Biomedical Refrigerators and Freezers Market - By Product, By End Use - Global Forecast, 2025 - 2034

Biomedical Refrigerators and Freezers Market Size

The global biomedical refrigerators and freezers market was valued at USD 3.9 billion in 2024 and is projected to grow from USD 4.1 billion in 2025 to USD 6.6 billion by 2034, expanding at a CAGR of 5.4%. This steady growth is stimulated by various factors such as technological advancements in biomedical refrigerators and freezers, increasing demand for biopharmaceuticals and organ transplantation, and rising government support for research activities and clinical trials.
 

These factors are positively influencing market expansion across both developed and emerging regions. Biomedical refrigerators and freezers are essential devices used in pharmaceuticals, research, and healthcare industries. These devices are essential to store vaccines, medication, samples, and other temperature-sensitive materials under precise and optimal conditions in order to maintain the integrity and efficacy of the material. Major companies in the industry include Thermo Fisher Scientific, Helmer Scientific, PHC Corporation, Eppendorf, and Follett Products.
 

The market increased from USD 3.4 billion in 2021 to USD 3.7 billion in 2023, largely due to the COVID-19 pandemic, which significantly boosted the research and development activities for vaccine development. For instance, in 2020, Pfizer spent around USD 2 billion in the development of COVID-19 vaccines, and an additional USD 500 million was invested to scale up the company's manufacturing capabilities. Moreover, in 2021, the company manufactured 3 billion doses of the Pfizer-BioNTech COVID-19 vaccine. Thus, these research and development activities and vaccine manufacturing increased the demand for technologically advanced biomedical refrigerators and freezers for storage in order to maintain the efficacy of the vaccines, positively contributed to the growth of the market. 
 

The global biomedical refrigerators and freezers market is experiencing significant growth due to the growing elderly population worldwide. For instance, according to data provided by the United Nations, it is projected that the global population aged 65 years and older will reach around 1.5 billion by 2050, representing 16% of the world’s population. Moreover, according to data from the Population Reference Bureau, individuals in the U.S. aged 65 and older are projected to reach 82 million by 2050, up from 58 million in 2022. The population of this demographic is more likely to have chronic disease conditions, which often require frequent medical intervention, in turn stimulating the need for reliable cold storage devices for the storage of medication, vaccines, and other temperature sensitive products that are associated with the treatment of these elderly individuals, thereby fostering the demand of advanced biomedical refrigerators and freezers to maintain the integrity and efficacy of the medication used for the treatment of elderly patients, propelling the market growth.  
 

Additionally, growing demand for organ transplantation across the globe is one of the significant factors propelling the growth of the market. Biomedical refrigerators play a vital role in ensuring the organ’s viability until transplantation, directly impacting patients' outcomes. For instance, according to the ONT-WHO Global Observatory on Donation and Transplantation, 172,409 organs were transplanted globally in 2023, marking a 9.5% increase over 2022. This growth reflects a growing demand for organ transplantation procedures, which require precise and reliable cold storage solutions to preserve organs before transplantation, thereby fostering the market growth.
 

Biomedical refrigerators and freezers are essential devices used in pharmaceuticals, research, and healthcare industries. These devices are essential to store vaccines, medication, samples, and other temperature-sensitive materials under precise and optimal conditions in order to maintain the integrity and efficacy of the material.
 

Biomedical Refrigerators and Freezers Market Trends

• The biomedical refrigeration systems market is growing due to technological advancements that enable precise temperature control, real-time monitoring, and automated alerts. These features ensure the safe storage of biological materials and minimize spoilage or contamination risks.
   
• Modern biomedical refrigerators and freezers incorporate energy-efficient and environmentally sustainable designs. The integration of inverter compressors and sustainable refrigerants reduces operational costs while meeting global environmental standards, making them the preferred choice for healthcare and research facilities.
   
• Additionally, increased government funding for medical research and clinical trials further stimulates the demand for biomedical refrigerators and freezers. These units are essential for maintaining biological samples, vaccines, and trial medications at specific temperatures.
   
• For instance, the National Institutes of Health (NIH), invested nearly USD 48 billion in 2023 to advance medical research pertaining to reduce illness and disability. Moreover, the FDA's Orphan Products Grants Program allocated USD 17.2 million to support seven clinical trials in fiscal year 2024, including a Phase 3 trial for a rare skin disease.
   
• Thus, this increased government support for research and clinical development strengthens the demand for reliable biomedical refrigeration systems for clinical trial sample storage.
   

Biomedical Refrigerators and Freezers Market Analysis

The global market was valued at USD 3.4 billion in 2021. The market size reached USD 3.7 billion in 2023, from USD 3.6 billion in 2022. Based on the product, the market is segmented into plasma freezers, blood bank refrigerators, lab refrigerators, lab freezers, ultra-low temperature freezers, and shock freezers. The lab refrigerators segment dominated the market in 2024, holding the largest share due to the widespread adoption across research laboratories, diagnostic centers, and hospitals for storing reagents, samples, and other temperature sensitive materials.
 

This segment was valued at USD 1.1 billion in 2024 and is projected to reach USD 1.8 billion by 2034, growing at a CAGR of 5.7%. In comparison, the blood bank refrigerators segment, valued at USD 589.3 million in 2024, is expected to grow to USD 1 billion by 2034, with a CAGR of 5.9%.
 

• The growth of the lab refrigerators segment is highly attributed to the rising demand for reliable and precise temperature control solutions in laboratories, especially due to the rising research and development activities globally.
   
• The increasing development of various pharmaceutical, biopharmaceutical products, and diagnostic testing has accelerated the demand for technologically advanced devices that can safely store samples, reagents, and other sensitive materials. Lab refrigerators, which typically operate at a temperature range of 2°C to 8°C, make it an ideal solution to meet these specific requirements.
   
• Moreover, the blood bank refrigerators segment is projected to grow rapidly at the highest CAGR in the foreseeable future. This growth is owing to the rising volume of blood donation and the increasing number of blood collection centers across the globe.
   
• For instance, according to May 2025 data from the World Health Organization (WHO), approximately 118.54 million blood donations are collected globally; among these collections, about 40% are collected from the high-income countries where 16% of the world's population resides.
   
• Thus, this growing volume of donations underscores the rising demand for blood bank refrigerators, which are essential for maintaining the safety, viability, and regulatory compliance of stored blood products, thereby propelling the market growth.
   

Based on end use, the biomedical refrigerators and freezers market is segmented into blood banks, pharmacies, hospitals, research labs, diagnostic centers, and other end users. The diagnostic centers segment accounted for the highest market share of 36.8% in 2024.
 

• Diagnostic centers are healthcare settings that perform a wide range of tests in order to diagnose various medical conditions. These facilities highly depend on biomedical refrigerators and freezers to store biological samples and reagents intended for testing.
   
• The rising awareness of early disease diagnosis and preventive care is stimulating more individuals to undergo routine screening and healthcare checkups. This shift underscores the need for advanced biomedical refrigerators and freezers for storing large volume biological samples without affecting the integrity of the samples.
   
• Moreover, the rising prevalence of various chronic disease conditions such as cancer, cardiovascular diseases, and diabetes, among others, is one of the key catalysts for the growth of the segment. For instance, according to estimates from the cancer Atlas, the global incidence of cancer is expected to rise by 60% by 2040, reaching approximately 29.4 million new cases, compared to 18.1 million cases reported in 2018.
   
• Therefore, as the prevalence of these chronic disease conditions increases, so does the volume of disease screening in diagnostic laboratories, stimulating the need for effective storage solutions, thereby propelling the market growth.
   

North America dominated the global biomedical refrigerators and freezers market, with the highest market share of 40.9% in 2024.
 

The U.S. biomedical refrigerators and freezers market was valued at 1.30 billion and USD 1.34 billion in 2021 and 2022, respectively. In 2024 the market size reached USD 1.45 billion from USD 1.39 billion in 2023.
 

• This growth is highly attributed to the combination of various factors, such as increased investment in life science research, expansion of biotechnological and pharmaceutical manufacturing, and heightened regulatory emphasis on quality control in the country.
   
• For instance, as per the April 2025 report issued by the U.S. commission, the government will make around USD 15 billion investment in the field of biotechnology to boost the country's biotechnology sector.
   
• Thus, such investments propel the research and development activities across various subdomains of the biotechnological sectors, such as vaccine development and personalized medicine research, which in turn stimulate the need for advanced laboratory equipment, including biomedical refrigerators and freezers, propelling the market growth in the country.
   

Europe biomedical refrigerators and freezers market accounted for USD 980.9 million in 2024 and is anticipated to show lucrative growth over the forecast period.
 

• The rising prevalence of chronic diseases in the region coupled with the increasing government initiatives to enhance healthcare infrastructure is anticipated to spur the growth of the market.
   
• Moreover, the presence of key market players in the region reinforces Europe’s strength in the market. These companies are actively participating in innovation through the development of innovative solutions, thereby aiding market growth.
   

Germany biomedical refrigerators and freezers market is projected to experience steady growth between 2025 and 2034.
 

• Germany is the center for innovation and scientific research, with strong investments in academic institution and private R&D labs.
   
• For instance, according to data published by the Federal Ministry of Research, Technology, and Space, Germany has over 1,000 publicly funded research organizations and R&D centers run by industrial companies.
   
• Therefore, the increasing number of research facilities upsurges the need for advanced biomedical refrigerators and freezers, thereby propelling the growth of the market in the country.
   

The Asia Pacific biomedical refrigerators and freezers market region is projected to be valued at USD 931.5 million in 2025 and is expected to reach USD 1.6 billion by 2034.
 

• The market in the Asia Pacific region is expanding rapidly due to the growing burden of chronic diseases, rising health awareness, and continuous advancements in healthcare infrastructure.
   
• Advancements in healthcare infrastructure, including the construction of new hospitals, research laboratories, and diagnostic centers, are propelling the demand for advanced biomedical refrigerators and freezers to ensure the safe storage of various temperature-sensitive biological samples, thereby propelling the market growth in the region.
   
• Additionally, rapid growth in government policies aimed at improving medical research and development activities, such as vaccine and biologics development, is further contributing to the growth of the market in the region.
   

China biomedical refrigerators and freezers market is poised to witness lucrative growth between 2025 - 2034.
 

• The country has a rapidly increasing aging population that necessitates frequent healthcare intervention.
   
• For instance, as per the estimates from the World Health Organization in 2019, approximately 254 million people of the age group 65 and above were residing in the country. This number is projected to rise significantly, with 402 million people expected to be over the age of 60 by 2040.
   
• The population of this demographic is more likely to have chronic disease conditions, which often require frequent medical intervention, in turn stimulating the need for reliable cold storage devices for the storage of medication, vaccines, and other temperature sensitive products that are associated, with the treatment of these elderly individuals, thereby propelling the market growth in the region.
   

Brazil is experiencing significant growth in the biomedical refrigerators and freezers market.
 

• Brazil's commitment to enhancing its research capabilities, supported by both public and private funding, has led to the establishment of more sophisticated laboratories that require reliable and efficient biomedical refrigerators and freezer devices.
   
• This growth is further fuelled by the trend towards precision medicine which is estimated to reach USD 157.1 billion by 2032, and biopharmaceuticals, which necessitate stringent temperature conditions for drug development and storage.
   

The biomedical refrigerators and freezers market in Saudi Arabia is expected to experience significant and promising growth from 2025 to 2034.
 

• The government of Saudi Arabia is significantly investing in the healthcare infrastructure to incorporate advanced laboratory devices such as biomedical refrigerators and freezers within the hospital setting, diagnostic laboratories, and blood banks to provide proper storage conditions for the temperature-sensitive products such as biological samples, blood, and reagents.
   
• According to the Saudi Ministry of Health, in 2023, the government had allocated around USD 50.4 billion in its budget for healthcare infrastructure and social development.
   
• Such an investment is anticipated to enhance the adoption of advanced laboratory devices in healthcare settings, further fostering market growth.
   

Biomedical Refrigerators and Freezers Market Share

• The top 5 players in the biomedical refrigerators and freezers market such as Thermo Fisher Scientific, Helmer Scientific, PHC Corporation, Eppendorf, and Follett Products collectively hold a 34.1% share of the global market. These companies maintain their leadership through diverse product portfolios, strategic collaborations, regulatory approvals, and ongoing innovation. Thermo Fisher Scientific stands out due to their comprehensive range of biomedical refrigerators and freezers, widely adopted in hospitals and diagnostic centers.
   
