The global biomedical refrigerators and freezers market is estimated to reach USD 4,121.7 Million by 2028, at a CAGR of 4.3% during the forecast period from 2021 to 2028. Rising demand from the biopharmaceutical industries followed by government support is one of the major driving factors which promotes the growth of the market. Technological advancement in the field of medical devices is also considered an important driving factor that promotes the growth of the market. The growing frequency of chronic disorders like cardiac diseases, infectious diseases, and cancer-related disorders is another boost for the biomedical refrigerators and freezers market. Moreover, a recent pandemic of COVID 19 across the world also assists in synergies the growth of the market. However, the high cost to set up the end-user industry limit the growth of the market. In addition high demand for refurbishing equipment from developing countries like India, China is another factor that restrains the growth of the market. Nonetheless, ongoing research and development in the field of medical devices will bring huge growth opportunities during the forecasted year.
Biomedical refrigerators and freezers are medical devices that have a huge importance in the medical industry. The product has a long history and used for various purposes for handling drugs, vaccines, and others. These products are in continuous research and development that provide better features compared to old ones. Vaccine transportation and storage are of the utmost importance for medical firms. These products are stored in a specific type of freezer compared to the conventional type. Some of these products provide additional benefits to the firm. These products are available both in portable or fixed form. With the latest development, the products are available in the battery form and ease for the research firm.
An unexpected problem hit the ground in a form of the COVID 19 pandemic. The virus first discovered in 2019 in China, and later it spread across the whole world. The demand for healthcare products rises rapidly. The whole world looking after the manufacturing of vaccines. Effective storage is the most common problem. According to current data, most of the vaccines should be stored in between 2 to 8 degrees Celsius. Looking at the current demand for vaccines and related products, the demand for biomedical refrigerators and freezers will go increase. The COVID 19 pandemic shown a positive impact on the biomedical refrigerators and the freezers market.
Based on product type, the global 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. In terms of revenue, Plasma Freezers account for the largest market share compared to the overall biomedical refrigerators and freezers market. Plasma freezers and blood bank refrigerators both account for more than 70% of the total biomedical refrigerators and freezers market. Increasing blood-related disorders like anemia, hemophilia, and various others give major rise to set up the blood bank across the world. Furthermore, technological advancement followed by rising healthcare centers and academics is another driving factor that helps in driving the growth of the market.
Based on the end-users, the global biomedical refrigerators and freezers market is classified into five types blood banks, pharmacies, hospitals, research labs, and diagnostic centers. The blood bank holds the largest market shares in terms of consumption. The same segment is expected to grow during the forecasted year from 2021 to 2028. The rising number of blood banks in developing countries is one of the major factors that promote the growth of the market. The major role of these blood banks is to provide the preserved blood to the patients. Furthermore, the rising number of hospitals and the improvement of the healthcare industry across the world are the factors that synergize the growth of the market.
Market Research report on global biomedical refrigerators and freezers market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2018 to 2019, with the base year of estimation as 2020 and forecast from 2021 to 2026. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global biomedical refrigerators and freezers market have been studied in detail.
The global biomedical refrigerators and freezers market report is classified into five major regions North America, Europe, Asia Pacific, Latin America & Middle East, and Africa. In terms of revenue, North America holds the largest market share in the year 2020. The region accounted for more than 70% market share of the total biomedical refrigerators and freezers market. Growing awareness and rising per capita healthcare expenditure is the major contributing factor that assists in driving the growth of the market. Advanced health care infrastructure followed by skilled medical staff also helps in propelling the growth of the market. Europe holds the second-largest market in terms of revenue generation. UK, Germany, and France are the major contributing countries for this region. The rising geriatric population across Europe is the major contributing factor that leads to the advancement of the medical sector. Asia Pacific market is expected to grow at the highest CAGR% in the coming years. The growth is mainly associated with economic growth in this region. The untapped market of India and China are considered as huge business market opportunities for the major market players.
The major players operating in the global biomedical refrigerators and freezers market include but are not limited to 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. The proliferation of local manufacturers is also significant in this market, thus intensifying the prevalent competition.
Key Segments of the Global Biomedical Refrigerators and Freezers market
Product Type Overview, 2018-2028 (USD Million)
- Plasma Freezers
- Blood Bank Refrigerators
- Lab Refrigerators
- Lab Freezers
- Ultra-Low Temperature Freezers
- Shock Freezers
End-Users Overview, 2018-2028 (USD Million)
- Blood Banks
- Research Labs
- Diagnostic Centers
Regional Overview, 2018-2028 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa