Laboratory Temperature Control Units Market: Introduction
According to the report, the global laboratory temperature control units market was valued at US$ 542.7 Mn in 2020 and is projected to expand at a moderate CAGR from 2021 to 2031. Laboratory temperature control units are devices used in industrial processes to maintain the desired temperature in labs. These are considered an integral part of the pharmaceutical & biotechnology industry. Laboratory temperature control units such as chillers, circulators, temperature controllers, and other regulating products are widely used in various reference laboratories, diagnostic laboratories, hospital laboratories, and other centers. Moreover, laboratory temperature control units are used in the lifesciene and biotechnology industries. The low cost is likely to boost the demand for laboratory temperature control units in the near future.
Based on product, the global market has been categorized into chillers, circulators, temperature controllers, and others. The chillers segment accounted for major market share in 2020, due to the availability of chillers from different players. The increase in the demand for chillers in research laboratories and pilot plants is likely to boost the growth of the segment during the forecast period.
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Rise in Prevalence of COVID-19 to Propel Global Market
The onset of the COVID-19 across the globe is driving the demand for laboratory temperature control units in reference laboratories, diagnostic laboratories, hospital laboratories, and other diagnostic centers. Temperature control units consist of temperature sensitive materials, which maintain the temperature in a laboratory to minimize damage to samples, devices, or experiments. According to the WHO data, 190,890,659 cases of COVID-19 were recorded and around 3,656,657,360 vaccines were administered across the globe as of July 15, 2021.
The COVID-19 pandemic fueled the growth of the global laboratory temperature control units market. The rise in COVID-19 test samples sent to laboratories propels the need of temperature control units. Moreover, the cold chain temperature monitoring solutions for vaccines increased the demand for temperature control products amidst the COVID-19 pandemic. For instance, Berlinger & Co. AG offered ultra-low temperature control products for storage and transportation of Pfizer, Moderna, and AstraZeneca's COVID-19 vaccines.
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Laboratory Temperature Control Units Market: Prominent Regions
In terms of region, the global laboratory temperature control units market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global laboratory temperature control units market in 2020, followed by Europe and Asia Pacific. The rise in awareness about innovative temperature control products, merger & acquisitions among domestic players, focus on research & development, increase in COVID-19 cases, and prevalence of other chronic & infectious diseases are anticipated to propel the market in North America.
The laboratory temperature control units market in Asia Pacific is expected to expand at a higher CAGR from 2021 to 2031. Presence of key vendors and distributors, increase in investments in research & development, and rise in focus of governments on the pharmaceutical industry are likely to drive the market in the region. Rise in COVID-19 cases drives the demand for diagnostic tests in the region. This is projected to augment the laboratory temperature control units market in Asia Pacific.
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Product Launch, Innovation by Key Players to Drive Global Market
The global laboratory temperature control units market is fragmented in terms of number of players. The market is dominated by various small & large key players that focus on implementing strategies such as launch of innovative products, collaboration with other players, increasing investment in the development of technically advanced products, and expanding in developing countries.
Key players in the global laboratory temperature control units market include AutoMate Scientific, Bio-Rad Laboratories, Inc., BMG Labtech, Delta Electronics, Gericke AG, Grant Instruments, Green leaf Scientific, Heidolph, HiTec Zang GmbH, Huber Kältemaschinenbau AG, IKA, Julabo GmbH, Lauda, Polyscience, and Thermo Fisher Scientific.
In June 2021, Thermo Fisher Scientific launched advanced Ultra-Low Temperature (ULT) Freezers known as TSX series, which enhances research, clinical, industrial, biorepository, and other laboratory applications. The product operates on the company’s powerful V drive technology, which allows TSX ultra freezers to detect high and low usage pattern and provide optimum performance.
In September 2020, Julabo GmbH launched MAGIO Series, thereby expanding its portfolio of chillers, heating circulators, and mounted circulators products. Moreover, Julabo GmbH, in March 2021, expanded its accessories portfolio to include temperature control management in laboratories with unique design. Models are available in temperature range from -20 to +200 °C or -45 to +220 °C to be used in various laboratories.
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