Between 2022 and 2030, the size of the global biomedical refrigerators and freezers market is expected to increase at a compound annual growth rate (CAGR) of 5%, from USD 4,1 billion in 2021 to USD 6.2 billion by 2030.
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"The Global Biomedical Refrigerators and Freezers Market 2020-2030 (USD Billion)")
The global biomedical refrigerators and freezers market is estimated to reach USD 4,121.7 million by the end of 2028. The increased investment from the private firm followed by smart government support is considered as one of the major driving factors which promotes the growth of the market. In addition, the rising geriatric population across the world especially in developing economies and in Europe is also assists in booming the growth of the biomedical refrigerators and freezers market. Moreover, increasing demand for biopharmaceuticals and organic transplantation in the global market is the major contributing factor that promotes the growth of the market. However, the high cost of the equipment followed by lack of skilled professionals is the major restraining cause that affects the growth of the market. Moreover, increasing demand for refurbished equipment is also one of the factors that affects the demand. It is expected that the untapped market of the world will bring huge opportunities during the forecasted year.
Storing medicines and vaccinations properly is of utmost importance in medical facilities. You can either use a standard fridge or go for a medical refrigerator specially designed for storing medicines and other critical samples. Using standard fridges can be potentially dangerous, which can end up costing a lot more money in the long run. Moreover, medicines and vaccinations don’t come cheap. If not stored correctly and spoil, the costs can be very high. All of this doesn’t stop them from being stored improperly which highlights the importance of a medical countertop freezer (these offer the basic storage solution) or medical refrigerators for this purpose. At present, some of the major types of medical refrigerators are Medical Countertop Refrigerators, Under Counter Medical Refrigerators, Mobile Battery-powered Refrigerators, Upright Refrigerators, Double Door Refrigerators, and Specific Medical Refrigerators (vaccine medical refrigerators, blood bank medical refrigerators, pharmacy medical refrigerators, etc.). According to data published by pharmaceutical commerce’s annual Biopharma (PCaB) cold chain sourcebook, in 2017, the demand for temperature-controlled products is increasing twice as compared to non-temperature-controlled products.
The Covid 19 pandemic first entered in 2019 and later it disrupted society at the global level. The doctor is giving the first preference to COVID patients and emergency patients followed by the others. There is an urgent need for vaccines in order to save the maximum number of patients suffering from COVID 19. Whole world gone under strong research and development in order to clear all the clinical trials associated with the development of vaccines. Refrigerator or freezer plays a very important role in the transportation of vaccines. The COVID 19 pandemic made a positive impact on the medical refrigerator business.
The major players operating in the global biomedical refrigerators and freezers market include but are not limited to Aegis Scientific, Migali Scientific, Arctiko, Follett, Azbil Corporation, Binder, B Medical Systems, Eppendorf, Helmer Scientific, Liebherr-International, Panasonic Healthcare Corporation of North America, Haier Biomedical, Powers Scientific and Thermo Fisher Scientific and Others.
Biomedical Refrigerators and Freezers Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 6.2 billion |
| Growth Rate | CAGR of 5% during 2020-2030 |
| Segment Covered | Product Type, End-Users, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Aegis Scientific, Arctiko, Follett, Azbil Corporation, Binder, B Medical Systems, Eppendorf, Helmer Scientific, Liebherr-International, Panasonic Healthcare Corporation of North America, Haier Biomedical, Powers Scientific, Thermo Fisher Scientific among others. |
Reasons for the study
- To know the current and the future demand from the end-user industry
- To know the number of procedure carried out globally
- Need for the medical facilities required for biomedical refrigerators and freezers
- To understand the beneficiary effect of biomedical refrigerators and freezers
What does the report include?
- The study on the global biomedical refrigerators and freezers market includes qualitative insights such as drivers, restraints, challenges and opportunities
- Additionally, the market has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of product type, application site, material type and end user type. Moreover, the study on biomedical refrigerators and freezers market provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players operating in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global biomedical refrigerators and freezers market is suitable for all the market players such as manufacturer and distributors
- Healthcare institution like government hospitals, private hospitals, specialty hospitals and others
- Venture capitalists and investors looking for more information on the future outlook of the global biomedical refrigerators and freezers market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global biomedical refrigerators and freezers market
Frequently Asked Questions (FAQ) :
The biomedical refrigerators and freezers market is growing at a CAGR of 5 % during the forecast period.
The base year for the report is 2023 in biomedical refrigerators and freezers market.
North America dominated the market for biomedical refrigerators and freezers market and accounted for the largest revenue share.
The biomedical refrigerators and freezers market is expected to grow with a CAGR of 4.3% in the coming years. The increasing need for the storage and preservation of the drug and vaccine is the major factor which assists in driving the growth of the market. COVID 19 stimulates the growth of healthcare centers. The biomedical refrigerators and freezers market has shown huge positive impact on COVID 19 pandemic.
In the future, the make will face a high degree of competition from its rivals due to entry of the various new market players.
The international market player will continuously focus on offering technically advanced and low cost innovative products for their customers. Some of the leading players that played a major role in the development of the market are Aegis Scientific, Haier Biomedical, Thermo Fisher Scientific, including others.
Based on type, the biomedical refrigerators and freezers market is classified into six types plasma freezers, blood bank refrigerators, lab refrigerators, lab freezers, ultra-low temperature freezers, and shock freezers. plasma freezers and blood bank refrigerators hold the largest market share in the year 2020. Both segments captured approx. more than 65% of the total market share and will remain the same during the forecasted year. The rising demand from the end-user industries such as medicine and vaccine manufacturers is the major contributing factor that helps in promoting the growth of the market. The recent COVID 19 Pandemic leads to the huge demand for plasma therapy which leads to increasing demand for refrigerators for plasma preservation.
Based on application, the biomedical refrigerators and freezers are classified into blood banks, pharmacies, hospitals, research labs, and diagnostic centers. The blood bank dominates the global biomedical refrigerators and freezers. The segment accounts for more than 38% of the global market share. The growth is mainly contributed due to the increasing setup of blood bank pharmacies across the world. The blood bank is a center where collected types of blood are stored, preserved for the purpose of transfusion. The blood bank preserved all the products related to the blood that includes RBC, WBC, Plasma, and various others. The increasing geriatric population leads to the increasing number of healthcare centers which led to the increasing number of blood banks, pharmacies, and hospitals.
The global report of the biomedical refrigerators and freezers market classified the market into five major regions, North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa. Among all the regions, North America holds the largest market share in the year 2020. The United States is the most dominating Counties in North America and contributing more than 80% of the total region. The growth of this region is mainly attributed due to the presence of advanced healthcare infrastructure followed by the large number of end-users. The European market for biomedical refrigerators and freezers is mostly captured by the countries like France, UK, and Germany. Favorable government initiatives from these countries are the major driving factor driving the growth of the market. The Asia Pacific market is expected to grow with a CAGR% of 5.5% in the coming years. Recent economic growth in the countries like India and China is the most prominent factor for market growth. In Latin America, Brazil holds more than 62% of the total market shares in 2020.
