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), Global Forecast 2023- 2032

Biomedical Refrigerators and Freezers Market Size

Biomedical Refrigerators and Freezers Market size was worth USD 3.5 billion in 2022 and is estimated to witness over 5.5% CAGR from 2023 to 2032, driven by the increasing government support for R&D activities and clinical trials.

The growing importance of R&D activities in the medical goods industry has offered simpler solutions for businesses to carry out critical studies to enhance their technology and promote medication discovery and creation. For instance, in 2022, the U.S. spent over USD 679 billion on R&D. The rising consumer purchasing power has made way for multiple growth opportunities for the development of advanced medications to deliver vital medical advantages, further accelerating the business expansion.

Higher costs along with the rising usage of refurbished equipment may limit the market expansion to some extent.  Biomedical refrigerators and freezers are very expensive and incur service charges after certain amount of time and are thus prohibitively pricey for modest healthcare facilities to acquire. They are typically priced between USD 5,000 to USD 24,000. These systems run at a constant low temperature, thus, increasing the cost of maintenance and power. Furthermore, the integration of cutting-edge technologies and the surging demand for advanced and essential systems will hinder the product preference.

COVID-19 Impact

The COVID-19 pandemic positively impacted the biomedical refrigerators and freezers market owing to the increased adoption of freezers to store biological samples including blood, blood derivatives, and vaccines to ensure efficient and sustainable storage. Vaccines require proper storage till they are delivered, as their efficacy is lowered every time they are exposed to improper conditions, such as overexposure to heat, light, or cold, at any point in the cold chain. To avoid such situations, vaccinations are maintained at optimum temperatures in refrigerators and freezers. As a result, the industry witnessed significant growth during the pandemic as numerous vaccinations were launched to prevent infection.

Biomedical Refrigerators and Freezers Market Trends

Growing emphasis on technological advancements and innovations in biomedical refrigerators led by multiple industry players will accelerate the market progression. For instance, Thermo Scientific introduced TSX Series high-performance freezers and refrigerators designed with features that support sample sustainability and protection. The integration of advanced features, including temperature control, monitoring systems, and precise storage capacity has improved the efficiency and reliability of these refrigerators. It also revolutionized the storage and preservation of biomedical products, such as vaccines, blood samples, and medications, further augmenting the market outlook.

Biomedical Refrigerators and Freezers Market Analysis

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.
 

Biomedical Refrigerators and Freezers Market Share

Some of the leading companies operating in the biomedical refrigerators and freezers market are

• Azbil Corporation
• Haier Biomedical
• Eppendorf AG
• Power Scientific, Inc.
• Liebherr-International AG
• Aegis Scientific, Inc.
• Migali Scientific
• Binder
• Follett LLC
• Helmer Scientific
• Thermo Fisher Scientific
• Arctiko A/S
• B Medical Systems
• Panasonic Healthcare Corporation

Biomedical Refrigerators and Freezers Industry News

• In January 2022, B Medical Systems announced its plans to open a new manufacturing facility in India to cater to the rising demand for medical cold chain products, including vaccine refrigerators in the country.
   

Biomedical refrigerators and freezers market research report includes an in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032 for the following segments:

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By Product (USD Million & Units)

• Plasma freezers
• Blood bank refrigerators
• Lab refrigerators
• Lab freezers
• Ultra-low temperature freezers
• Shock freezers

By End-use (USD Million)

• Blood banks
• Pharmacies
• Hospitals
• Research labs
• Diagnostic centers
• Others

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

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