According to a new market report published by Transparency Market Research titled “Biomedical Refrigerators and Freezers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,” the global biomedical refrigerator and freezer market is expected to reach a value of US$ 7122.4 Mn by 2027. In terms of value, the market is estimated to expand at a CAGR of 4.5% during the forecast period from 2019 to 2027. North America is accounted for the major sales of biomedical refrigerators in 2018 and expected to maintain its dominance in coming years.
Biomedical refrigerators and freezers are medical devices that are specifically used to store medical samples such as medicines, vaccines, flammable chemicals, enzymes, blood, and blood products. Biomedical refrigerators and freezers are used in hospitals, research laboratories, diagnostic centers, pharmacies, and blood banks etc. Unlike domestic refrigerators and freezers, biomedical refrigerators and freezers provide optimum conditions for storage of medical products. Based on the application in different fields, biomedical refrigerators and freezers are of different types. For example, ultra-low temperature (ULT) freezers are insulated cabinets that maintain temperatures ranging from -70 degree C to -80 degree C. These freezers are primarily used in research laboratories and biomedical engineering facilities. Furthermore, blood bank refrigerators are medical equipment primarily used in blood banks. They maintain temperatures that range between +1 degree C to +6 degree C. Transparency Market Research analyses the global biomedical refrigerators and freezers market in terms of value in US Mn.
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Based on product type, plasma freezers accounted for the largest share in the global biomedical refrigerator and freezer market. Factor attributing the segment growth is increasing number of apheresis procedures performed, coupled with rising demand for the storage of fresh frozen plasma (FFP). In addition, increasing number of hospitals, research laboratories, and pharmacies have resulted in enhanced adoption of biomedical refrigerators and freezers. These factors are expected to drive the growth potential of biomedical refrigerators and freezers.
One of the main challenging factors impacting the growth of the biomedical refrigerator and freezer market is the fact that it is a highly fragmented and intensely competitive market. The amount of equipment purchased by end-users is expected to range from medium to low due to long lifespan of the equipment. Moreover, increase in the number of local competitors is expected to reduce the cost of equipment, which is expected to challenge the expectations of market players. Furthermore, increase in use of refurbished equipment is expected to hamper the growth of the biomedical refrigerator and freezer market globally. According to U.S. Food and Drug Administration (FDA), various medical experts have expressed concerns about the safety, quality, and effectiveness of refurbished medical devices.
The top companies considered while studying this report of the global biomedical refrigerator and freezer market are Aegis Scientific, Inc., Eppendorf AG, Haier Biomedical, Liebherr Group, Panasonic Healthcare Co., Thermo Fisher Scientific, Inc., Terumo Corporation, Philipp Kirsch GmbH, and Helmer Scientific.
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Rising Need to Preserve Biomedical Samples to Bolster Biomedical Refrigerators and Freezers Market
The increasing need to preserve biomedical samples has resulted in a rise in demand for biomedical refrigerators and freezers across the globe. Vaccines and many other biomedical items are expected to continue to be in high demand owing to the occurrence of various ailments. Furthermore, due to augmented funding in R&D activities by academic and research institutions, the adoption of biomedical refrigerators and freezers is expected to rise. Healthcare organizations tend to store different biomedical items in biomedical refrigerators and freezers as the need for precise and accurate storage conditions arises. Such multiple benefits are estimated to augur well for the global biomedical refrigerators and freezers market in the years to come. Rising demand for customized vaccines as a result of increased demand for cellular therapy is anticipated continue to have an effect on the global biomedical refrigerators and freezers market in the years to come.
High Demand for Use in Research and Development Activities to Support Market Growth
The healthcare industry’s requirement for biomedical refrigerators and freezers is projected to be bolstered by increased funding in R&D activities. As researchers focus more and more on the development of novel treatment techniques and products, the adoption of biomedical refrigerators and freezers is predicted to revitalize the market over the forecasted period. These refrigerators and freezers are projected to be in high demand in research and educational institutes as well. As a result, the global biomedical refrigerators and freezers market is projected to rise significantly over the next few years.
Vaccine exposure beyond the required temperatures may decrease its efficacy during administration. Vaccine demand is predicted to increase because of the occurrence of multiple diseases worldwide. In order to provide effective administration, vaccines must be stored at the required temperatures. The increasing need for vaccines to be stored precisely and accurately for effective administration is estimated to play an important role in bolstering growth of the market in the years to come.
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