Biomedical Refrigerators & Freezers Market size in U.S. worth $1.4 Bn by 2026
Published Date: February 5, 2020 Authors: Sumant Ugalmugle, Rupali Swain
U.S. Biomedical Refrigerators and Freezers Market size is set to exceed USD 1.4 billion by 2026; according to a new research report by Global Market Insights, Inc.
The U.S. biomedical refrigerators & freezers market is estimated to witness substantial growth owing to growing disease burden, that requires medical intervention. Pharmaceuticals, blood and blood components and organs require the biomedical refrigerators and freezers to remain viable. Growing adoption of biomedical refrigerators and freezers for efficient storage of biological samples will spur the market growth over the forecast period.
Growing investments in pharmaceutical research will augment the market growth
Lab refrigerators are paramount to research and development. Extended use of biomedical refrigerators in pharmaceutical research and clinical trials is a major factor driving the market expansion. These refrigerators and freezers are used for storage and protection of drugs as increased temperature reduces the viability of these compounds. The growing burden of diseases will upsurge the demand for advanced pharmaceuticals, thereby, spurring investments in the pharmaceutical research activities. Furthermore, increasing awareness regarding vaccination, especially among pediatrics and geriatrics will increase the demand for biomedical cold storage equipment. Government support for clinical research and disease eradication programs will further increase the demand for U.S. biomedical refrigerators and freezers market for vaccine and sample storage.
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Technological advancements in biomedical refrigeration will pave way for market expansion
Focus of manufacturers on R&D activities to remain competitive in the market have resulted in technological advancements in biomedical refrigerators and freezers. Advances such as smart refrigerators that alert users on their smartphones regarding sudden change in temperature will favor the market progress. Furthermore, advent of single compressor technology that reduces noise and energy consumption will augment the product demand.
However, the high cost of biomedical refrigerators and freezers could hamper the market growth over the coming years. Additionally, adoption of refurbished equipment could be a negative impact rendering factor in the industry growth.
Browse key industry insights spread across 70 pages with 32 market data tables & 7 figures & charts from the report, “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 Centers), Industry Analysis Report, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Rise in number of blood banks to boost the demand for blood bank refrigerators
By products, the U.S. biomedical refrigerators and freezers market is segmented into plasma freezers, blood bank refrigerators, lab refrigerators, lab freezers, ultra-low temperature freezers and shock freezers. Blood bank refrigerators held around USD 290 million in 2019 owing to its utilization in blood banks to store blood and blood components. These refrigerators ensure the integrity and viability of blood products. Rise in the number of surgical procedures, will surge the demand for blood and blood products, thereby fostering the adoption of biomedical refrigerators and freezers in blood banks.
Furthermore, favorable reimbursement policies should augment the market growth and boost the biomedical refrigerators and freezers industry expansion. Increase in number of blood banks due to growing blood donations and rising incidence of accident & trauma cases should positively impact the U.S. biomedical refrigerators and freezers market growth.
Need for reliable temperature control mechanism in research labs to upsurge the product adoption
By end-use, the U.S. market is segmented into blood banks, pharmacies, hospitals, research labs and diagnostic centers. Research labs utilize biomedical refrigerators and freezers to store their reagents, samples and media. These components need to be stored within a specified temperature range for accurate results and requires reliable and sensitive temperature control. The research labs segment held more than 4.5% market share in 2019 and will show lucrative growth over the forecast period. The market growth can be attributed to increasing funding for R&D activities and growing number of research labs in the country.
Companies focusing on innovative product development to offer several growth opportunities
Some of the leading players operating in the U.S. biomedical refrigerators and freezers market share are Panasonic Healthcare Corporation of North America, Liebherr-International, Coldway, Haier Biomedical, Thermo Fisher Scientific and Aegis Scientific. These industry players focus on novel product launches and strategic acquisitions in a bid to capture higher market share. For instance, in April 2016, Panasonic Healthcare added two ultra-low chest freezers to its biomedical refrigerators and freezers portfolio. The new product launch helped Panasonic to increase its customer base and capitalize on market opportunities.
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