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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, Growth Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022– 2028

  • Report ID: GMI822
  • Published Date: Mar 2022
  • Report Format: PDF

Industry Overview

Biomedical Refrigerators & Freezers Market size surpassed USD 3.3 billion in 2021 and is expected to witness 5.5% CAGR from 2022 to 2028. Increasing government support for research and development activities and clinical trials in emerging countries will positively impact the market expansion.
 

Biomedical Refrigerators & Freezers Market

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For instance, according to the Federally Funded Research and Development Centers (FFRDC), in 2019, R&D expenditures totaled USD 22.7 billion, with the federal government funding USD 22.3 billion. Moreover, the necessity to provide thermal insulation and to reduce product degradation is one of the major factors that increases usage of biomedical refrigerators and freezers.
 

The impact of COVID-19 on the biomedical refrigerators and freezers market shareis observed to be positive due to the surging use of refrigerators and freezers to store variety of samples of biological origin such as blood, derivatives of blood along with vaccines to ensure efficient storage and sustainability. To avoid heat, cold, or light at any step in the cold chain, the vaccines are stored in refrigerators and freezers at appropriate temperatures. Thus, increasing demand for vaccines to tackle the pandemic have also increased the demand for biomedical refrigerators.
 

Biomedical refrigerators and freezers are medical tools that are used to store varied biological samples such as blood, medicines, derivatives of blood, vaccines, biological reagents, RNA, DNA, etc. Biomedical freezers are mainly used for storage of fresh and frozen blood supplies, vaccines, and storage of enzymes for research.  
 

Hence, healthcare facilities are more inclined towards biomedical refrigerators and freezers ensuring the quality of temperature sensitive biological materials. Growing demand for biopharmaceuticals globally will spur the overall market growth.
 

Increasing chronic diseases is expected to drive industry landscape

Rising prevalence of chronic diseases such as infectious diseases lead to surge in demand for biomedical refrigerators and freezers market growth. For instance, according to the Centers for Disease Control and Prevention (CDC), each year more than 1.6 million people are diagnosed with cancer and the cost of care continue to rise and was expected to reach USD 174 billion by 2020. Thus, rise in the cases of various types of chronic disorders is fueling the demand for blood transfusions biological products and DNA-based medications.
 

Rising demand for plasma freezers across the healthcare sector will provide market growth opportunities

 Global Biomedical Refrigerators and Freezers Market, By Product

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Based on the product, the biomedical refrigerators and freezers market is classified into blood bank refrigerators, lab refrigerators, plasma freezers, lab freezers, ultra-low temperature freezers and shock freezers. Plasma freezers segment accounted for over 30% market share in 2021 owing to rising demand for plasma freezers for safe storage of fresh frozen plasma, platelet concentrates and red cells. These freezers are compression type, that work on CFC-free refrigerant gas.
 

Similarly, these freezers enable separate temperature control within the same instrument while also making internal components easier to maintain and replace. Therefore, the growing demand for biomedical refrigerators and freezers specially plasma freezers is expected to provide several market growth opportunities.
 

In addition, manufacturers in this industry are focusing on R&D investment and introducing advanced plasma freezers to enhance its product portfolio and global reach. For instance, in March 2021, Helmer Scientific launched GX Solutions Plasma and Laboratory Freezers for medications, blood therapies, sample and vaccines storage.
 

Spreading awareness about blood donation will drive the market growth over the forecast timeframe

Global Biomedical Refrigerators and Freezers Market, By End-use

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By end-use, the biomedical refrigerators and freezers market is segmented into blood bank, research labs, pharmacies, hospitals, diagnostic centers, and others. Among them, the blood bank segment accounted for around USD 1.3 billion in 2021, and the trend will continue to rise in the near future as well. This is owing to growing need for definitive blood cold chain for blood storage, donated blood, and transportation of blood samples.
 

