Biomedical Refrigerators and Freezers Market
Biomedical Refrigerators and Freezers Market Size, Share Analysis by Product (Plasma Freezers, Blood Bank Refrigerators, Ultra-Low Temperature Freezers, Medical Refrigerators, Cryogenic Storage Systems), by End User & Regional Forecast 2021-2031
Analysis of Biomedical Refrigerators and Freezers market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Biomedical Refrigerators and Freezers Market Outlook
The global biomedical refrigerators and freezers market size reached a valuation of around US$ 3.3 Bn in 2020, which amounts to close to 1% share of the overall medical equipment market.
Sales of biomedical refrigerators and freezers are slated to accelerate at a CAGR of 6% to top US$ 6 Bn by 2031, mainly on back of rising demand for biomedical products and vaccines across the world. Plasma freezer sales are set to increase at a CAGR of 5% across the assessment period of 2021 to 2031.
|Biomedical Refrigerators and Freezers Market Size Value in 2020||US$ 3.3 Bn|
|Sales Forecast for Biomedical Refrigerators and Freezers by 2031||US$ 6 Bn|
|Global Market Growth Rate (2021 to 2031)||6% CAGR|
|Share of Top 5 Companies||40%|
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Demand Analysis of Biomedical Refrigerators and Freezers from 2016 to 2020 Vs Market Outlook for 2021 to 2031
As per Fact.MR, a market research and competitive intelligence provider, the global market for biomedical refrigerators and freezers was valued at US$ 3.3 Bn in 2020.
Growing need to store biomedical samples has led to a surge in biomedical chest refrigerator equipment sales globally. Prevalence of various diseases will continue to rev up demand for biomedical products and vaccines. In addition, adoption of biomedical refrigerators and freezers will continue to increase attributed to growing investments in research & development by educational and research institutions.
As the need for exact and accurate storage conditions arise, healthcare organizations prefer storing various biomedical products in biomedical refrigerators and freezers. Growing need for personalized vaccines stemming from increasing demand to conduct cellular therapy will further continue to impact market growth positively.
Latest innovations in biomedical refrigerators and freezers and growing freezer monitor demand are expected to fuel market growth considerably at a 6% CAGR across 2021 to 2031, and raise the value of the market for biomedical refrigerators and freezers.
How is Investment in Research & Development Fueling Market Growth for Biomedical Refrigerators and Freezers?
Increasing investment in research & development activities will continue to bolster demand for technologically modern biomedical refrigerators in the healthcare industry.
As researchers are increasingly focusing on developing innovative techniques and products for treatment procedures, the freezer monitors market is expected to surge across the world over the forecast period.
Demand for medical refrigerators and medical freezers is further expected to witness significant demand from educational and research institutes. Bound to these factors, the global refrigerators and freezers market is expected to witness significant growth over the next ten years.
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What are the Restraints being Faced by Manufacturers of Biomedical Refrigerators and Freezers?
Despite the fact that global demand for biomedical refrigerator equipment and freezers is increasing, purchasing expensive biomedical refrigerators and freezers may be tough for small hospitals, clinics, and startups. As a result, many institutes choose to purchase refrigerated systems that have been previously used. As such, expensive cost of equipment along with lack of qualified staff is a key barrier to market expansion.
Furthermore, presence of a large number of local competitors offering lower-cost products as well as an increasing tendency of using reconditioned freezer equipment globally due to lower cost is likely to hamper medical refrigerators and medical freezers market growth.
Stringent regulatory authorities will also limit worldwide sales growth of biomedical refrigerators and freezers to some extent over the next ten years.
Which Region is a Lucrative Market for Suppliers of Biomedical Refrigerators and Freezers?
The market for biomedical refrigerators and freezers in North America is predicted to have the largest market share. Revenue in the North American regional market is set to grow 1.4X by 2031.
With increased spending on life science research as a result of numerous diseases, demand for biological sample storage equipment has increased in North America. Increased prevalence of acute and chronic diseases as well as presence of well-established health systems, blood banks, and research organizations are expected to drive sales of combined biomedical refrigerators and freezers.
Development of biobanks and genome engineering has also contributed to expansion of the North American market.
Growing demand for pharmacy refrigerators in Japan, rising sales of biomedical refrigerators in Germany, and increasing demand for biomedical freezers in the U.K are all making a significant contribution to global market growth prospects for biomedical refrigerators and freezers.
What is the Biomedical Refrigerators and Freezers Demand Outlook for the U.S.?
The U.S dominates the global market for biomedical refrigerators and freezers in terms of revenue. The market is expected to increase 1.6X by 2031.
Rising number of blood transfusions, widespread use of DNA-based drugs, and presence of top distributors of ultra-low temperature freezers are all contributing to market growth in the country.
Increasing government support for medical infrastructure across the country, rising investments in developing enhanced energy-efficient cold storage equipment, and growing R&D activities in the medical sector have created lucrative opportunities for manufacturers of biomedical refrigerators and freezers in the U.S.
Furthermore, medical therapies such as organ transplantation, cellular therapy, and other similar procedures have helped establish the United States as a major market for medical freezer manufacturers.
