Biomedical Refrigerators and Freezers Market to Grow at a CAGR of 4.72% During Forecast Period
Increasing demand for storage of medical samples for
diagnosis, testing and laboratory purposes to drive biomedical refrigerators
and freezers market .
According to TechSci Research report, “Global Biomedical Refrigerators and Freezers Market, By
Product, By Storage, By Temperature, By Capacity, By End-user, By Region,
Forecast & Opportunities, 2025”, the global market for biomedical refrigerators and
freezers valued at USD 2.88 billion in 2019 and
is projected to grow at a CAGR of 4.72% during the forecast period. Biomedical refrigerators and freezers are the devices
used for storing and preserving blood samples, vaccines, chemicals, reagents,
and other biological samples at desired temperatures (as low as -220ºF) for
testing and diagnosis purposes. Biomedical refrigerators and freezers find
their applications mainly in hospitals, pharmacies, blood banks, laboratories
for testing purposes diagnostic centers and various research organizations.
Treatment of myriad disorders is done with the assistance of blood & urine
samples and many other biological samples which need to be preserved cautiously
in order to give the patients the accurate results. Furthermore rise in the
number of blood banks all over the world calls for the preservation of blood
for the future use without any sample quality degradation. Another important
factor propelling the market is the replacement of conventional refrigerators
by biomedical refrigerators which in turn has a positive impact on environment
as the greenhouse emission is controlled in biomedical refrigerators. However,
high cost and complex installation can lead can act as challenge for the growth
of the market.
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The global biomedical refrigerators and freezers
market is segmented based on product, storage, temperature, capacity, end-user,
company and region. The product segment is divided into pass-through, explosion
safe, flammable storage, combo/dual temperature, ultra low freezers, plasma
freezers and others. The plasma freezers are expected to hold the largest
market share as plasmapheresis, a technique in which the entire unhealthy blood
plasma is replaced with the healthy one, is claimed to be the most performed
apheresis technique by the European Society of Hemapheresis (ESFH), which
requires the biomedical refrigerators and freezers to store blood at low
temperatures. The end-user is segmented into hospitals, pharmacies, diagnostic
centers, research laboratories and blood banks. Blood banks segment is the
prominent segment and holds the largest share as majority of blood transfusion
are carried via blood banks.
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In terms of regional analysis, North America accounts
for the largest share of global biomedical refrigerators and freezers market due
to the development of genome engineering and biobanks. However, APAC region is the fastest growing
region due to the presence of the developing economies as they are still
adapting the latest healthcare technologies.
Some
of the leading players in global biomedical refrigerators and freezers market include
Thermo Fisher Scientific Inc., Terumo BCT, Inc., Eppendorf AG, PHC Corporation,
Haier Inc., Arctiko A/S, Binder GmbH, Bionics Scientific Technologies (P) Inc.,
Desmon S.p.A., Froilabo- Techcomp Group, Helmer Scientific, Inc., Migali
Industries, Inc., Sofrigam SA, Philipp Kirsch GmbH, Cornerstone Capital
Holding, Marvel Refrigeration, Liebherr International AG, Follett LCC., B
Medical Systems S.à r.l., Biobase Corporation, among others. In order to expand
their market share, the companies adopt various strategies like new product
launches, and collaborations. To expand the market share and increase the
market share, the company ‘Follett’ has launched new and advanced features in
its biomedical refrigerators and freezers to be used in healthcare industries.
“Global
biomedical refrigerators and freezers market is forecast to witness significant
growth in the next five years owing to increasing demand for regenerative and
precision medicines, bio-banking techniques and drug discoveries which require
low temperature for preservation, contributing to the increasing demand of
biomedical refrigerators and freezers market until 2025,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global
Biomedical Refrigerators and Freezers Market, By Product, By Storage, By
Temperature, By Capacity, By End-user, By Region, Forecast & Opportunities,
2025”, has evaluated the future growth potential of global biomedical
refrigerators and freezers market and provided statistics & information on
market size, shares, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in global
biomedical refrigerators and freezers market.
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