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.
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.
Key Players Operating in the Global Laboratory Refrigerators and Ovens Market
The global laboratory refrigerators and ovens market is fragmented in nature. Companies are working on product innovation and development to expand their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the key players operating in the global laboratory refrigerators and ovens market are listed below:
- AGA Marvel
- Azbil Telstar, S.L.
- Carbolite GERO Limited
- Chart Industries, Inc.
- Cole-Parmer Instrument Company
- Eppendorf AG
- Helmer Scientific
- Haier Biomedical
- Labcold Ltd.
- NuAire Inc.
- Panasonic Healthcare Holdings Co., Ltd.
- Philipp Kirsch GmbH
- Sheldon Manufacturing, Inc.
- Thermo Fisher Scientific, Inc.
- Worthington Industries
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Global Laboratory Refrigerators and Ovens Market: Research Scope
Global Laboratory Refrigerators and Ovens Market, by Product
Global Laboratory Refrigerators and Ovens Market, by Application
Global Surface Grinding Machine Market, by Distribution Channel
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.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.