The global biomedical refrigerator and freezer market size is expected to reach US$ 7.2 billion by 2030 and poised to grow at a noteworthy CAGR of 5% during the forecast period from 2021 to 2030. North America is accounted for the major sales of biomedical refrigerators in 2020 and expected to maintain its dominance in coming years.
Biomedical refrigerators and freezers are medical devices that are specifically used to store medical samples such as medicines, vaccines, flammable chemicals, enzymes, blood, and blood products. Biomedical refrigerators and freezers are used in hospitals, research laboratories, diagnostic centers, pharmacies, and blood banks etc. Unlike domestic refrigerators and freezers, biomedical refrigerators and freezers provide optimum conditions for storage of medical products. Based on the application in different fields, biomedical refrigerators and freezers are of different types. For example, ultra-low temperature (ULT) freezers are insulated cabinets that maintain temperatures ranging from -70 degree C to -80 degree C. These freezers are primarily used in research laboratories and biomedical engineering facilities. Furthermore, blood bank refrigerators are medical equipment primarily used in blood banks. They maintain temperatures that range between +1 degree C to +6 degree C. Transparency Market Research analyses the global biomedical refrigerators and freezers market in terms of value in US Mn.
Based on product type, plasma freezers accounted for the largest share in the global biomedical refrigerator and freezer market. Factor attributing the segment growth is increasing number of apheresis procedures performed, coupled with rising demand for the storage of fresh frozen plasma (FFP). In addition, increasing number of hospitals, research laboratories, and pharmacies have resulted in enhanced adoption of biomedical refrigerators and freezers. These factors are expected to drive the growth potential of biomedical refrigerators and freezers.
One of the main challenging factors impacting the growth of the biomedical refrigerator and freezer market is the fact that it is a highly fragmented and intensely competitive market. The amount of equipment purchased by end-users is expected to range from medium to low due to long lifespan of the equipment. Moreover, increase in the number of local competitors is expected to reduce the cost of equipment, which is expected to challenge the expectations of market players. Furthermore, increase in use of refurbished equipment is expected to hamper the growth of the biomedical refrigerator and freezer market globally. According to U.S. Food and Drug Administration (FDA), various medical experts have expressed concerns about the safety, quality, and effectiveness of refurbished medical devices.
High Demand for Use in Research and Development Activities to Support Market Growth
The healthcare industry's requirement for biomedical refrigerators and freezers is projected to be bolstered by increased funding in R&D activities. As researchers focus more and more on the development of novel treatment techniques and products, the adoption of biomedical refrigerators and freezers is predicted to revitalize the market over the forecasted period. These refrigerators and freezers are projected to be in high demand in research and educational institutes as well. As a result, the global biomedical refrigerators and freezers market is projected to rise significantly over the next few years.
Vaccine exposure beyond the required temperatures may decrease its efficacy during administration. Vaccine demand is predicted to increase because of the occurrence of multiple diseases worldwide. In order to provide effective administration, vaccines must be stored at the required temperatures. The increasing need for vaccines to be stored precisely and accurately for effective administration is estimated to play an important role in bolstering growth of the market in the years to come.
Rising Need to Preserve Biomedical Samples to Bolster Biomedical Refrigerators and Freezers Market
The increasing need to preserve biomedical samples has resulted in a rise in demand for biomedical refrigerators and freezers across the globe. Vaccines and many other biomedical items are expected to continue to be in high demand owing to the occurrence of various ailments. Furthermore, due to augmented funding in R&D activities by academic and research institutions, the adoption of biomedical refrigerators and freezers is expected to rise. Healthcare organizations tend to store different biomedical items in biomedical refrigerators and freezers as the need for precise and accurate storage conditions arises. Such multiple benefits are estimated to augur well for the global biomedical refrigerators and freezers market in the years to come. Rising demand for customized vaccines as a result of increased demand for cellular therapy is anticipated continue to have an effect on the global biomedical refrigerators and freezers market in the years to come.
The top companies considered while studying this report of the global biomedical refrigerator and freezer market are Aegis Scientific, Inc., Eppendorf AG, Haier Biomedical, Liebherr Group, Panasonic Healthcare Co., Thermo Fisher Scientific, Inc., Terumo Corporation, Philipp Kirsch GmbH, and Helmer Scientific.
This report focuses on biomedical refrigerator and freezer market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall biomedical refrigerator and freezer market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global biomedical refrigerator and freezer market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the biomedical refrigerator and freezer market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the biomedical refrigerator and freezer market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Biomedical refrigerator and freezer market.
Market Segments: This part of the report discusses about product, application and other segments of the biomedical refrigerator and freezer market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global biomedical refrigerator and freezer market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the biomedical refrigerator and freezer market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global biomedical refrigerator and freezer market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
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.
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) and other segments.
The research methodology adopted by analysts for compiling the global biomedical refrigerator and freezer market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global biomedical refrigerator and freezer market.
The study objectives of this report are: