Home > Healthcare & Medical Devices > U.S. Biomedical Refrigerators and Freezers Market
U.S. Biomedical Refrigerators and Freezers Market size crossed over USD 1 billion in 2019 and is estimated to grow 3.6% over 2020 to 2026. Technological advancements in biomedical refrigeration will help the industry grow at an exponential pace. The rising usage of biomedical refrigerators in research labs, hospitals and pharmaceutical companies for safe storage of biological specimens will foster the industry growth.
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Biomedical refrigerators and freezers are cold storage units used for the effective storage of biological samples. These products provide low temperature zone and minimize the risk of bacterial contamination as well as explosions of volatile material.
Report Coverage | Details |
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Base Year: | 2019 |
Market Size in 2019: | 1 Billion (USD) |
Forecast Period: | 2020 to 2026 |
Forecast Period 2020 to 2026 CAGR: | 3.6% |
2026 Value Projection: | 1.4 Billion (USD) |
Historical Data for: | 2015 to 2018 |
No. of Pages: | 70 |
Tables, Charts & Figures: | 39 |
Segments covered: | Product and End-use |
Growth Drivers: |
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Pitfalls & Challenges: |
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Generally, these biomedical refrigerators are used to store blood, biological reagents, vaccines, blood derivatives, medicines, flammable chemicals and other components. Increasing adoption of the biomedical refrigerators and freezers due to dual temperature zone, requirement of minimal space and cost-effective cabinet design will augment the biomedical refrigerators and freezer market share.
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Increasing prevalence of chronic diseases such as sickle cell anaemia, haemophilia and thrombocytopenia has escalated the demand for blood transfusion. According to the American Red Cross Society, around 36,000 units of red blood cells are utilized in the U.S. each year.
Further, American Cancer Society reported that 1.69 million people were diagnosed with cancer in 2017. Rising demand for blood transfusion owing to increasing disease burden will increase the demand for biomedical refrigerators and freezers, thereby augmenting the market size.
The biomedical refrigerators and freezers are used to store organs, vaccines, blood and other biological components at required temperature. The stored biological components are used in end-stage organ failure and emergency surgeries. Thus, increasing demand for biopharmaceuticals, blood transfusion and cellular therapies will drive the U.S. biomedical refrigerators and freezers market growth over the forthcoming years.
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Lab refrigerators product segment accounted for more than USD 120 million in 2015 and is estimated to exceed USD 180 million by 2026. The biomedical refrigerators are used for storage of samples, vaccines, specimen, chemicals and various biological supplies in laboratories. Moreover, the government and Centre for Disease Control and Prevention (CDC) are working towards development of vaccines for treatment of various diseases.
Increasing demand for vaccine production will increase the usage of biomedical refrigerators and freezers in research laboratories, thereby spurring the market size.
Based on end-use, the U.S. biomedical refrigerators and freezers market share is divided into blood banks, pharmacies, hospitals, research labs, diagnostic centres and others. The hospital segment reported over 20% revenue share in 2019 and is projected to show robust CAGR during the forthcoming years.
The biomedical refrigerators are used for preservation of medicines, organs, vaccines, injections and others. According to American Academy of Pediatrics, the appropriate temperature for vaccine storage is +/- 2°C of 5°C that preserve its integrity. Thus, usage of biomedical refrigerators and freezers for storage of biological specimens including tissues/organs will increase its usage in hospital settings. Surge in number of surgical emergencies and trauma cases will thus, accelerate the market expansion.
Some of the key players operating in the U.S. biomedical refrigerator and freezer market share are Panasonic Healthcare Corporation of North America, Thermo Fisher Scientific, Helmer Scientific, Aegis Scientific, Follett, Powers Scientific, Migali Scientific, Compact Alliance, Lab Research Products, Continental Scientific, So-Low Environment Equipment, Stirling Ultracold, Global Cooling, and NuAire.
Industry players focus on various strategic alliances such as mergers and acquisitions that render competitive advantage over other market players.
Market Outlook, By Product, 2015 - 2026 (USD Million)
Market Outlook, By End-use, 2015 - 2026 (USD Million)