LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global laboratory freezer rack market to grow at a CAGR of more than 5% during the forecast period, according to their latest market research report.
The rising awareness of blood donation is one of the major trends being witnessed in the global laboratory freezer rack market 2018-2022. There has been an increase in the awareness levels of an individual by educating them on the benefits and misconceptions related to donating blood. This has improved their knowledge, thereby encouraging them to volunteer to donate blood. The various awareness programs aim to inspire young people, who might be nervous and hesitant to donate blood.
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According to Technavio analysts, one of the key factors contributing to the growth of the global laboratory freezer rack market is the rising demand for blood and blood components:
Global laboratory freezer rack market: Rising demand for blood and blood components
In modern medical treatments, a new approach of treatment known as blood component therapy allows patients to benefit from one pint of whole blood. Patients receive either a pint of whole blood or just the specific components of the blood to treat their condition. Various conditions that require treatment include trauma, bleeding disorders, and blood loss due to surgery.
According to a senior analyst at Technavio for research on life science research tools, “Blood and its components are required when the body fails to produce enough blood or blood components to meet the body’s needs. Blood components required for the treatment includes RBCs, platelets, and plasma. Each component is used for the treatment of various disorders. For instance, RBCs are used for treating patients with chronic anemia. Similarly, platelets are required during cancer treatment, and plasma is commonly required for patients with burn injury or trauma.”
Global laboratory freezer rack market: Segmentation analysis
The global laboratory freezer rack market research report provides market segmentation by end-user (pharmaceutical and biotechnology companies and academic institutes and research laboratories), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major end-users, the pharmaceutical and biotechnology companies are the leading segment in the market with a revenue share of above 46%. The growing need to make new drugs to treat various types of chronic diseases are helping the pharmaceutical and biotechnology companies to maintain their dominant segment in the laboratory freezer storage racks market.
The Americas held the largest share of the market in 2017, accounting for more than 48% share. It was followed by EMEA and APAC. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period owing to the growing focus of regulatory authorities on producing good manufacturing practice (GMP) compliant products in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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