Biomedical Refrigerators and Freezers Market Analysis

Biomedical Refrigerators and Freezers Market Analysis

To get key market trends

  Download Free Sample

With respect to product, the biomedical refrigerators and freezers market from the plasma freezers segment generated USD 1.1 billion in 2022 and is likely to record substantial growth through 2032. The rising demand for plasma-derived medicines, such as immunoglobulins and clotting factors has boosted the higher need for dependable and effective storage solutions. Plasma freezers have a temperature range of -20°C to -40°C, and are ideal for storing blood, plasma, platelets, vaccines, and other biological materials. Furthermore, the increasing global prevalence of cancer will have beneficial impact on the segmental progression.

Based on end-use, the biomedical refrigerators and freezers market size from the blood banks segment is expected to witness 5.9% CAGR from 2023-2032. The growth is attributed to the increasing number of blood banks in developed and developing economies. The surging demand for blood transfusions has contributed to advancements in blood-related therapies, and the rising awareness of the importance of blood donation. Moreover, the growing need for reliable blood cold chain for blood storage during donor sessions and transportation of blood samples to the laboratory will influence the overall market trends.

North America held sizable share of the biomedical refrigerators and freezers market in 2022 and is estimated to reach USD 2.4 billion by 2032. This regional growth is attributed to the massive R&D investments as well as the ongoing developments in the pharmaceutical and biotechnology sectors. Stringent regulations and guidelines regarding the storage and preservation of biomedical products have led to the strong emphasis on technological advancements in the region. The higher adoption of innovative healthcare solutions will also propel the market progress.