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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), Country Outlook, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI4513
  • Published Date: Dec 2022
  • Report Format: PDF

Industry Statistics

U.S. Biomedical Refrigerators and Freezers Market share was valued at over USD 1 billion in 2022 and is predicted to register more than 5% CAGR during the forecast period of 2023-2032.
 

The U.S. government is increasing its focus on conducting advanced clinical trials and research activities to promote the country’s healthcare sector. As per ClinicalTrials.gov database, the website registered more than 21,000 studies by the U.S. in 2022 alone. R&D expenditure on drug development is determined by several factors. These include projected earnings from the new drug, government policies, drug development cost, parameters influencing the drug’s demand & supply, and others. Consequently, the rising number of clinic trials will drive U.S. biomedical refrigerators and freezers market growth over the forecast timeframe.
 

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Several technological innovations are being introduced in the production of biomedical fridges and freezers. Many reputed enterprises operating in biomedical refrigerators and freezers market are concentrating on developing novel products to fit diverse requirements. For instance, Thermo Fisher Scientific introduced a TSX Series high-performance freezers and refrigerators equipped with features that support sample sustainability and protection. Such improvements are also expected to contribute to industry growth.
 

However, the high purchase and maintenance costs related to biomedical refrigerators and freezers might deter the market progress. These appliances, along with their service charges, are expensive. Biomedical refrigerators and freezers are generally in the price range of USD 5,000 and USD 24,000. These expenses can make them unaffordable for small healthcare institutions. The systems are also required to operate at a constant low temperature, which raises the maintenance and electricity costs. Integration of upgraded technologies makes the product more expensive, further impeding U.S. biomedical refrigerators and freezers market expansion.
 

Growing need for blood transfusions to foster sales of blood bank refrigerators

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U.S. biomedical refrigerators and freezers market size from blood bank refrigerators is projected to record more than 5% CAGR through 2032. Rising number of blood transfusions across the nation has raised the demand for refrigeration solutions in blood banks. The number of road accidents is also increasing every year, which often leads to severe injuries and high casualties. Rising number of surgical procedures to treat a wide range of chronic disorders is also contributing to the large-scale adoption of blood bank refrigerators and freezers across the United States.
 

Introduction of clinical trials for vaccines & medicine development supports product use in research labs

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The research labs segment is expected to hold a 9% share of U.S. biomedical refrigerators and freezers industry by 2032. The technologically advanced healthcare system in the region has prompted the launch of various R&D initiatives to produce advanced vaccines and medicines. There is also a growing need for reliable and sensitive temperature-control mechanisms in research labs. Having these mechanisms can help clinicians maintain and control the temperature and quality of their samples, which will drive the usage of biomedical refrigerators and freezers in research laboratories across the U.S.
 

U.S. biomedical refrigerators and freezers market size from hospitals end-use segment is anticipated to register more than 4.5% CAGR up to 2032. The demand for technologically advanced equipment has also urged hospitals and medical centers to shift away from traditional medical devices. These factors will promote the installation of biomedical refrigerators and freezers across hospitals.
 

Partnership initiatives by major players to strengthen industry outlook

Some of the eminent producers of biomedical refrigerators and freezers in the United States include Panasonic Healthcare Corporation (Panasonic), Aegis Scientific, Inc, Lab Research Products, Helmer Scientific LLC, Compact Alliance, Continental Scientific, Follett Products, LLC, NuAire, Migali Scientific, Powers Scientific, Inc, Stirling Ultracold (Global Cooling, Inc.) So-Low Environment Equipment, and Thermo Fisher Scientific Inc, among others. Strategic initiatives such as collaborations and partnerships are being introduced by these organizations to help them expand their market footprint.
 

For example, in March 2021, Phononic, Inc. announced a collaboration with Follett Products LLC to offer sustainable and innovative solid-state refrigeration products to its customers in the U.S. and Canada. This strategy helped the company enhance its brand image and widen its customer base.
 

Impact of COVID-19 outbreak on U.S. biomedical refrigerators and freezers market dynamics

While many industry verticals struggled to meet their profit targets during the COVID-19 pandemic, the U.S. biomedical refrigerators and freezers industry showed considerable progress during this period. With the requirement for reliable vaccines and other medicines to reduce the mortality rate from the virus growing at a significant rate, these machines have been used on a large scale to protect the quality of the drugs produced. These aspects have therefore positively influenced the industry expansion in the U.S.
 

U.S. Biomedical Refrigerators and Freezers market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

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 Centers
  • Others

 

Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

U.S. market for biomedical refrigerators and freezers was valued at over USD 1 billion in 2022 and is predicted to register more than 5% CAGR during the forecast period of 2023-2032, due to the rise in government support for clinical trials and R&D initiatives for drug development.
U.S. biomedical refrigerators and freezers industry size from blood bank refrigerators is projected to record more than 5% CAGR through 2032, given the growing prevalence of road accidents and the subsequent increase in the need for surgical procedures.
U.S. biomedical refrigerators and freezers market size from hospitals is anticipated to register more than 4.5% CAGR up to 2032, on account of the shift in focus of hospitals and medical centers from traditional devices towards technologically advanced equipment.
Panasonic Healthcare Corporation (Panasonic), Aegis Scientific, Inc, Helmer Scientific LLC, Follett Products, LLC, NuAire, Migali Scientific, and Powers Scientific, Inc, among others, are some of the key players operating in the U.S. biomedical refrigerators and freezers industry.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 13
  • Tables & Figures: 45
  • Countries covered: 1
  • Pages: 70
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