Email
Print
Biomedical Refrigerators & Freezers Market - Forecast(2024 - 2030)
Biomedical Refrigerators &
Freezers Market Overview
Biomedical Refrigerators & Freezers Market size is
estimated to reach $5.3 billion by 2026, growing at a CAGR of 4.9% during the
forecast period 2021-2026. Biomedical refrigerators & freezers are medical
devices that are specially used to store various medical samples such as
vaccines, blood products, flammable chemicals, deoxyribonucleic acid, ribonucleic
acid, and enzymes. These biomedical refrigerators & freezers are available in
different specifications to suit the specific commercial needs and offer
optimal storage of medical products conditions compared to the domestic
biomedical freezers and refrigerators. Increase in the adoption of biomedical freezers
for the storage of fresh frozen plasma, growing demand for blood
bank refrigerators among the developed nations, rise in the number of blood transfusion procedures
and increase in the focus on
reducing the wastage of pharmaceutical and biological components are the factors that are set to drive the growth of the
global Biomedical Refrigerators & Freezers Market for the period 2021-2026.
Biomedical Refrigerators & Freezers Market Report Coverage
The
report: “Biomedical Refrigerators &
Freezers Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth
analysis of the following segments of the Biomedical Refrigerators & Freezers Market.
By Product Type: Blood Bank refrigerators, Shock Freezers, Plasma
Freezers, Ultra Low-Temperature Freezers, and Laboratory/Medical Refrigerators.
By End User: Hospitals,
Research Laboratories, Pharmacies, Diagnostic Centers, and Blood Banks.
By
Geography: North America (U.S., Canada, Mexico), Europe (Germany, UK,
France, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, India,
Japan, South Korea, Australia & New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, and Rest of South America),
and RoW (Middle East and Africa).
Key Takeaways
- Geographically, North America Biomedical Refrigerators & Freezers Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to rise in the number of blood transfusion procedures.
- The growing demand for blood bank refrigerators owing to the rise in the prevalence of hematological diseases is driving the growth of the blood banks segment.
- High cost of biomedical grade refrigerators and freezers is one of the major factors that is said to reduce the growth of the Biomedical Refrigerators & Freezers Market.
- Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Biomedical Refrigerators &Freezers Market report.
Biomedical Refrigerators & Freezers Market Segment Analysis - By Product Type
The
Biomedical Refrigerators & Freezers Market based on the Product Type can be
further segmented into Blood Bank
refrigerators, Shock Freezers, Plasma Freezers, Ultra Low-Temperature Freezers,
and Laboratory/Medical Refrigerators. The Plasma Freezers segment held
the largest share in 2020 owing to the growing demand for collection and storage
of blood components such as platelets, fresh frozen plasma and others and
increase in the investments by the key players. The new technologies in plasma
freezers effectively reduce the energy consumption, prevent crystallization,
and minimizes the uneven temperature distribution, which is driving the growth
of the market. The Laboratory/pharmacy Freezers segment is estimated to be the
fastest growing segment with a CAGR of 6.2% over the period 2021-2026. This is
owing to the growing demand of laboratory refrigerators for storage of flammable
chemicals, growing government scrutiny in the implementation of quality
management, presence of developed healthcare systems in the developed nations.
Biomedical Refrigerators & Freezers Market Segment Analysis - By End User
The Biomedical Refrigerators & Freezers Market based on the End User can be further segmented into Hospitals, Research Laboratories, Pharmacies, Diagnostic Centers, and Blood Banks. The Blood Banks segment held the largest share in 2020 owing to the factors such as rise in the blood transfusion errors, increasing unscientific inventory management practices, increase in the adaption of plasma freezers for the storage of fresh frozen plasma, growing demand for blood bank refrigerators, and rise in the prevalence of hematological diseases. The presence of stringent regulations for storage of blood components in blood banks is driving the growth of the Biomedical Refrigerators & Freezers Market. The Pharmacies segment is estimated to be the fastest-growing segment with a CAGR of 5.8% over the period 2021-2026. This growth is owing to the factors such as growing wastage of vaccines, increasing number of adverse reactions, and rise in the demand for biomedical refrigerators & freezers in pharmacies among the developed nations.
Biomedical Refrigerators & Freezers Market Segment Analysis - By Geography
The Biomedical Refrigerators &
Freezers Market based on the Geography can be further segmented into North
America (U.S., Canada, Mexico), Europe (Germany, UK, France, Italy, Spain,
Russia and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea,
Australia & New Zealand and Rest of Asia-Pacific), South America(Brazil, Argentina and Rest of South America), and
RoW (Middle East and Africa). North America held the largest share with
28% of overall market in 2020. The growth in this segment is owing to the
factors such as increase in focus on reduction of pharmaceutical and biological
components wastage, rise in the number of blood transfusion procedures, and
growing expenditure on hospital and healthcare infrastructure. Asia-Pacific is
estimated to be the fastest-growing segment over the period 2021-2026. The
growth in this segment is owing to the factors such as increase in the awareness
regarding the technologically-advanced systems, growing demand for
refrigerators for storing ribonucleic acid and deoxyribonucleic acid, rising economic development in
countries such as India and China, growing investigation of significant
resources to reach the service quality standards adopted in the western regions,
and rise in the investment for the technological innovations by the key players.
Biomedical Refrigerators & Freezers Market Drivers
Increase
in the Adoption of Blood Bank Refrigerators
Biomedical refrigerators ensure the freshness and integrity of
blood and blood components. These refrigerators are increasingly used in blood
banks as they are highly insulated by rigid polyurethane foamed-in-place
and double or triple layer glass windows. The presence of stringent regulations
for the storage of blood components in blood banks is propelling the demand for
biomedical refrigerators, which in turn is driving the growth of the Biomedical
Refrigerators & Freezers Market.
Rise in the Demand for Trustworthy Blood Storage Devices
The
key companies are looking for biomedical refrigerators & freezers as they are
trustworthy devices for maintaining the donated blood through transportation of
blood samples and donor sessions. The manufacturers are also increasing their
investment for developing these devices, which is estimated to enhance the
growth of the Biomedical Refrigerators & Freezers Market.
Biomedical Refrigerators & Freezers Market Challenges
High Cost of Biomedical Grade Refrigerators and Freezers
Despite
the numerous added advantages, the high cost of these advanced biomedical refrigerators
& freezers is estimated to reduce the growth of the Biomedical Refrigerators
& Freezers Market.
Biomedical Refrigerators & Freezers Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Biomedical Refrigerators & Freezers Market. Key companies of Biomedical Refrigerators & Freezers market are Eppendorf AG, Haier Biomedical, Panasonic Healthcare Co Ltd, Coldway, Aegis Scientific Inc, Dometic Group, Liebherr Group, Terumo Corporation, Philipp Kirsch GmbH, Helmer Scientific among others.
Acquisitions/Product Launches:
- In 2019, Helmer Scientific has announced the expansion of their GX Solution Refrigerator line to include models from 13 to 56 cu ft. These are professional biomedical-grade refrigerators with OptiCool cooling technology.
Relevant Reports
For more Lifesciences and Healthcare Market reports, Please Click here