Why are Sales of Biomedical Refrigerators and Freezers Flourishing in China?
Market growth in China is expected to be supplemented due to expanding healthcare spending, growing focus on developing more contemporary and advanced healthcare infrastructure, big patient pool, and increasing focus on reducing biological component wastage.
Moreover, improving medical facilities, increase in the number of blood banks, and strong demand for laboratory refrigerators from educational institutes, hospitals, and research centers to store samples are all boosting the stance of medical refrigerator manufacturers in China.
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Why are Plasma Freezers Gaining Immense Popularity in the Market?
Sales of plasma freezers are expected to increase 1.7X over the forecast period. Growing need to store blood plasma is expected to rev up demand for plasma freezers in the global market.
For storing fresh frozen plasma, cryoprecipitate, platelet concentrates, and red cells, plasma freezers maintain a continuous freezing temperature of -30°C or -40°C. Hence, demand for ultra-low temperature freezers is growing rapidly.
Technological innovations by top plasma freezer manufacturers reduce energy usage, avoid crystallization, and eliminate uneven temperature distribution, which are important factors catalyzing market growth.
Why is Demand for Biomedical Refrigerators and Freezers from Blood Banks High?
The blood banks segment is expected to be a significant shareholder in the global market for biomedical refrigerators and freezers.
Globally, the number of blood banks is growing, as is the frequency of hematological illnesses and the number of organ transplants. As a result of this need, demand for blood bank refrigerators has increased. These factors are propelling the growth of the blood banks segment.
Unscientific inventory management procedures are rapidly increasing the danger of blood transfusion mistakes. A crucial aspect driving growth is the existence of severe requirements for the preservation of blood components.
Growing concerns about blood donation among people as well as government initiatives to promote blood donation is creating opportunities for top manufacturers of blood bank refrigerators.
COVID-19 Impact on Industry
The emergence of COVID-19 brought the entire world to a standstill. This current health issue has had a significant impact on companies across industries.
Rising government and corporate support could aid in the fight against this extremely contagious disease. Some industries are struggling while others are booming. The pandemic is expected to have a positive influence on the combined biomedical refrigerators & freezers industry.
Vaccines are urgently needed to save as many individuals as possible from being infected with COVID 19. The entire world has been subjected to intense research & development in order to complete all of the clinical trials related to vaccine development.
In the transfer of vaccinations, a refrigerator or freezer plays an essential role. The pandemic had a positive impact on the sales of medical refrigerators and shock freezers, and created a favorable environment for the growth of the biomedical refrigerators and freezers market size in 2021.
Leading biomedical refrigerators and freezers market players are concentrating on increasing their product portfolios and supplying customized freezers in a variety of sizes and shapes to meet the varied needs of end users. Major players are forming alliances with small businesses in order to improve their product portfolios and extend their worldwide footprints.
Top manufacturers of biomedical refrigerators and freezers are working on a variety of methods, including mergers and acquisitions, partnerships, joint ventures, and collaborations, to strengthen their market position and expand their product portfolio in order to boost revenue potential in the future.
Biomedical Refrigerators and Freezers Industry Report Scope
|Historical Data Available for||2016-2020|
|Market Analysis||Value in US$ Mn, Volume in Units|
|Key Regions Covered||
|Key Countries Covered||
|Key Market Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
Key Segments Covered in Biomedical Refrigerators and Freezers Industry Research
- Plasma Freezers
- Blood Bank Refrigerators
- Ultra-Low Temperature Freezers
- Shock freezers
- Pharmacy Refrigerators
- Medical Refrigerators
- Laboratory Refrigerators
- Cryogenic Storage Systems
- Use of Biomedical Refrigerators and Freezers in Hospitals
- Use of Biomedical Refrigerators and Freezers in Research Laboratories
- Use of Biomedical Refrigerators and Freezers in Pharmacies
- Use of Biomedical Refrigerators and Freezers in Diagnostic Centers
- Use of Biomedical Refrigerators and Freezers in Blood Banks
- FAQs -
The global biomedical refrigerators and freezers market is currently worth more than US$ 3.3 Bn.
From 2016-2020, sales of biomedical refrigerators and freezers registered a CAGR of 3%.
Technological advancements in medical refrigerators and rising investments in R&D to launch smart and advanced biomedical freezers are key trends driving demand for biomedical refrigerators and freezers.
Aegis Scientific Inc., Arctiko A/S, Binder GmbH, Biomedical Solutions Inc., and Bionics Scientific Technologies Co. Ltd. are renowned manufacturers of biomedical refrigerators and freezers.
With 50% global market share, North America will largely contribute to the growth of biomedical refrigerators and freezers revenue.
Sales of biomedical refrigerators and freezers in Japan will most likely flourish at a CAGR of 3% over the next ten years.
Plasma freezers continue to be the highest revenue-generating segment accounting for 40% of global revenue.
Sales of biomedical refrigerators and freezers in Germany are forecasted to reach over US$ 550 Mn by 2031.
The U.S., China, Germany, Canada, and Russia are expected to drive most of the demand for biomedical refrigerators and freezers.
The global market for biomedical refrigerators and freezers is expected to surge at 6% CAGR from 2021-2031