The global biomedical refrigerators and freezers market size was significantly robust in 2020 and is expected to register steady revenue CAGR during the forecast period. Key factors such as rising number of blood banks and hospitals globally, technological advancements in biomedical refrigerators and freezers, increasing prevalence of chronic diseases, and rising demand for biomedical refrigerators and freezers in educational institutes and research laboratories, are driving global market revenue growth.
Biomedical refrigerators and freezers are medical equipment used to store a variety of samples such as blood, biological reagents, medicines, vaccines, RNA, and DNA samples at optimum temperatures and conditions in hospitals, pharmacies, blood banks, diagnostic centers, research laboratories, and educational institutes. Increasing prevalence of chronic diseases and hematological diseases, rising geriatric population, increasing need to store blood samples, chemicals, blood reagents, DNA samples, and biological reagents, rising focus on minimizing wastage of biological components, government initiatives to create awareness about importance of blood donation, and increasing funds for research institutes are some key factors driving global market growth. Technological developments in refrigeration systems such as digital display, high battery backup, low energy consumption, and increasing awareness about organ transplantation, and high investments by market players to develop cost-effective and more enhanced biomedical refrigerators and freezers, are expected to fuel market growth going ahead.
Though global demand for biomedical refrigerators and freezers is rising, few small-scale hospitals, clinics, and startups may find it difficult to buy costly biomedical refrigerators and freezers. Thus, many institutes and hospitals prefer to buy refurbished refrigeration systems. Therefore, the high cost of product is expected to restrain global market growth to a certain extent over the forecast period.
Based on product, the global biomedical refrigerators and freezers market is segmented into plasma freezers, blood bank refrigerators, laboratory refrigerators, laboratory freezers, ultra-low temperature freezers, shock freezers, and cryogenic storage systems. The plasma freezer segment is expected to account for significantly steady revenue share over the forecast period. The plasma freezer provides a constant freezing temperature of -30°C or -40°C for storing fresh frozen plasma, cryoprecipitate, platelet concentrates, and red cells.
The global biomedical refrigerators and freezers market is segmented into storage, transport, research, and others, based on application. The storage segment is expected to account for a considerably largest revenue share between 2021 and 2030. Increasing prevalence of various diseases, high demand for organ transplant and biopharmaceuticals, rising need for storing more number of research samples and blood samples, and increasing investments in life science research and development activities are some factors contributing to positively impact growth of this segment.
Based on end-use, the global biomedical refrigerators and freezers market is segmented into blood banks, pharmacies, hospitals, research laboratories, diagnostic centers, and others. Among these, the blood banks segment is expected to account for a robust revenue share between 2021 and 2030 owing to factors such as rising number of blood banks globally, increasing prevalence of hematological diseases, rising number of organ transplants, blood transfusions, and surgeries, and high requirement of biomedical refrigerators and freezers to store blood samples, and transport them to laboratories during emergency. In addition, government initiatives to promote blood donation and increasing public awareness about importance of blood donation is further expected to support revenue growth of the segment.
Geographically, North America biomedical refrigerators and freezers market is expected to account for largest revenue share during the forecast period. Rising prevalence of various infectious and chronic diseases, presence of well-established healthcare facilities, large number of blood banks and research institutes, increasing number of blood transfusions, high usage of DNA based medications and biomedical, availability of advanced treatments, and increasing investments in developing enhanced energy-efficient cold storage equipment, are key factors driving market growth in the region.
The biomedical refrigerators and freezers market in Asia Pacific is expected to register fastest revenue CAGR during the forecast period owing to rapid economic development in countries such as India and China, rising healthcare spending, increasing focus on development of more modernized and advanced healthcare infrastructure, large patient pool, and rising focus on reducing biological component wastage. In addition, rising investments in research, increasing number of blood banks, and high requirement for cold storage equipment from educational institutes, hospitals, and research centers to store samples are factors boosting Asia Pacific market revenue growth.
Arctiko A/S, Aegis Scientific, Inc., Biomedical Solutions Inc., Binder GmbH, Coldway SA, Bionics Scientific Technologies Co., Ltd., Eppendorf AG, Gram Commercial SAS, Froilabo SAS, Liebherr International AG, LabRepco Inc., Philips Kirsch GmbH, Panasonic Healthcare Co., Ltd., Thermofisher Scientific Inc., and Terumo Corporation are leading companies operating in global biomedical refrigerators and freezers market. Major players are focusing on adopting various strategies such as mergers and acquisitions, partnerships, joint ventures, and collaborations to strengthen their market position and enhance their product portfolio to increase revenue potential going ahead.
Segments Covered in the report:
This report offers historical data points and forecasts and revenue growth at a global, regional, and country-level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2019 to 2030. The global biomedical refrigerators and freezers market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global biomedical refrigerators and freezers market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
For the purpose of this report, Reports and Data has segmented the global biomedical refrigerators and freezers market based on product, application, end use, and region:
Product Outlook (Revenue, USD Billion; 2019 – 2030)
Application Outlook (Revenue, USD Billion; 2019 – 2030)
End Use Outlook (Revenue, USD Billion; 2019 – 2030)
Regional Outlook (Revenue, USD Billion; 2019 – 2030)