Healthcare Market Research Expert

Global Biomedical Refrigerators and Freezers Market to reach US$ 4.3 Bn in 2024; Asia Pacific Set to Witness Highest Growth Rate during Forecast Period

Press Release   •   Feb 08, 2017 04:09 EST

Transparency Market Research has published a new market report titled, “Biomedical Refrigerators and Freezers Market (Product Type – Ultra Low Temperature (ULT) Freezers, Plasma Freezers, Shock Freezers, Blood Bank Refrigerators, Laboratory/Pharmacy/Medical Refrigerators, and Laboratory/Pharmacy/Medical Freezers; End-user – Hospitals, Research Laboratories, Pharmacies, Diagnostic Centers, Blood Banks, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024.” According to the report, the biomedical refrigerators and freezers market was valued at US$ 2.9 Bn in 2015 and is projected to expand at a CAGR of 4.2% from 2016 to 2024 to reach US$ 4.3 Bn in 2024.

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North America held the largest share of the global biomedical refrigerators and freezers market in 2015. The market in the region is anticipated to expand at a CAGR of 3.9% from 2016 to 2024. Dominance of this region is attributed to the developed health care infrastructure and high adoption of advanced health care technologies. In addition, significant rise in life sciences research for treatment of cancer and neural diseases is boosting demand for biomedical refrigerators and freezers in North America. Presence of large number of blood banks, hospitals, and research institutes drives the biomedical refrigerators and freezers market in the U.S. Moreover, periodic introduction of advanced technologies such as multiple compressor equipment, green technology, energy-efficient equipment, and RFID-enabled equipment coupled with higher adoption of these technologies boosts the growth of the biomedical refrigerators and freezers market in the country.

Plasma freezers are widely used in blood banks. Rising blood donations in the U.S. is driving demand for plasma freezers in the country. According to the American National Red Cross, around 9.2 million people donate blood in the U.S. each year. Seventy-four of 76 American National Red Cross member blood banks are situated in the U.S. Each blood bank has five to six refrigerators on average. Around 38% of the population of the U.S. is eligible for donating blood; however, only 10% donate blood each year. Hence, blood organizations are promoting blood donations in the country to reduce the demand-supply gap.

Europe was the second largest market for biomedical refrigerators and freezers in 2015. Higher adoption of newly developed disease treatment options such as cellular therapies and organ transplant is increasing demand for biomedical refrigerators and freezers across the region. According to the National Health Service (NHS), every day, around 8,000 blood transfusions are carried out in the U.K. This has increased demand for plasma freezers in the country. Presence of a multitude of pharmacy stores (standalone and hospitals) and rising number of research laboratories are driving demand for laboratory refrigerators in Germany.

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Asia Pacific is projected to be the fastest growing market for biomedical refrigerators and freezers during the forecast period. Presence of key players, emerging economies, rising awareness, and availability of products at affordable prices are the major factors anticipated to drive the biomedical refrigerators and freezers market in the region. Japan has the second largest biotechnology industry in the world after the U.S. According to the Organization for Economic Co-operation and Development patent database, Japan ranks second with 11.5% of the biotechnology patents across the globe. The market in other Asian countries is expected to expand at the fastest CAGR during the forecast period.

The biomedical refrigerators and freezers market is highly fragmented, with several local players competing with few global players. Some of the players operating in the global biomedical refrigerators and freezers market include Aegis Scientific, Inc., Eppendorf AG, Haier Biomedical, Leibherr Group, Panasonic Healthcare Co., Thermo Fisher Scientific, Inc., Terumo Corporation, Philipp Kirsch GmbH, and Helmer Scientific.

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