Global Biomedical Refrigerators & Freezers Market Overview
Samples having biological origin with temperature sensitivity need specific conditions for their operational storage. Biomedical refrigerators and freezers are medical equipment that can be used for storing various biomedical samples. These biomedical samples include biological reagents, vaccines, medicines, blood, plasma, blood derivatives, ribonucleic acid (RNA), deoxyribonucleic acid (DNA), and flammable chemicals. The continual upsurge in the number of blood banks in developing and developed regions united with government projects aimed at increasing consciousness about blood donation have also supported the sustainable growth of the market in the past few years. These biomedical freezers are available in different specifications to suit the specific commercial needs. For instance, the plasma freezers are employed for storage of blood and plasma products at -30°C to -40°C and the ultra-low temperature freezers are utilized for enduring storage of DNA and RNA samples products at a range of -70°C to -80 °C. Growing need for personalized vaccines stemming from increasing demand to conduct cellular therapy will further continue to positively impact growth of the global biomedical refrigerator market.
Market Size & Forecast
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.
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.
Our-in depth analysis of the global biomedical refrigerators and freezers market includes the following segments:
By Refrigerator & Freezer Type
Global biomedical refrigerators and freezers market is further classified on the basis of region as follows:
Growth Drivers & Challenges
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.
Scope & Context
Overview of the Parent Market
The Global biomedical refrigerators and freezers market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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