U.S. Biomedical Refrigerators and Freezers Market Size

U.S. Biomedical Refrigerators and Freezers Market Size

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.