The global Biomedical Refrigerators and Freezers Market size is expected to reach USD 5 billion by 2026, at a significant growth rate of 5% during the forecasted period from 2020 to 2026. The market report provides an analysis of the global Biomedical Refrigerators and Freezers Market for the period 2015-2026, wherein 2020 to 2026 is the forecast period and 2019 is considered as the base year.
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According to the report named “Biomedical freezers and refrigerators Market” – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018-2026”, escalating demand for biopharmaceuticals and organ transplant, increase in demand for organ transplant owing to the rise in occurrence of organ failure are some of the primary factors that are boosting the biomedical freezers and refrigerators market growth globally. Biomedical freezers and refrigerators are medicinal devices that are specially used to store up various medical samples such as vaccines, blood products, medicines, flammable chemicals and enzymes. Biomedical freezers and refrigerators are used in research laboratories, hospitals, pharmacies, diagnostic centers, and blood banks.
Biomedical freezers and refrigerators offer optimal storage of medical products conditions as compared with the domestic biomedical freezers and refrigerators. Biomedical freezers and refrigerators are of different types based on the application in diverse fields. Biomedical refrigerators are widely used in biomedical engineering facilities and research laboratories. Moreover, blood bank refrigerators are medicinal apparatus principally used in blood banks. North America is anticipated to witness the significant growth rate over the forecast period owing to the growth in the incidences of infectious and chronic diseases, increasing demand for tailored medicines and favourable government initiatives in the region.
Rise in the Prevalence of Chronic Diseases and Technological Advancements to Drive the Global Biomedical freezers and refrigerators Market Growth
Increasing incidences of chronic diseases such as cardiac diseases, cancer and infectious diseases is an important factor in boosting the demand for blood transfusion, thereby increasing the growth of the global biomedical freezers and refrigerators market. According to the European Society of Hemapheresis (ESFH), usually adopted technique of aphaeresis’ and growing inclination towards plasmapheresis are resulting in the rising installation of blood banks for fresh frozen plasma storage, plasma freezers RBCs and other blood components in the hospitals.
Furthermore, growing consciousness about blood donation and initiatives taken by government in order to promote donation are expected to positively influence the overall market growth during the forecast period. Technological advancements in healthcare grade refrigerators and freezers is also anticipated to drive the growth of the biomedical freezers and refrigerators market during the forecast period. Government initiatives for the expansion of pioneering products will further speed up the biomedical freezers and refrigerators market growth. Mounting demand for biomedical refrigerators among the pharmaceutical companies and research labs is projected to foster the biomedical freezers and refrigerators market throughout the forecast time frame.
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North America to Grow at Highest Rate in Biomedical freezers and refrigerators Market
Geographically, the global biomedical freezers and refrigerators market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is forecasted to be the high revenue generating region and grow at significant CAGR during the forecast period owing to the growth in the incidences of infectious and chronic diseases, increasing demand for tailored medicines and favourable government initiatives in the region.
Product modernization and upgrade of research and development in the region are also expected to increase the growth of the regional market. Large numbers of pharmaceutical companies from the region are increasingly investing in biomedical freezers and refrigerators in order to decrease the occurrences of chronic diseases. Favourable recompense policies offered by various medical insurance companies including Medicaid and Medicare in order to reduce the affordability problems faced by aged population and rising technological advancements in the healthcare industry are some of the factors responsible for the growth of the regional market. Asia Pacific is anticipated to witness the highest growth rate over the forecast period owing to the rapid expansion of pharmaceutical and biotechnology industry and advancements in clinical applications.
The biomedical freezers and refrigerators market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Migali Scientific, Aegis Scientific, Follett, Panasonic Healthcare Corporation of North America, Azbil Corporation, Helmer Scientific, Binder, Haier Biomedical, Eppendorf, Arctiko, B Medical Systems, Powers Scientific, Thermo Fisher Scientific and Liebherr-International.
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