The global Biomedical Refrigerators And Freezers market size is expected to be worth around US$ 5.9 billion by 2030, according to a new report by Vision Research Reports.
The global Biomedical Refrigerators And Freezers market size was valued at US$ 3.8 billion in 2020 and is anticipated to grow at a CAGR of 14.9% during forecast period 2021 to 2030.
Key factors driving the growth include the growing prevalence of chronic diseases, rising demand for storing biological products, blood samples, blood reagents, vaccines, DNA samples and other chemicals. In addition, the need to provide thermal insulation and avoid product degradation is a critical factor boosting the usage rates.
These biomedical freezers are available in different specifications to suit the specific commercial needs. For instance, the plasma once are used for storage of blood and plasma products at -30°C to 40°C and the ultra-low temperature freezers are used for long term storage of DNA and RNA samples products at a range of 70°C to 80 °C.
Based on the estimates of the American Society of Health System Pharmacists, hospitals spend nearly 70-75% of their budget on their pharmacy department. Moreover, as per the Institutes for Safety Medication Practices, more than 20% of the healthcare practitioners have reported adverse patient effects due to deficiencies in storage and inventory management practices
Based on the product type, the market is segmented as blood bank refrigerators, shock, plasma, ultra-low temperature freezers and laboratory/pharmacy refrigerators and freezers The plasma freezers segment accounted for the maximum share of over 28% in 2020, mainly on account of rising demand for collection and storage of several blood components such as platelets, plasma and others.
The laboratory/pharmacy freezers are expected to emerge as the fastest growing segment with a CAGR of nearly 5.4% over the forecast period. High wastage of laboratory chemicals, vaccines, and other biological products due to improper storage conditions is key factor impacting the profitability and operational efficiency of laboratories and pharmacies. Moreover, increasing government scrutiny in implementation of quality management and GLP practices is also a key factor boosting the segments growth.
The risk of blood transfusion errors is increasing rapidly due to unscientific inventory management practices. The presence of stringent regulations for storage of blood components is a key factor driving the segments growth. For instance, in the U.S., the Center for biologics evaluation and research (CBER) actively regulates the collection and storage of blood and blood components, which may be used for blood transfusion or for the manufacturing of pharmaceutical products.
However, the pharmacies are expected to emerge as the fastest growing category over the forecast period. Growing number of adverse reactions and increasing wastage of vaccines due to thermal shock is a major factor boosting the growth
North America held the maximum share of over 51%, presence of stringent guidelines in the U.S., high quality standards, and high expenditure on hospital and healthcare infrastructure is a key factor for the regions dominance. The U.S. spends nearly 17.1% of its GDP toward healthcare, and it is a priority to improve patient care, reduce the wastage of pharmaceutical and biological components. The growing prevalence of chronic diseases coupled with rise in geriatric population is significantly driving the number of blood transfusion procedures, consumption of various pharmaceutical products. This factor is boosting the demand for use of biomedical refrigerators across all the end use segments.
The U.S. is the most important sector and has captured a majority share of the North America. The increase in the prevalence of various chronic disorders among both the pediatric and elderly population is one of the factors indicating the growing number of patients being admitted, which is thereby increasing pressure on the traditional pharmaceutical system. The awareness regarding the presently available, technologically-advanced systems gaining prominence, and lack of low-cost skilled professionals are some of the crucial factors expected to boost the market.
Asia Pacific is anticipated to grow with a lucrative growth rate over the forecast period. By 2024, this share of this region is expected to reach over 18%. High economic development in countries such as India, China, Indonesia and others is a key factor boosting the expenditure on healthcare infrastructure and medical services. This region is emerging as key medical tourism destination, and the government and private sector are investing significant resources to the reach the service quality standards adopted in the western regions. Moreover, increasing patient pool suffering with chronic diseases is also boosting the demand for various blood components and pharmaceutical products.
Philipp Kirsch GmbH, Haier Biomedical, Panasonic Healthcare Co., Thermo Fisher Scientific Inc., Helmer Scientific and Eppendorf AG.
The Biomedical Refrigerators And Freezers market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Biomedical Refrigerators And Freezers market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Biomedical Refrigerators And Freezers market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Biomedical Refrigerators And Freezers market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Biomedical Refrigerators And Freezers market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Biomedical Refrigerators And Freezers capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Biomedical Refrigerators And Freezers by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Biomedical Refrigerators And Freezers market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Biomedical Refrigerators And Freezers market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Biomedical Refrigerators And Freezers market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Biomedical Refrigerators And Freezers industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Biomedical Refrigerators And Freezers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Biomedical Refrigerators And Freezers market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Biomedical Refrigerators And Freezers market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Biomedical Refrigerators And Freezers market. These factors have benefited the growth of the global market for Biomedical Refrigerators And Freezers. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Biomedical Refrigerators And Freezers. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Biomedical Refrigerators And Freezers are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: