Refrigerated Incubators Market - Growth, Trends, and Forecasts (2022 - 2027)

The refrigerated incubators market is expected to register a CAGR of 5.6% over the forecast period (2022-2027).

COVID-19 has greatly challenged the medical and healthcare communities and pushed them to the limits. Hospitals struggle as the disease spreads faster than the companies can produce Personal Protective Equipment (PPE) and supply the necessary medical supplies. But supply is just one of the many challenges that COVID-19 presents to the medical device industry. The cooling industry is one of the sectors that play a crucial part in the fight against the coronavirus (COVID-19) pandemic from behind the scenes. It takes care of everything from maintaining the proper temperature to safely transporting and storing medicines, as well as keeping patients and caregivers safe and comfortable in both traditional healthcare facilities and emergency hospitals set up in halls, parking lots, and other public spaces. Pharma products require close temperature control and monitoring to comply with industry regulations and pharmaceutical safety guidelines. Despite the deadly effect of COVID-19, there is a significant positive impact on the refrigerated incubators market.

Further, the rising adoption of refrigerated incubators for research activities targeting infectious diseases and the increasing technological advancements in refrigerated incubators are among the major factors driving the growth of the studied market. The rising threat of infectious diseases is responsible for creating social and economic risks. Epidemics and pandemics are responsible for a significant part of the healthcare costs associated with medical treatment and outbreak control. For example, the COVID-19 pandemic has resulted in a significant loss of human life around the world and poses an unprecedented threat to public health, food systems, and the workplace. The demand for refrigerated incubators is rising as they are used as tools by researchers who are trying to develop a vaccine. In clinical studies, two coronavirus vaccines - one from Pfizer-BioNTech and the other from Moderna - were found to be more than 90% effective. The Pfizer vaccine requires long-term storage at -70°C, while the Moderna vaccine required long-term storage at -20°C. (Both can be kept for a short time in a normal refrigerator at 2°C to 8°C.) The Oxford/AstraZeneca vaccine can be kept and carried for a long time at ordinary fridge settings. Such factors are likely to boost the adoption of refrigerated incubators, thereby contributing to the studied market growth.

Also, technological advancements and the latest trends in the refrigerated incubator market, such as password-protected settings, door opening alarms, auto decontamination cycles, self-calibration, pre-set alarms, over-temperature alarms, and thermostats, safe, reproducible incubation, and even at high ambient temperatures are expected to drive the sales of refrigerated incubators during the forecast period. For instance, the new Thermo Scientific refrigerated incubators utilize powerful compressor technology designed to provide optimal temperature conditions for applications that require thermal stability and uniformity above, around, or below the usual ambient laboratory temperature.

In addition, new product launches and strategic activities by major players in the market are positively affecting the growth of the market studied. For instance, in January 2022, PHC Corporation of North America introduced a new, high-performance undercounter freezer designed to provide precise temperature control and uniformity. The PF-L5181W-PA meets Centers for Disease Control and Prevention (CDC) guidelines and maintains temperatures between -15°C and -25°C. It has been engineered to maintain a tight uniformity of ±5°C for storing critical vaccines and biologics whether the unit is loaded or empty. Additionally, In January 2019, Gilson announced the launch of a new benchtop instrumentation product line offering mixing, temperature control, and centrifugation of samples. The instruments feature advanced technologies that improve lab productivity and save valuable time. Thus, owing to the product launches and acquisitions, the studied market is expected to have significant growth over the forecast period.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the availability of alternative incubators is likely to impede market growth.

Key Market Trends

51-200L Segment is Expected to Witness Significant High Growth Over the Forecast Period

51-200L refrigerated incubators comprise powerful and highly efficient portable units, consisting of an internal fan for preventing thermal layering and keeping a consistent temperature. Such incubators reduce daily manual tasks and repetitive operations on the instruments through real-time control. Frequent applications of 51-200L refrigerated incubators type involve microbiological analyses, determining germ count, biological specimen cultivation above and below room temperature and accelerating aging tests. According to the Clinical Trials.gov report, the New York Stem Cell Foundation (NYSCF) in 2021, conducts research, to study various conditions and diseases by utilising stem cells and other types of cells, conducting research on biological specimens/samples, performing genetic testing, and storing these samples for short periods of time for future use. Such factors highly support the adoption of refrigerated incubators in the United States laboratories. Further, according to the second international conference of cell and gene therapy in the US alone, there are more than 40,000 individual research laboratories located on university campuses involved in advancing the field of biological and biomedical sciences. Hence, owing to the above factors, the adoption of these products is likely to increase among the target population, driving market growth.

Furthermore, the product launches by major players in the market are positively affecting the growth of the segment. For instance, in August 2020 PHC Corporation of North America introduced a new, high-performance MPR-S300H-PA-PA ECO pharmaceutical refrigerator designed for vaccine and biologics storage where precise temperature control is essential for stored product safety. Therefore, the 51-200L segment is expected to witness significant growth over the forecast period due to the abovementioned factors.

North America is Expected to Dominate the Refrigerated Incubators Market

North America is expected to dominate the market owing to factors such as the growing number of infectious diseases, coupled with the rising geriatric population and the rising number of product approvals. For instance, according to the Bureau's Population Bulletin(PBA), the number of Americans 65 and older is expected to nearly double from 52 million in 2018 to 95 million by 2060, and the overall percentage of the population will increase from 16 percent to 23 percent. According to data published by the Centers for Disease Control and Prevention in October 2021, the geriatric population is more vulnerable to infectious diseases. Overall, 35 million flu-related illnesses, 380,000 flu-related hospitalizations, 20,000 flu-related deaths, and 16 million flu-related medical visits were reported in the 2019-2020 season. These are the key factors that contribute to the growth of the studied market in North America.

Key product news, high concentration of market players, or manufacturer's presence in the United States are some of the factors driving the growth of the refrigerated incubators market in the country. For instance, In February 2021 Follett Products, LLC (Follett), a division of The Middleby Corporation, and PHC Corporation of North America (PHCNA) have announced the formation of a partnership to market and sell the PHCbi line of ultra-low temperature (ULT) freezers, pharmaceutical grade refrigerators, and biomedical freezers to Follett's healthcare customers. These continuous product approvals in the region are anticipated to drive the growth of the market in the country. Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.

Competitive Landscape

The refrigerated incubators market is fragmented in nature due to the presence of several companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold market shares and are well known. include Binder GmbH, Thermo Fisher Scientific, PHC Holdings Corporation, Eppendorf AG, Amerex Instruments, Inc., Sheldon Manufacturing, Inc., LEEC Ltd., Memmert GmbH + Co. KG, Benchmark Scientific and Gilson, Inc., among others.

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