(I-BusinessNews.Com, April 21, 2021 ) Biomedical Refrigerators and Freezers Market size is estimated to reach $5.3 billion by 2026, growing at a CAGR of 4.9% during the forecast period 2021-2026. Biomedical refrigerators and freezers are medical devices that are specially used to store various medical samples such as vaccines, blood products, flammable chemicals, deoxyribonucleic acid, ribonucleic acid, and enzymes. These biomedical refrigerators and freezers are available in different specifications to suit the specific commercial needs and offer optimal storage of medical products conditions compared to the domestic biomedical freezers and refrigerators. Increase in the adoption of biomedical freezers for the storage of fresh frozen plasma, growing demand for blood bank refrigerators among the developed nations, rise in the number of blood transfusion procedures and increase in the focus on reducing the wastage of pharmaceutical and biological components are the factors that are set to drive the growth of the global Biomedical Refrigerators and Freezers Market for the period 2021-2026.
Biomedical Refrigerators and Freezers Market Segment Analysis – By Product Type
The Biomedical Refrigerators and Freezers Market based on the Product Type can be further segmented into Blood Bank refrigerators, Shock Freezers, Plasma Freezers, Ultra Low-Temperature Freezers, and Laboratory/Medical Refrigerators. The Plasma Freezers segment held the largest share in 2020 owing to the growing demand for collection and storage of blood components such as platelets, fresh frozen plasma and others and increase in the investments by the key players. The new technologies in plasma freezers effectively reduce the energy consumption, prevent crystallization, and minimizes the uneven temperature distribution, which is driving the growth of the market. The Laboratory/pharmacy Freezers segment is estimated to be the fastest growing segment with a CAGR of 6.2% over the period 2021-2026. This is owing to the growing demand of laboratory refrigerators for storage of flammable chemicals, growing government scrutiny in the implementation of quality management, presence of developed healthcare systems in the developed nations.
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Biomedical Refrigerators and Freezers Market Segment Analysis – By End User
The Biomedical Refrigerators and Freezers Market based on the End User can be further segmented into Hospitals, Research Laboratories, Pharmacies, Diagnostic Centers, and Blood Banks. The Blood Banks segment held the largest share in 2020 owing to the factors such as rise in the blood transfusion errors, increasing unscientific inventory management practices, increase in the adaption of plasma freezers for the storage of fresh frozen plasma, growing demand for blood bank refrigerators, and rise in the prevalence of hematological diseases. The presence of stringent regulations for storage of blood components in blood banks is driving the growth of the Biomedical Refrigerators and Freezers Market. The Pharmacies segment is estimated to be the fastest-growing segment with a CAGR of 5.8% over the period 2021-2026. This growth is owing to the factors such as growing wastage of vaccines, increasing number of adverse reactions, and rise in the demand for biomedical refrigerators and freezers in pharmacies among the developed nations.
Biomedical Refrigerators and Freezers Market Segment Analysis – By Geography
The Biomedical Refrigerators and Freezers Market based on the Geography can be further segmented into North America (U.S., Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand and Rest of Asia-Pacific), South America(Brazil, Argentina and Rest of South America), and RoW (Middle East and Africa). North America held the largest share with 28% of overall market in 2020. The growth in this segment is owing to the factors such as increase in focus on reduction of pharmaceutical and biological components wastage, rise in the number of blood transfusion procedures, and growing expenditure on hospital and healthcare infrastructure. Asia-Pacific is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as increase in the awareness regarding the technologically-advanced systems, growing demand for refrigerators for storing ribonucleic acid and deoxyribonucleic acid, rising economic development in countries such as India and China, growing investigation of significant resources to reach the service quality standards adopted in the western regions, and rise in the investment for the technological innovations by the key players.
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Biomedical Refrigerators and Freezers Market Drivers
Increase in the Adoption of Blood Bank Refrigerators
Biomedical refrigerators ensure the freshness and integrity of blood and blood components. These refrigerators are increasingly used in blood banks as they are highly insulated by rigid polyurethane foamed-in-place and double or triple layer glass windows. The presence of stringent regulations for the storage of blood components in blood banks is propelling the demand for biomedical refrigerators, which in turn is driving the growth of the Biomedical Refrigerators and Freezers Market.
Rise in the Demand for Trustworthy Blood Storage Devices
The key companies are looking for biomedical refrigerators and freezers as they are trustworthy devices for maintaining the donated blood through transportation of blood samples and donor sessions. The manufacturers are also increasing their investment for developing these devices, which is estimated to enhance the growth of the Biomedical Refrigerators and Freezers Market.
Biomedical Refrigerators and Freezers Market Challenges
High Cost of Biomedical Grade Refrigerators and Freezers
Despite the numerous added advantages, the high cost of these advanced biomedical refrigerators and freezers is estimated to reduce the growth of the Biomedical Refrigerators and Freezers Market.
Biomedical Refrigerators and Freezers Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Biomedical Refrigerators and Freezers Market. Key companies of Biomedical Refrigerators and Freezers market are Eppendorf AG, Haier Biomedical, Panasonic Healthcare Co Ltd, Coldway, Aegis Scientific Inc, Dometic Group, Liebherr Group, Terumo Corporation, Philipp Kirsch GmbH, Helmer Scientific among others.
Acquisitions/Product Launches:
In 2019, Helmer Scientific has announced the expansion of their GX Solution Refrigerator line to include models from 13 to 56 cu ft. These are professional biomedical-grade refrigerators with OptiCool cooling technology.
Key Takeaways
Geographically, North America Biomedical Refrigerators and Freezers Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to rise in the number of blood transfusion procedures.
The growing demand for blood bank refrigerators owing to the rise in the prevalence of hematological diseases is driving the growth of the blood banks segment.
High cost of biomedical grade refrigerators and freezers is one of the major factors that is said to reduce the growth of the Biomedical Refrigerators and Freezers Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Biomedical Refrigerators and Freezers Market report.
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