.l., Foshan JCT Machinery Co. Ltd., Hettich Benelux B.V., Labconco Corporation, Lab Research Products, PHC Corporation, VWR International LLC, Aegis Scientific Inc., RUMEDICO GmbH
North America was the largest region in the laboratory refrigerators and ovens market in 2024. 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
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, Canada, Italy, Spain.
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.
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.
Laboratory Refrigerators And Ovens Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on laboratory refrigerators and ovens market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for laboratory refrigerators and ovens ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The laboratory refrigerators and ovens market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
1) By General Purpose Lab Refrigerator; Undercounter Refrigerators; Upright Refrigerators; Benchtop Refrigerators
2) By Explosion Proof Refrigerator; Flammable Storage Refrigerators; Hazardous Location Refrigerators
3) By Portable Refrigerator; Mini Refrigerators; Compact Refrigerators
4) By Sub-Zero Refrigerator; -20°C Freezers; -40°C Freezers
5) By Walk-In Refrigerator; Custom Walk-In Units; Prefabricated Walk-In Units