Global biomedical refrigerators and freezers market share is anticipated to expand at an appreciable rate over 2019-2025, owing to the rising government support for clinical trials and research activities.
Global biomedical refrigerators and freezers market share is anticipated to expand at an appreciable rate over 2019-2025, owing to the rising government support for clinical trials and research activities.
Reliable reports suggest that the government funding for the development of technologies, start-ups, and healthcare infrastructures will considerably augment the research activities. Rising establishment of ethical norms and research policies may further surge the clinical research and development activities, thereby adding impetus to overall biomedical refrigerators and freezers market outlook.
As per Global Market Insights, Inc. estimates, the global biomedical refrigerators and freezers market size is expected to cross $3.5 billion by 2025.
Strong availability of advanced compressor and cooling systems
The global market has witnessed rapid advances in technology, including vacuum insulation control technology, protection against explosions and accidents, and advanced temperature control mechanisms, for the significant adoption in biomedical refrigerator with freezer.
Technological advancements, coupled with the availability of improved compressor system, circulation system, and auto cascade cooling system, are likely to bolster the market growth over the forthcoming years.
Despite the favorable growth environments, the global industry may encounter roadblocks to its steady growth in years to come, due to high products’ costs and shifting consumer preference to refurbished devices.
Rising prevalence of blood banks in developed & developing countries
In terms of segmentation by product, the blood bank refrigerators segment registered revenue of $796.5 million in 2018 and is set to account for a major market share over the forecast spell. The segmental growth can be credited to constant innovation and technological improvements.
Moreover, a strong focus of the key players on the advanced device development to enhance vaccine storage will impel the blood bank refrigerator demand and in turn, make high contributions to the biomedical refrigerators and freezers market trends over the projected timeframe.
For example, in August 2018, Thermo Fisher Scientific launched a new range of compact refrigerators, which was specifically designed to meet the needs for cold storage equipment at patient care facilities and clinical laboratories. The product was built to allow an energy-efficient and secure storage of medicines, vaccines, and lab kits.
With regards to the end-use spectrum, the global refrigerators and freezers market from the blood banks segment is poised to depict a 4.5% CAGR through 2025. The growth of the segment is attributable to the rising government initiatives to spread awareness about the need for blood donation, alongside the mounting number of blood banks in the developing and developed economies.
Furthermore, rising incidences of chronic diseases will push the demand for blood transfusion, resulting in an exponential growth of the blood banks end-use segment.
Large patient base prone to chronic & infectious diseases in North America
On the regional front, the Europe biomedical refrigerators and freezers market is set to exhibit a CAGR of 4.1% through 2025, as a result of the escalating number of elderly populations with chronic diseases and their needs for surgical procedures. The region also has improved medical facilities and established healthcare infrastructures.
To access sample pages of this report titled, “Biomedical Refrigerators and Freezers Market Size By Product (Plasma Freezers, Blood Bank Refrigerators, Lab Refrigerators, Lab Freezers, Ultra-low Temperature Freezers, Shock Freezers), By End-use (Blood Banks, Pharmacies, Hospitals, Research Labs, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/822
The North America biomedical refrigerators and freezers market held a market share of more than 40% in 2018 and is likely to expand at a considerable rate over the coming years. This regional market growth is driven by a large patient base that is susceptible to chronic and infectious diseases, rapid government initiatives, high demand for laboratory refrigerators, as well as robust presence of key industry players.
The competitive landscape of the biomedical refrigerators and freezers market comprises of companies such as B Medical Systems, Migali Scientific, Powers Scientific, Follett, Arctiko, Binder, Azbil Corporation, Aegis Scientific, Liebherr- International, Eppendorf, and Thermo Fisher Scientific, among others. These firms are focusing on strengthening their footprint and capitalizing on market opportunities through various strategies such as M&A, business expansions, and new product launches.
For instance, in March 2020, PHCbi launched a new line of biomedical freezers, namely MDF-MU549DHL-PA, a -40°C biomedical 16.9 cubic foot freezer; MDF-MU539HL-PA, a -30°C biomedical 17.8 cubic foot ECO freezer; and MDF-MU339HL-PA, a -30°C Biomedical 13.0 cubic foot ECO freezer. These medical-grade freezers are equipped with natural refrigerants to enhance their sustainability.
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