• Eppendorf and Helmer Scientific have strengthened their market positions through partnership and product launches. In March 2024, Eppendorf SE, a global entity, announced the renewal of its 5-year partnership with LabCentral, a renowned life sciences incubator dedicated to supporting innovative biotech startups. Under this renewed agreement, Eppendorf SE provided a comprehensive range of equipment, including freezers, shakers, incubators, cyclers, centrifuges, automation systems, bioprocess equipment, and pipettes. This partnership underscore Eppendorf's commitment to fostering innovation in the biotech sector and supporting the growth of emerging startups at LabCentral.
   
• Moreover, in November 2023, Helmer Scientific, a leading manufacturer of cold storage products and processing equipment, announced the completion of the GX Solutions Cold Storage product line expansion with the launch of GX Solutions Ultra Low Temperature Freezers. This launch enhanced the product line, providing advanced solutions for ultra-low temperature storage, thereby meeting the increasing demand for precise and reliable cold storage in scientific and medical applications.
   

Biomedical Refrigerators and Freezers Market Companies

Few of the prominent players operating in the biomedical refrigerators and freezers industry include:

• Aegis Scientific
• Azbil Corporation
• B Medical Systems
• BINDER
• Eppendorf
• Follett Products
• Helmer Scientific
• Lab Research Products
• Migali Scientific
• NuAire
• PHC Corporation
• Powers Scientific
• So-Low Environmental Equipment
• Stirling Ultracold
• Thermo Fisher Scientific
   
• Follett Products

Follett Products, a prominent manufacturer in the refrigeration and ice handling industry, has established itself as a leader in providing innovative solutions across multiple sectors. The company is renowned for its high-performance refrigerators and freezers, including models certified to the NSF 456 standard for vaccine storage, which ensures the safety and efficacy of stored vaccines.
 

• Helmer Scientific

Helmer Scientific is a distinguished medical technology company engaged in the manufacturing, design, integration, distribution, and marketing of specialized medical and laboratory equipment for clinical and life science clientele. The company’s product offerings include pharmacy refrigerators, vaccine refrigerators, vaccine freezers, plasma freezers, blood bank refrigerators, laboratory refrigerators, laboratory freezers, ultra-low freezers, platelet storage systems, plasma thawers, cell washers, and centrifuges. Helmer Scientific serves a diverse array of institutions such as hospitals, blood centers, health departments, research facilities, laboratories, pharmacies, and clinics, among others.
 

• NuAire

NuAire is a leading provider in the field of biomedical refrigerators and freezers, renowned for its innovative solutions that cater specifically to the stringent requirements of the medical and scientific communities. NuAire designs and manufactures a comprehensive range of refrigeration products tailored for storing sensitive biomedical materials such as vaccines, pharmaceuticals, and biological samples. Its refrigerators and freezers are engineered to ensure precise temperature control, critical for maintaining the integrity and efficacy of stored contents.
 

Biomedical Refrigerators and Freezers Industry News:

• In April 2024, Thermo Fisher Scientific, a contract development and manufacturing organization (CDMO), unveiled its latest ultra-low temperature (ULT) freezers. The TSX Universal Series ULT Freezers were reported to adapt seamlessly to scientists' workflows across various laboratory settings. This launch not only enhanced the efficiency and versatility of laboratory operations but also strengthened Thermo Fisher Scientific position as a leading provider of advanced laboratory solutions, potentially increasing market share and customer loyalty.
   
• In February 2023, PHC Corporation of North America, distributor of the PHCbi brand in North American and Latin American markets, unveiled the PHCbi brand VIP ECO SMART ultra-low temperature freezer series. This launch targeted medical institutions, universities, and pharmaceutical companies, showcasing PHC's commitment to providing advanced solutions for cell preservation and growth. The product launch strengthened PHCNA's position in the biomedical sector, offering enhanced capabilities to meet the rigorous demands of its diverse customer base.
   

The biomedical refrigerators and freezers market research report includes in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Million and from 2021 - 2034 for the following segments:

Market, By Product

• Plasma freezers
• Blood bank refrigerators
• Lab refrigerators
• Lab freezers
• Ultra-low temperature freezers
• Shock freezers

Market, By End Use

• Blood banks
• Pharmacies
• Hospitals
• Research labs
• Diagnostic centers
• Other end use

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • UAE