Biomedical Refrigerators and Freezers Market size to exceed $3.5 Bn by 2025
Published Date: February 11, 2019 Authors: Sumant Ugalmugle
Biomedical Refrigerators And Freezers Market size is set to exceed USD 3.5 billion by 2025; according to a new research report by Global Market Insights.
Extended use of biomedical refrigerators in the process of drug discovery is one of the major factor driving the biomedical refrigerators and freezers market growth in the coming years. Development of new drug and its introduction into the market is a lengthy procedure involving numerous clinical trials and studies. Biomedical refrigerators and freezers play a significant role in storage and protecting these drugs, and sensitive ingredients for continuity of research. Growing disease burden and rising demand for advanced treatment will positively influence biomedical refrigerators and freezers industry growth over the forthcoming years.
Furthermore, high demand for organ transplant, blood transfusions, biopharmaceuticals and cellular therapies will favor industry growth. Rise in number of blood banks, research laboratories, hospitals, diagnostic centers and educational institutes should further escalate the adoption of biomedical refrigerators and freezers thereby boosting business growth. However, high cost of equipment coupled with growing use of refurbished equipment may hinder biomedical refrigerators and freezers business growth during the analysis period.
Plasma freezers segment held the largest revenue share of 31.0% owing to substantial wide-ranging applications of plasma and its products. Faster cooling and storage benefits offered by plasma freezers will propel segmental growth over the forecast timeframe. Moreover, increasing demand for this equipment in the clinical laboratories should augment business growth.
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Blood banks segment is estimated to show lucrative CAGR of 4.5% over the forecast timeline due to surge in demand for blood and blood components. Increasing number of accident cases; demand large amounts of blood supply thus augmenting the blood banks segmental growth. Growing adoption of biomedical refrigerators and freezers for storage of blood at optimal conditions in blood banks thereby will escalate segmental growth.
Browse key industry insights spread across 175 pages with 258 market data tables & 7 figures & charts from the report, “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 Centers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Ukraine, Poland, China, Japan, India, Australia, Malaysia, Indonesia, Thailand, Brazil, Mexico, Argentina, South Africa, UAE, Saudi Arabia, Qatar, Kuwait, Egypt), Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
U.S. biomedical refrigerators and freezers market size accounted for USD 1.0 million in 2018 and will witness similar growth over the analysis period. Increasing prevalence of chronic diseases such as cancer, cardiac disease and respiratory disease increases the demand for personalized medicines. should further drive regional business growth. Furthermore, favorable government initiatives in the region coupled with advancements in technology and presence of well-developed healthcare infrastructure will prove beneficial for the regional business growth.
UK biomedical refrigerators and freezers market is estimated to witness significant CAGR of 3.5% during the coming years. The growth is attributable to rising geriatric population prone to several chronic diseases leading to increasing demand for surgical procedures thereby escalating the industry growth. Moreover, focus of industry players on R&D activities to enable modifications in the biomedical refrigerators and freezers to sustain competition will stimulate business growth.
Prominent industry players operating in the biomedical refrigerators and freezers market include Eppendorf, Arctiko, Liebherr-International, Panasonic Healthcare Corporation of North America, Thermo Fisher Scientific, Helmer Scientific, Haier Biomedical, Aegis Scientific, Azbil, Binder, Follett, Powers Scientific, Migali Scientific and B Medical Systems. Industry players focus on certain strategic initiatives such as innovative product launch, acquisitions and mergers that help them in capitalizing on market opportunities. For instance, in August 2016, B Medical Systems entered into distribution agreement with Terumo BCT, a global leader in apheresis and cellular technologies. Through this agreement, Terumo BCT was appointed as an exclusive distributor for B Medical Systems products for the U.S. region. The strategy enabled company to expand its business in the U.S. and Canada region.
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 2014 to 2025, for the following segments:
Biomedical Refrigerators and Freezers Market, By Product (USD Million, 000’ Units)
- Plasma freezers
- Blood bank refrigerators
- Lab refrigerators
- Lab freezers
- Ultra-low temperature freezers
- Shock freezers
Biomedical Refrigerators and Freezers Market, By End-use (USD million)
- Blood banks
- Research labs
- Diagnostic centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East Asia & Africa
- South Africa
- Saudi Arabia