Market Challenges And Opportunities

Global Laboratory Refrigerators and Freezers Market Drivers

Adoption of strategies such as collaboration, partnerships, merger, and acquisitions by the key players is expected to drive the global laboratory refrigerators and freezers market growth. For instance, in May 2018, Phononic, Inc., partnered with Thermo Fischer Scientific, a biotechnology product development company for creating an exclusive product line in healthcare and life sciences. This agreement also includes development of Thermo Fischer Scientific‘s TSX 505 series of laboratory refrigerators. Hence, such partnerships are expected to accelerate the global laboratory refrigerators and freezers market growth.

Furthermore, key players are constantly introducing new product into the market, which is expected to propel the global laboratory refrigerators and freezers market growth. For instance, in June 2016, Phononic Inc. launched a product, medical grade under-counter refrigerator, which was added to its Evolve brand. It is used for storage of pharmaceutical drugs, vaccines, and medical devices. The refrigerator provides high stability in regulating temperature and a monitoring software. It also has batter back-up facility and noise producing level is very low (less than 35 decibels).

Furthermore, in February 2019, Panasonic Health Co. launched a new refrigerator, which is going to be used for preservation of pharmaceutical drugs, vaccine, high–value samples and specimens. It has – 30⁰C freezer (free natural refrigerants used) and invertor compressor, which helps in reduction of power consumption. Hence, introduction of new products is expected to, drive the global laboratory refrigerators and freezers market growth.

Global Laboratory Refrigerators and Freezers Market Restraints

Manufacturers are constantly developing new products in laboratory refrigerators and freezers. This further adds up into final cost, making these products expensive, which may hinder the global laboratory refrigerators and freezers market growth. For instance, one TSX Series Ultra Low Temperature Freezer, a product of Thermo Fischer Scientific costs around US$ 21,908. Such high costs of laboratory refrigerators and freezers may lead to lesser adoption in emerging economies and thereby, restricting the global laboratory refrigerators and freezers market growth.