(MENAFN- America News Hour) Global Biomedical Refrigerators & Freezers Market Overview

Samples having biological origin with temperature sensitivity need specific conditions for their operational storage. Biomedical refrigerators and freezers are medical equipment that can be used for storing various biomedical samples. These biomedical samples include biological reagents, vaccines, medicines, blood, plasma, blood derivatives, ribonucleic acid (RNA), deoxyribonucleic acid (DNA), and flammable chemicals. The continual upsurge in the number of blood banks in developing and developed regions united with government projects aimed at increasing consciousness about blood donation have also supported the sustainable growth of the market in the past few years. These biomedical freezers are available in different specifications to suit the specific commercial needs. For instance, the plasma freezers are employed for storage of blood and plasma products at -30°C to -40°C and the ultra-low temperature freezers are utilized for enduring storage of DNA and RNA samples products at a range of -70°C to -80 °C. Growing need for personalized vaccines stemming from increasing demand to conduct cellular therapy will further continue to positively impact growth of the global biomedical refrigerator market.

Market Size & Forecast

Biomedical refrigerators and freezers market  is anticipated to record a significant CAGR over the forecast period. The rapid rise in the number of blood banks in the developed and the developing countries is anticipated to help the global freezers and refrigerators market growth over the forecast period.

The global biomedical freezers & refrigerators market is anticipated to grow rapidly due to increasing advancements with rising technological & infrastructural gradations in healthcare sector. According to ISMP (Institutes for Safety Medication Practices), England, more than 20% of the healthcare practitioners have reported adverse patient effects due to deficiencies in storage and inventory management practices. This has resulted in an increased demand for efficient temperature dependent storage systems. This is expected to make the biomedical refrigerators and freezers market expand in the near future.

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On the basis of regional platform, global biomedical refrigerators and freezers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North-America holds a dominant position in terms of revenue in the global market due to the highly developed healthcare infrastructures, the presence of a large number of biomedical companies, and the vast life sciences research initiatives undertaken every year. High expenditure on hospital and healthcare infrastructure is a key factor for the region's dominance as well.

Biomedical Refrigerators & Freezers Market Size

However, Asia-Pacific is estimated to be the most lucrative region of all owing to the continuous rise in the geriatric population along with increase in the number of chronic diseases and subsequent blood transfusion procedures increasing the market in the region. Furthermore, the increasing economic development in countries such as China & India are expected to further aid in the growth of the biomedical freezers market.

Market Segmentation

Our-in depth analysis of the global biomedical refrigerators and freezers market includes the following segments:

By Refrigerator & Freezer Type

Blood Bank Refrigerators
Shock Freezers
Laboratory Refrigerators
Laboratory Freezers
Plasma Freezers
Ultra Low Freezers
Cryogenic Storage Systems
Laboratory freezer
LN2 Controlled rate freeze
Glacier G50
Blast freezer
By End-User

Hospitals
Pharmacies
Research Laboratories
Blood Banks
Diagnostic Centers
Others
By Region

Global biomedical refrigerators and freezers market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers & Challenges

High demand for blood transfusions, organ transplant, biopharmaceuticals and cellular therapies besides upsurge in the number of blood banks, hospitals, research laboratories, diagnostic centers and educational institutes should propel the global biomedical refrigerators and freezers market share over the forecast period. Excessive waste of vaccines, laboratory chemicals and other biological products owing to inappropriate storage conditions is a main aspect influencing the operational efficiency and profitability of laboratories and pharmacies. The constant rise in the number of blood banks in developing and developed regions combined with government initiatives aimed at raising awareness about blood donation have also favored the sustainable growth of the market in the past few years. Growing demand for eco-friendly refrigerating solutions that limit emission of dangerous hydro-fluorocarbons (HFCs) combined with rush in government funding in the biopharmaceutical R & D of sector will propel biomedical refrigerators and freezers market growth.

However, high purchase costs, energy costs and maintenance costs associated with biomedical refrigerators and freezers are anticipated to restrain the growth of the market. Moreover, existence of huge number of local players presenting cheaper products, and increasing trend of utilizing refurbished equipment globally due to its cheaper price is expected to affect the global biomedical refrigerators and freezers market adversely.

Key Players

Aegis Scientific, Inc.
Company Overview
Business Strategy
Key Product Offerings
Financial Performance
Key Performance Indicators
Risk Analysis
Recent Development
Regional Presence
SWOT Analysis
ARCTIKO A/S
Thermo Fisher Scientific, Inc.
Philipp Kirsch GmbH
Haier Biomedical
Panasonic Healthcare Co.
BioMedical Solutions, Inc.
Bionics Scientific Technologies (P) Ltd.
Coldway
Eppendorf AG
Scope & Context

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