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Biomedical Refrigerators and Freezers Market – By Product (Plasma Freezers, Blood Bank Refrigerators, Lab Refrigerators, Lab Freezers, Ultra-low Temperature Freezers, Shock Freezers), By End-use (Blood Banks, Pharmacies) – Global Forecast 2024 – 2032
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Biomedical Refrigerators and Freezers Market
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Base Year: 2023
Companies covered: 15
Tables & Figures: 164
Countries covered: 23
Pages: 87
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Biomedical Refrigerators and Freezers Market Size
Biomedical Refrigerators and Freezers Market size was valued at around USD 3.7 billion in 2023 and is estimated to grow at 5.3% CAGR from 2024 to 2032. Biomedical refrigerators and freezers are essential pieces of equipment used in healthcare, pharmaceutical, and research facilities. They are designed to store biological samples, vaccines, medications, and other temperature-sensitive materials under precise conditions to ensure their integrity and efficacy.
The increasing geriatric population is a significant catalyst for the market. According to the World Health Organization (WHO), by 2030, one in six individuals globally will be aged 60 or older. The number of people in this age group is projected to rise from 1 billion in 2020 to 1.4 billion by 2030. By 2050, this population will double to 2.1 billion. Additionally, the number of people aged 80 years or older is expected to triple from 2020 to 2050, reaching 426 million. As the global population ages, there is a rising demand for medical services, pharmaceuticals, and biopharmaceuticals tailored to the elderly. The geriatric population often requires extensive medical treatments, including vaccines, medications, and organ transplants, which necessitate the use of biomedical refrigerators and freezers to ensure proper storage and preservation. Additionally, the growth of age-related diseases and conditions stimulates the need for advanced research and development in geriatric care, further driving demand for high-quality storage solutions in biomedical settings.
Furthermore, government support for research and clinical trials significantly accelerates the biomedical refrigerators and freezers market. Investments through grants, subsidies, and tax incentives boost healthcare R&D, improving patient outcomes. Precise temperature control is essential for maintaining biological samples, vaccines, and pharmaceuticals. As research and clinical trials expand, the demand for reliable biomedical refrigeration increases, fueling market growth.
Biomedical Refrigerators and Freezers Market Trends
Biomedical Refrigerators and Freezers Market Analysis
Based on product, the biomedical refrigerators and freezers market is divided into plasma freezers, blood bank refrigerators, lab refrigerators, lab freezers, ultra-low temperature freezers, and shock freezers. The lab refrigerators segment of the market is forecasted to reach USD 1.6 billion by 2032.
Based on end-use, the biomedical refrigerators and freezers market is bifurcated into blood banks, pharmacies, hospitals, research labs, diagnostic centers, and other end-users. The diagnostic centers segment accounted for USD 1.4 billion in 2023. Diagnostic centers, which include facilities that perform a range of tests to diagnose various medical conditions, rely heavily on biomedical refrigeration and freezing equipment to store sensitive biological samples, reagents, and pharmaceuticals.
The growth of the biomedical refrigerators and freezers market in the U.S., projected to reach USD 1.7 billion by 2032.
The biomedical refrigerators and freezers market in UK is expected to experience significant and promising growth from 2024 to 2032.
Japan biomedical refrigerators and freezers market is anticipated to witness lucrative growth between 2024 – 2032.
The biomedical refrigerators and freezers market in Saudi Arabia is expected to experience significant and promising growth from 2024 to 2032.
Biomedical Refrigerators and Freezers Market Share
The market is characterized by intense competition among major global players and a diverse range of smaller to medium-sized companies. Leading firms in this sector emphasize innovation through substantial investments in research and development, aiming to enhance product efficiency and meet evolving regulatory standards. Strategic alliances, acquisitions, and mergers are pivotal in consolidating market positions and expanding global reach.
Biomedical Refrigerators and Freezers Market Companies
Some of the eminent market participants operating in the biomedical refrigerators and freezers industry include:
Biomedical Refrigerators and Freezers Industry News:
The biomedical refrigerators and freezers market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments:
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Market, By Product
Market, By End-use
The above information is provided for the following regions and countries: