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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, Competitive Market Share & Forecast, 2022 – 2030

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

Industry Overview

Biomedical Refrigerators and Freezers Market size was worth more than USD 3 billion in 2021 and is projected to exhibit over 5.5% CAGR from 2022-2030. Technological advancements in biomedical freezers are expected to complement the market expansion.
 

Biomedical Refrigerators and Freezers Market

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Increasing government initiatives encouraging extensive research and development (R&D) activities and clinical trials will propel equipment demand. Multiple efforts are underway to strengthen healthcare infrastructure including investments in advanced technology for drug discovery, genetic engineering, and vaccine development. For instance, in March 2022, the UK government announced plans to invest USD 347 million to boost R&D and develop novel therapies & diagnostic solutions.
 

High costs associated with biomedical freezers could restrain industry growth. Biomedical refrigerators and freezers are expensive equipment and have high service and maintenance costs. State-of-the-art medical equipment with sophisticated technologies further adds to the overall costs of these refrigerators. Additionally, these equipment are used continuously at low temperatures, which also renders additional expenses such as electricity. Smaller healthcare institutions with a lack of funding and stringent budgets find it difficult to procure biomedical freezers, thus limiting the business prospects for the providers of biomedical freezers.
 

Rising incidences of cancer to accelerate the need for plasma freezers to store blood & blood products

Global Biomedical Refrigerators and Freezers Market, By Product

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Based on product, the biomedical refrigerators and freezers market share from the plasma freezers segment was valued at over USD 1 billion in 2021. These freezers are specifically designed to store plasma, vaccines, blood, platelets, and other blood components. They offer a temperature range between -20°C and - 40°C, which enables storage of fresh frozen plasma (FFP). Frozen plasma plays a critical role in cancer patient treatment. In certain rare cases, cancer patients are given FFP to address disseminated intravascular coagulation (DIC) which restricts blood clotting and causes excessive bleeding. The rising prevalence of cancer indicates lucrative scope for the installation of plasma freezers.
 

Advancements in pharmacy refrigerators to showcase a positive industry outlook

Global Biomedical Refrigerators and Freezers Market, By End-use

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Biomedical refrigerators and freezers market share from the pharmacies end-use is poised to reach over USD 595 million by 2030. The increasing patient pool, rising geriatric population, and considerable rise in prescriptions have propelled the installation of biomedical refrigerators in pharmacies and drug stores. Pharmacy refrigerators are mainly used to store medicines and vaccines in set conditions. They offer reliable cooling with adequate temperature stability. Pharmacy refrigerators also have an automatic defrosting system that prevents temperatures from dropping below 00C along with a locking system to prevent unauthorized access to critical medicines.
 

Strong healthcare investments to favor APAC market expansion

Global Biomedical Refrigerators and Freezers Market, By Region

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Asia Pacific biomedical refrigerators and freezers market is projected to expand at over 6.5% CAGR from 2022-2030. Rapid growth in the biotechnology sector along with increasing R&D expenditure will offer substantial scope for biomedical freezer providers in the region. In recent years, APAC countries have forayed into multiple partnerships and agreements to boost healthcare infrastructure. For instance, in May 2022, the Export-Import Bank of India (Exim Bank) signed a loan agreement worth USD 100 million with the Japan Bank for International Cooperation (JBIC), the Bank of Kyoto, MUFG Bank, and Hachijuni Bank. The loan is dedicated to boosting the Indian healthcare sector against the COVID-19 pandemic and supporting vaccine production.
 

New product development to augment biomedical refrigerators & freezers industry outlook

Some of the leading companies in the global biomedical refrigerators and freezers market are Azbil Corporation, Haier Biomedical, Aegis Scientific, Inc., Binder, Eppendorf AG, Follett LLC, Helmer Scientific, Liebherr-International AG, Power Scientific, Inc., Panasonic Healthcare Corporation, Thermo Fisher Scientific, Arctiko A/S, Migali Scientific, and B Medical Systems.
 

These companies are launching new products integrated with novel technologies for better performance. For instance, in March 2021, Helmer Scientific introduced its first-ever medical-grade refrigerators with OptiCool cooling system under the GX solutions portfolio. They are designed to cater to critical healthcare applications such as blood, medication, patient sample, and vaccine storage.
 

Impact of COVID-19 pandemic on biomedical refrigerators and freezers market trends

The COVID-19 pandemic rendered a slightly positive impact on the biomedical refrigerators and freezers market. The unprecedented impact of the pandemic on public health fueled the use of freezers to store a variety of samples including blood and blood derivatives. A dramatic surge in clinical R&D further propelled the need for refrigerators for vaccine storage. Vaccines need very specific storage conditions in order to sustain post-manufacturing. Every time a vaccine comes in contact with any external factors such as heat or light, the formula loses its potency. Vaccine manufacturers, therefore, ramped up the installation of biomedical freezers to store large-scale production during the pandemic.
 

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 2030, 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 was worth more than USD 3 billion in 2021 and is projected to exhibit over 5.5% CAGR from 2022-2030.

The biomedical refrigerators and freezers industry from the plasma freezers segment was valued at over USD 1 billion in 2021 as these equipment offer optimum temperatures for the storage of blood components.

Asia Pacific biomedical refrigerators and freezers market is projected to expand at over 6.5% CAGR from 2022-2030 on account of increasing investment in healthcare and R&D.

Azbil Corporation, Haier Biomedical, Binder, Eppendorf AG, Follett LLC, Helmer Scientific, Arctiko A/S, Migali Scientific, and B Medical Systems are some of key manufacturers of biomedical refrigerators and freezers.

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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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