Laboratory Refrigerators and Ovens: Introduction
- Laboratory refrigerators and ovens are required to store specimens or samples at a specific temperature.
Key Drivers of the Global Laboratory Refrigerators and Ovens Market
- Major application of laboratory refrigerators and ovens is in the storage of industrial-grade compounds, volatile chemicals, vaccines, and medicines which cannot be stored in atmosphere temperature. Demand for laboratory refrigerators and ovens is high for the storage of blood samples in blood bank laboratories. Large number of blood banks are available globally and scarcity of blood in rural and semi-urban areas is driving governments to invest in blood banks. Increasing number of blood banks is likely to drive the demand for laboratory refrigerators in the coming years.
- Usage of laboratory ovens is also increasing in industrial segments. Usage of higher temperature products in chemical industries is expected to work as a market driver.
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Rising Demand for Laboratory Refrigerators and Ovens in Pharmaceutical Industry to Create New Market Opportunities
- The global pharmaceutical industry is growing at a significant pace at the global level. Companies are working on developing different medicines and vaccines which need to be stored in a particular temperature. Furthermore, rising number of pharmaceutical companies at the global level is driving the growth of the market.
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High Product Price to Restrict Market Growth
- The average product price of laboratory refrigerators and ovens is between medium to high. Small scale institutional labs cannot offer automated temperature control systems, which is projected to restrict the market growth.
Asia Pacific the Dominant Market for Laboratory Refrigerators and Ovens
- Asia Pacific was the dominant laboratory refrigerators and ovens market in 2019. Large number of laboratories in the industrial and health care segment is driving market demand. Numerous small and medium scale pharmaceutical companies are present in China and India, which is set to have a positive impact on the market globally.
- North America and Europe accounted for significant share of the laboratory refrigerators and ovens market. Key players operate their global business from these regions. Technological advancement in oven systems will further work as a key market driver in the coming years. The U.S. accounted for the largest laboratory refrigerators and ovens market in North America, followed by Canada.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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