Biomedical Refrigerators and Freezers Market to Grow at a CAGR of 4.72% During Forecast Period

Increasing demand for storage of medical samples for diagnosis, testing and laboratory purposes to drive biomedical refrigerators and freezers market

According to TechSci Research report, “Global Biomedical Refrigerators and Freezers Market, By Product, By Storage, By Temperature, By Capacity, By End-user, By Region, Forecast & Opportunities, 2025”, the global market for biomedical refrigerators and freezers valued at USD 2.88 billion in 2019 and is projected to grow at a CAGR of 4.72% during the forecast period. Biomedical refrigerators and freezers are the devices used for storing and preserving blood samples, vaccines, chemicals, reagents, and other biological samples at desired temperatures (as low as -220ºF) for testing and diagnosis purposes. Biomedical refrigerators and freezers find their applications mainly in hospitals, pharmacies, blood banks, laboratories for testing purposes diagnostic centers and various research organizations. Treatment of myriad disorders is done with the assistance of blood & urine samples and many other biological samples which need to be preserved cautiously in order to give the patients the accurate results. Furthermore, rise in the number of blood banks all over the world calls for the preservation of blood for the future use without any sample quality degradation. Another important factor propelling the market is the replacement of conventional refrigerators by biomedical refrigerators which in turn has a positive impact on environment as the greenhouse emission is controlled in biomedical refrigerators. However, high cost and complex installation can lead can act as challenge for the growth of the market.

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The global biomedical refrigerators and freezers market is segmented based on product, storage, temperature, capacity, end-user, company and region. The product segment is divided into pass-through, explosion safe, flammable storage, combo/dual temperature, ultra low freezers, plasma freezers and others. The plasma freezers are expected to hold the largest market share as plasmapheresis, a technique in which the entire unhealthy blood plasma is replaced with the healthy one, is claimed to be the most performed apheresis technique by the European Society of Hemapheresis (ESFH), which requires the biomedical refrigerators and freezers to store blood at low temperatures. The end-user is segmented into hospitals, pharmacies, diagnostic centers, research laboratories and blood banks. Blood banks segment is the prominent segment and holds the largest share as majority of blood transfusion are carried via blood banks.

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In terms of regional analysis, North America accounts for the largest share of global biomedical refrigerators and freezers market due to the development of genome engineering and biobanks.  However, APAC region is the fastest growing region due to the presence of the developing economies as they are still adapting the latest healthcare technologies.

Some of the leading players in global biomedical refrigerators and freezers market include Thermo Fisher Scientific Inc., Terumo BCT, Inc., Eppendorf AG, PHC Corporation, Haier Inc., Arctiko A/S, Binder GmbH, Bionics Scientific Technologies (P) Inc., Desmon S.p.A., Froilabo- Techcomp Group, Helmer Scientific, Inc., Migali Industries, Inc., Sofrigam SA, Philipp Kirsch GmbH, Cornerstone Capital Holding, Marvel Refrigeration, Liebherr International AG, Follett LCC., B Medical Systems S.à r.l., Biobase Corporation, among others. In order to expand their market share, the companies adopt various strategies like new product launches, and collaborations. To expand the market share and increase the market share, the company ‘Follett’ has launched new and advanced features in its biomedical refrigerators and freezers to be used in healthcare industries.

“Global biomedical refrigerators and freezers market is forecast to witness significant growth in the next five years owing to increasing demand for regenerative and precision medicines, bio-banking techniques and drug discoveries which require low temperature for preservation, contributing to the increasing demand of biomedical refrigerators and freezers market until 2025,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Biomedical Refrigerators and Freezers Market, By Product, By Storage, By Temperature, By Capacity, By End-user, By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global biomedical refrigerators and freezers market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global biomedical refrigerators and freezers market.

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