Furthermore, biomedical refrigerators and freezers are mainly used in the immunohematology department that provides safe and convenient storage of whole blood, blood components and reagents. Blood refrigerators maintains freshness and integrity of blood and blood components. Several organizations including Arctiko A/S, B Medical Systems, and Panasonic Healthcare Corporation of North America are involved in offering blood bank refrigerators.
 

Moreover, the world is currently dealing with a COVID-19 pandemic. Many recovered COVID-19 infected patients are donating their blood to infected patients for plasma therapy. As a result, rising blood donation awareness is boosting the demand for blood bank refrigerator.
 

Technological advancement in North America proves favorable for the business scenario

North America Biomedical Refrigerators and Freezers Market, By Country

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North America biomedical refrigerators and freezers market captured 42% market share in 2021 and is poised to grow substantially during the forthcoming years. High regional growth is attributed to increasing R&D expenditure coupled with developments in pharmaceutical and biotechnology sectors. In addition, rising prevalence of cancer in the U.S., coupled with increasing adoption of biomedical refrigerators and freezers will accelerate the market growth.
 

For instance, as per the center for disease control and prevention (CDC) report, in 2018, there were 1,708,921 new cancer cases recorded and 599,265 cancer deaths in the U.S. Such scenario boosts the demand for biomedical refrigerators and freezers, thereby propelling regional market growth. Furthermore, surging number of blood banks, pharmacies, and laboratories in the U.S. is leading to increasing adoption of biomedical refrigerators and freezers in the country. In addition, existence of major market players in the U.S. favors the biomedical refrigerators and freezers market.
 

Innovative approach by key market players will upraise growth opportunities in the biomedical refrigerators and freezers market

Some of the key industry players operating in the biomedical refrigerators and freezers industry include Aegis Scientific, Inc., Azbil Corporation, Binder, Eppendorf AG, Follett LLC, Haier Biomedical, Helmer Scientific, Liebherr-International AG, Migali Scientific, Power Scientific, Inc., Panasonic Healthcare Corporation of North America, and Thermo Fisher Scientific among others. These market participants are formulating various growth strategies with continued innovations and technology improvements to sustain market competition in the biomedical refrigerators and freezers market.
 

Some of the recent industry developments:

  • In January 2022, B Medical Systems announced that it is opening new manufacturing facility in India. The company’s huge investment and more production capacity of medical cold chain products such as freezers and vaccine refrigerators scaled up the demand in the market.
     
  • In March 2020, Azbil Corporation subsidiary company Telstar announced the launch of LyoQuest Arctic, a new laboratory freeze dryer operating with natural gases. This freeze dryer specially designed for R&D laboratories. This strategy strengthened Azbil biomedical freezers product portfolio.
     

The biomedical refrigerators and freezers market report include an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2022 to 2028, for the following segments:

By Product

  • Plasma Freezers
  • Blood Bank Refrigerators
  • Lab Refrigerators
  • Lab Freezers
  • Ultra-Low Temperature Freezers
  • Shock Freezers

By End-use

  • Blood Bank
  • Research Labs
  • Pharmacies
  • Hospitals
  • Diagnostic Centers
  • Others

The above information is provided for the following regions and countries:

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Ukraine
    • Poland
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • Malaysia
    • Indonesia
    • Thailand
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Kuwait
    • Egypt
       
Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

Global market for biomedical refrigerators and freezers exceeded $3.3 billion in 2021 and is projected to observe 5.5% CAGR over 2022-2028.

Plasma freezers captured more than 30% share of the global biomedical refrigerators and freezers industry in 2021 as there is a massive demand for these freezers to store fresh plasma, red cells, and platelet concentrates.

Blood banks accounted for nearly $1.3 billion in the global biomedical refrigerators and freezers market in 2021 due to the rising need for a robust blood cold chain to store and transport the donated blood samples.

North America held 42% share of the global biomedical refrigerators and freezers market in 2021 due to the rising research and development activities in the pharmaceutical and biotechnology sectors.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 14
  • Tables & Figures: 269
  • Countries covered: 26
  • Pages: 201

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