Hospitals, Research & Diagnostic Laboratories Segment to Hold Largest Share of Refrigerated Incubators Market During 2021-2028

According to our latest study on “Refrigerated Incubators Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and Application,” the market is projected to grow from US$ 562.36 million in 2021 to US$ 822.79 million by 2028; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the global refrigerated incubators market. The rising adoption of refrigerated incubators for research activities targeting infectious diseases and the growing technological advancements in refrigerated incubators are propelling the market growth. However, the availability of alternative incubators in the global market hampers the growth of the market.

With pandemics and epidemics (whether naturally occurring or human-initiated), there is a high cost associated with the medical treatment and outbreak control. Several countries globally are focused on research and development activities to control the drastic impact of infectious diseases on the economy. In August 2020, the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institute of Health, announced 11 grants with a total first-year value of ~US$ 17 million for establishing the Centers for Research in Emerging Infectious Diseases (CREID). The Public Library of Science (PLOS) report states that accurate results from public health laboratories are dependent on specimens arriving in good conditions. Many specimens shipped from the collection site to the testing laboratory facility must be maintained at temperatures between 20°C and 800°C for specimen stability. Therefore, keeping specimens at the appropriate temperature is critical for laboratory sample integrity and testing results, especially in cases where the cold temperature is required, which, in turn, boosts the demand for refrigerated incubators. Incubation and growth monitoring automation has become the standard in high-income countries (HICs). The collection of blood for blood culture is a vital step in the process owing to the sensitivity and volume sampled. Such factors propel the adoption of refrigerated incubators intended for research purposes on a large scale, thereby proliferating the global refrigerated incubators market growth.

The healthcare sector has witnessed SARS, H1N1, and other outbreaks in the past a few years. However, the severity of COVID-19 outbreak has intensified due to its mode of transmission. The demand for refrigerated incubators has increased globally owing to the launch of COVID-19 vaccines and roll out of the vaccination programs in many countries. With many laboratory and research services under acute pressure, the global refrigerated incubators market is expected to grow at a steady rate during the forecast period. The governments of various countries along with the EU have significantly increased the funding for life science and biotechnology sectors to increase the region’s research and innovation capabilities. Therefore, the initial phase of the pandemic led to a steep decline in the demand for refrigerated incubators, whereas as the pandemic improved, the demand for refrigerated incubators saw a steady increase. To meet the high demand, many players have ramped up their production. Also, companies such as Thermo Fisher Scientific, F. Hoffmann-La Roche AG, EverlyWell, and Abbott were producing COVID-19 tests. Abbott had received Emergency Use Authorization (EUA) for a point-of-care test that can provide results in minutes. Thus, increased production by the companies has resulted in profits, and the outbreak of COVID-19 has shown a positive impact on global refrigerated incubators market growth.

Based on application, the global refrigerated incubators market is segmented into hospitals, research & diagnostic laboratories; pharmaceutical, cosmeceutical, and biotechnology companies; research & academic institutes; and others. The hospitals, research & diagnostic laboratories segment held the largest share of the market in 2021. Hospitals play a significant role in providing various medical services to the patients suffering from a wide variety of diseases. Increasing adoption of refrigerated incubators in hospitals along with the rising prevalence of chronic infections and for better treating with complex disorders further created demand for the refrigerated incubators. Moreover, various manufacturers are supplying refrigerated incubators to the hospitals. Research & diagnostic laboratories have a direct impact on the various aspects of drug development and related procedures. To store samples, the research & diagnostic laboratories require different type of refrigerated incubators. Thus, the growing demand for refrigerated incubators from such facilities is driving the growth of the global refrigerated incubators market for the hospitals, research & diagnostic laboratories segment.

Binder GmbH; Thermo Fisher Scientific Inc.; PHC Holdings Corporation; Eppendorf AG; Amerex Instruments, Inc.; Sheldon Manufacturing, Inc.; LEEC Ltd.; Memmert Gmbh + Co. Kg; Benchmark Scientific; and Gilson Inc. are among the leading companies operating in the global refrigerated incubators market.

The report segments the refrigerated incubators market as follows:

The global refrigerated incubators market is bifurcated on the basis of type and application. Based on type, the market is segmented into below 50L, 51-200L, 201-750L, 751-1500L, and above 1501L. Based on application, the global refrigerated incubators market is segmented into hospitals, research & diagnostic laboratories; pharmaceutical, cosmeceutical, and biotechnology companies; research & academic institutes; and others.

By geography, the global refrigerated incubators market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and South & Central America (Brazil, Argentina, and the Rest of SCAM).

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