The ultra-low freezers will help in
fulfilling cold temperature requirements during vaccine production, shipping,
and distribution.
India. The sudden outbreak of
COVID-19 resulted in the rise of research studies to develop vaccines for
immunization from the virus. After months of research & development and multiple
failed attempts, many companies came up with their vaccines, claiming to be
effective against the virus. However, the breakthrough discovery of COVID-19 vaccine
solves only half the problem because supplying these vaccines requires a feat
of logistical precision known as “cold chain”. Every vaccine requires to be
stored within a specific temperature range otherwise its potency can be
compromised.
Exposure to warmer conditions
while transit from production facilities to storage sites and then last mile
distribution requires the use of biomedical refrigerators and freezers to
maintain quality of the biological product. Increased support from the
government for clinical trials and immunization programs are also creating an
unprecedented demand for biomedical freezers for vaccine storages. Seeing the
immense potential of growth, many vaccine storage manufacturers are exhausting
their resources at rapid pace to keep up with the demand. According to some key
players in the biomedical refrigerators and freezers market such as Thermo
Fisher Scientific and Stirling Ultracold, the demand for ultra-cold freezer
have increased to a point where manufacturing strategies have shifted focus to
producing more units to stock out/back-order situations.
Most of the refrigeration
units installed at hospitals only cool down to -8°C (17°F) so if the healthcare
organization intends to purchase the vaccine, they must make an additional
investment for ultra-low temperature freezers, which can range from USD5,000 to
USD15,000 per unit. However, the healthcare organizations are facing direct
competition with non-healthcare organizations for purchasing the freezers to
cope with the COVID situation. Recently, Ford Motor announced that they have
ordered a dozen of ultra-low freezers to ensure the safety of employees,
providing easy accessibility to corresponding medical supplies when the vaccines
become generally available.
Ultra-freezers also seem more
reliable and simpler than dry ice, which needs additional maintenance and care.
Direct contact with dry ice without protection can lead to burns, and the
complicated packaging additive has its own set of risks. Dry ice is a hazardous
material, which comes with regulation when shipped by air or water. As dry ice
is inexpensive way of storing vaccines, some rural areas are already facing its
shortage, which has also propelled the demand for biomedical refrigerators and
freezers for storage, supply, and distribution of COVID-19 vaccines.
According to a Thomas Index
Report, sourcing for ultra-low temperature freezers reached up to 522% in Dec
2020. The increase has been observed after the announcement of COVID-19
vaccines by pharmaceutical companies. When the vaccines will start to be
administered in full swing, the growth of biomedical refrigerators and freezers
is expected to increase significantly in the coming years.
TechSci research said, “With
increased focus on R&D in healthcare and growing need for vaccine storage
and distribution owing to curb COVID-19 scenario, the demand for Biomedical
refrigerators and freezers has skyrocketed in the past few months. Currently,
North America is dominating the Global biomedical refrigerators and freezers
market by virtue of rising number of biobanks and genome engineering. With
rising competition and advancements in technology, manufacturers are
introducing new innovations in their products, which is likely to increase the
customer satisfaction on a global level.”
According to TechSci research report
on, “Global Biomedical Refrigerators and Freezers Market, By Product (Pass-Through, Explosion
Safe, Flammable storage, Combo/Dual Temperature, Ultra Low freezers, Plasma
freezers, Others), By Storage (Blood, Vaccines, Plasma, DNA, Flammable
chemicals, Others), By Temperature (RNA & DNA (-70°C to -80°C), Vaccines
(-30°C to -40 °C), Others), By Capacity (138L, 169L, 221L, 230L, 426L, 690L,
Others), By End-user (Hospitals, Pharmacies, Diagnostic Centers, Research
Laboratories, Blood Banks), By Region, Forecast & Opportunities, 2025”, the global market for biomedical
refrigerators and freezers was valued at USD 2.88 billion in 2019 and is
projected to grow at a CAGR of 4.72% in value terms during the forecast period.
Biomedical refrigerators and freezers have the capabilities to store the
biological samples like blood and urine at the desired low temperatures for
diagnosis and testing purposes. Rise in number of blood banks all over the
world calls for biomedical refrigerators and freezers to provide high quality
samples to the patients. Additionally, biomedical refrigerators and freezers
are environmentally friendly as they release less GHG in the atmosphere, which
is anticipated to positively impact the growth of the market until 2025.
However, the high installation cost is a major restraining factor of this
market.
According to TechSci
research report on “Global Refrigerant Market, By Type (Fluorocarbons,
Inorganics and Hydrocarbons), By Application (Refrigerators, Large-Scale
Refrigerators, Chillers, Air Conditioners, Heat Pumps and Others), By Company
and By Geography, Forecast & Opportunities, 2023”, Global Refrigerant
Market is projected to reach USD 18.15 Billion by 2023, growing at a CAGR of
over 4%, in value terms owing to the rapid growth in the consumer electronic
segment which in turn drivers the refrigerants market as consumer electronic
devices like refrigerators, air conditioners etc require refrigerants.
Moreover, the increasing demand from the cold chain market coupled with the
rising need of energy-efficient appliances is expected to propel the growth of
the market in the next five years. Based on the type, the fluorocarbon
refrigerants segment is expected to grow at the fastest CAGR due to its
applications such as energy efficiency, decreased flammability, and lower
corrosive nature. Based on the applications, the refrigerators segment leads
the market due to increasing disposable incomes and spending power of the
middle class on appliances, such as refrigeration systems. Asia-Pacific is
anticipated to dominate the market in the next five years due to widespread use
of consumer electronics like refrigerators and air-conditioners in constituent
regions like China and India.