U.S. 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 Centres), Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

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.
 

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.
 

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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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Growing demand for biological components, cellular therapies and biopharmaceuticals will drive the market demand

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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.
 

Rising adoption of biomedical refrigerators and freezers in laboratories will attribute to escalated market growth

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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.
 

Usage of biomedical refrigerators and freezers for organ/tissue preservation to increase its demand in hospitals settings

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.
 

Strong foothold of biomedical refrigerators and freezers manufacturers in the U.S. to foster the market size

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.
 

Some of the recent industry developments:

• In November 2018, BINDER introduced new BINDER ultra-freezer (UFV), developed with an aim to benefit the environment as well as avoid high energy costs. The new product launch helped the company to broaden its existing product portfolio and ensure a large customer base.
   
• In July 2015, the company developed LyoBeta Mini, a compact version of the LyoBeta twin-vessel pilot-scale freeze dryer, explicitly designed for R&D activities and small scale formulation. The new product launch helped company to garner more revenue share and sustain market competition.
   

The U.S. biomedical refrigerators and freezers market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:

Market Outlook, By Product, 2015 - 2026 (USD Million)

• Plasma Freezers
• Blood Bank Refrigerators
• Lab Refrigerators
• Lab Freezers
• Ultra-low Temperature Freezers,
• Shock Freezers

Market Outlook, By End-use, 2015 - 2026 (USD Million)

• Blood Banks
• Pharmacies
• Hospitals
• Research Labs
• Diagnostic Centers
• Others