Our-in depth analysis of the global biomedical refrigerators and freezers market includes the following segments:
Global biomedical refrigerators and freezers market is further classified on the basis of region as follows:
Biomedical refrigerators and freezers market is anticipated to record a significant CAGR over the forecast period. The rapid rise in the number of blood banks in the developed and the developing countries is anticipated to help the global freezers and refrigerators market growth over the forecast period.
The global biomedical freezers & refrigerators market is anticipated to grow rapidly due to increasing advancements with rising technological & infrastructural gradations in healthcare sector. According to ISMP (Institutes for Safety Medication Practices), England, more than 20% of the healthcare practitioners have reported adverse patient effects due to deficiencies in storage and inventory management practices. This has resulted in an increased demand for efficient temperature dependent storage systems. This is expected to make the biomedical refrigerators and freezers market expand in the near future.
On the basis of regional platform, global biomedical refrigerators and freezers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North-America holds a dominant position in terms of revenue in the global market due to the highly developed healthcare infrastructures, the presence of a large number of biomedical companies, and the vast life sciences research initiatives undertaken every year. High expenditure on hospital and healthcare infrastructure is a key factor for the region’s dominance as well.
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However, Asia-Pacific is estimated to be the most lucrative region of all owing to the continuous rise in the geriatric population along with increase in the number of chronic diseases and subsequent blood transfusion procedures increasing the market in the region. Furthermore, the increasing economic development in countries such as China & India are expected to further aid in the growth of the biomedical freezers market.
High demand for blood transfusions, organ transplant, biopharmaceuticals and cellular therapies besides upsurge in the number of blood banks, hospitals, research laboratories, diagnostic centers and educational institutes should propel the global biomedical refrigerators and freezers market share over the forecast period. Excessive waste of vaccines, laboratory chemicals and other biological products owing to inappropriate storage conditions is a main aspect influencing the operational efficiency and profitability of laboratories and pharmacies. The constant rise in the number of blood banks in developing and developed regions combined with government initiatives aimed at raising awareness about blood donation have also favored the sustainable growth of the market in the past few years. Growing demand for eco-friendly refrigerating solutions that limit emission of dangerous hydro-fluorocarbons (HFCs) combined with rush in government funding in the biopharmaceutical R&D of sector will propel biomedical refrigerators and freezers market growth.
However, high purchase costs, energy costs and maintenance costs associated with biomedical refrigerators and freezers are anticipated to restrain the growth of the market. Moreover, existence of huge number of local players presenting cheaper products, and increasing trend of utilizing refurbished equipment globally due to its cheaper price is expected to affect the global biomedical refrigerators and freezers market adversely.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.