Cryogenic Freezers Market Size, Share, Growth, And Industry Analysis, By Type (-40~-80 ℃, -80~-120 ℃, -120 ℃~), By Application (Corporate Laboratories, Hospitals and Blood Center, Universities and Research Institutions, Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 22 April 2024

Cryogenic Freezers Market Report Overview

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The global cryogenic freezers market size was valued at USD 197.5 million in 2022 and is expected to reach USD 306.77 million by 2031, exhibiting a CAGR expansion of 5.0% during the forecast period.

The cryogenic freezers market refers to the industry involved in the production, distribution, and sale of cryogenic freezers. Cryogenic freezers are specialized refrigeration systems used to store and preserve materials at extremely low temperatures, typically below -150 degrees Celsius (-238 degrees Fahrenheit). Cryogenic freezers are widely used in various industries, including healthcare, pharmaceuticals, biotechnology, research laboratories, and food processing. They are primarily utilized for long-term storage of biological samples, vaccines, cell lines, tissues, organs, and other temperature-sensitive materials.

The cryogenic freezers market has experienced significant growth in recent years due to the increasing demand for preservation and storage of biological samples for research, medical, and commercial purposes. Advancements in cryopreservation techniques, rising investments in healthcare infrastructure, and the expanding biobanking sector have contributed to the market's expansion. Key players in the cryogenic freezers market offer a range of products with varying capacities, features, and temperature control systems. Some common types of cryogenic freezers available in the market include upright cryogenic freezers, chest cryogenic freezers, and portable cryogenic freezers.

COVID-19 Impact: Market Faced a Fall in Demand Due to Disruptions in Supply Chain during the Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the Cryogenic Freezers Market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

There was no single sector unaffected by COVID-19. The Cryogenic Freezers Market was affected as well. The pandemic disrupted global supply chains, including the production and distribution of cryogenic freezers. Lockdown measures, restrictions on international trade, and labor shortages affected manufacturing and caused delays in the delivery of cryogenic freezers. This led to temporary supply shortages in the market. 

Latest Trends

"Rising Adoption of Automation for Improving Sample Handling"

The Cryogenic Freezers market is as dynamic as any market. In the market, there is everyday development to add more benefits to it. Recently, in the market, there is a rising adoption of automation in the market. Automation is becoming more prevalent in cryogenic freezer systems. Manufacturers are incorporating robotic systems and automated technologies to improve sample handling, inventory management, and retrieval processes. These advancements enhance efficiency, reduce human error, and enable high-throughput sample processing in research and biobanking applications.

Cryogenic Freezers Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into -40~-80 ℃, -80~-120 ℃, & -120 ℃~.

In terms of services, 80~-120 ℃ is the largest segment, as it holds the maximum share of the market.

• By Application Analysis

Based on application, the market can be divided into Corporate Laboratories, Hospitals and Blood Center, Universities and Research Institutions, & Others.

Driving Factors

"Expansion of Biorepositories and Biobanks Has Increased Demand in the Market"

The establishment of biorepositories and biobanks is increasing worldwide, driven by the need to collect, store, and share biological samples for research and clinical purposes. These facilities require cryogenic freezers to maintain the integrity and quality of stored samples. Also, ongoing research and development in various fields, such as genetics, genomics, stem cell research, and drug discovery, require cryogenic freezers for the long-term storage of valuable samples. The need for efficient sample preservation and reliable storage solutions fuels the demand for cryogenic freezers.

"Technological Advancement Has Influenced the Demand in the Market"

Continuous advancements in cryogenic storage technologies, such as improved insulation materials, temperature control systems, and data management capabilities, contribute to the growth of the cryogenic freezers market. These advancements enhance the efficiency, reliability, and user-friendliness of cryogenic storage systems. This has led to a positive impact on the Cryogenic Freezers Market growth.

Restraining Factors

"High Cost Can Lead to a Declining Trend in the Market"

The high cost of cryogenic freezers can pose a challenge, particularly for small research laboratories, academic institutions, and emerging biotech companies with limited budgets. These organizations may face financial constraints in acquiring and maintaining cryogenic freezer systems, which can hinder their ability to store and preserve valuable biological samples. As a consequence, there will be a declining trend in the Cryogenic Freezers market. 

Cryogenic Freezers Market Regional Insights

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"North America Region Dominates the Market as it Has Strong Biotechnology and Pharmaceutical Sectors "

North America has the largest Cryogenic Freezers market share as it is home to a thriving biotechnology and pharmaceutical industry. The region hosts numerous biotech and pharma companies engaged in drug discovery, development, and clinical trials. These industries heavily rely on cryogenic freezers for the storage and preservation of valuable samples, including cell lines, vaccines, drug compounds, and clinical trial materials. The demand from these sectors contributes to North America's dominance in the cryogenic freezers market. North America has a robust R&D ecosystem and a high level of investment in scientific research and innovation. Government funding, private investments, and collaborations between academia and industry drive the advancement of technologies and applications that require cryogenic freezers. The strong emphasis on scientific discovery and technological advancements supports the demand for cryogenic freezers in North America.

Key Industry Players

"Key Players Focus On Marketing for Improving Sales & Distribution"

Key players invest in marketing and promotional efforts to create brand awareness and drive demand for their cryogenic freezers. They engage in targeted advertising campaigns, participate in industry trade shows and conferences, and collaborate with key opinion leaders to showcase their products. Digital marketing strategies, including social media campaigns and online content, are also employed to reach a wider audience and generate interest in their offerings. Key players establish distribution networks and partnerships to ensure wide availability of their cryogenic freezers. They collaborate with distributors, scientific supply companies, and healthcare providers to reach end-users in various sectors, including healthcare, research laboratories, biotechnology, and pharmaceuticals. Key players often provide comprehensive after-sales support, including technical assistance, training, and warranty services.

List of Market Players Profile

• Thermo(United States)
• Sanyo(Panasonic)(Japan)
• Eppendorf(Germany)
• So-Low(United States)
• Arctiko(Norway)
• Nuaire
• IlShin
• Froilabo
• Arctiko
• Daihan
• GFL
• Esco Global
• VWR
• Azbil Telstar
• Operon
• Haier
• Zhongke Meiling
• MetInfo
• Aucma
• Coolingway
• Xinyu

Report Coverage

The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc.

Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.