Global Biomedical Refrigerators and Freezers Market – Industry Trends and Forecast to 2029

Biomedical Refrigerators and Freezers Market Analysis and Size

The growing need to store biomedical samples is driving sales of biomedical chest refrigerators around the world. The epidemic of various diseases will continue to drive the demand for biomedical products and vaccines. In addition, the adoption of biomedical refrigerators and freezers will continue to increase due to increased investment in research and development by educational and research institutions. The growing need for personalized vaccines resulting from increasing demand for cell therapy will continue to have a positive impact on market growth.

Data Bridge Market Research analyses the growth in the biomedical refrigerators and freezers market in the forecast period 2022-2029. The expected CAGR of biomedical refrigerators and freezers market is tend to be around 9.01% in the mentioned forecast period. The market value was found to be USD 3.8 billion in 2021, which is expected to reach USD 7.58 billion by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Biomedical Refrigerators and Freezers Market Scope and Segmentation

Market Definition

Biomedical refrigerators and freezers are medical equipment’s used to store a variety of biological samples such as blood, medicines, blood derivatives, vaccines, biological reagents, RNA and DNA. Biomedical freezers are mainly used to store fresh and frozen blood. Storage of research vaccines and enzymes. These products provide optimal conditions and ensure the efficient storage required for biological samples. The biomedical refrigerators and freezers market is expected to skyrocket around the world during the forecast period as researchers increasingly focus on developing innovative technologies and products for treatment procedures.

Biomedical Refrigerators and Freezers Market Dynamics

Drivers

• Rising Demand for Biomedical Refrigerators and Freezers

Increasing demand for biopharmaceuticals and organ transplants, and increased demand for organ transplants due to the increased incidence of organ failure, are some of the key drivers driving the growth of the biomedical refrigerators and freezers market. Increasing rates of chronic diseases such as cancer, heart disease and infectious diseases are key drivers of the growth of the global biomedical freezer and refrigerator market. Research activities and clinical trial initiatives have helped boost the market for biomedical refrigerators and freezers around the world. These factors may increase the use of biomedical refrigerators and freezers to store research samples such as DNA, RNA, and biomolecules.

• Advances in Technology in Healthcare Sector

Technological advances in medical freezers will drive market growth in biomedical refrigerators and freezers market during the forecast period. Technological advances in biomedical refrigerators and freezers, such as advanced temperature control mechanisms, accident and explosion protection, and vacuum insulation panel technology, is likely to support the growth of the industry. In addition, improved circulation systems, compressor systems and automatic cascade refrigeration systems will have a positive impact on business growth during the forecast period. The company's focus on developing innovative and advanced devices will drive the growth of the industry.

• Rise in Geriatric Population

Aging is associated with a variety of illnesses and disorders, and older people often take longer to recover from these conditions. The elderly population is prone to common health problems such as diabetes, cancer, heart problems, nerve problems, and organ system disorders. Therefore, an increase in the aging population is expected to drive the growth of the biomedical refrigerators and freezers market.

Opportunities

• Innovative Techniques and Research Increase the Market Growth

Increasing investment in R&D will further increase the demand for technologically advanced biomedical refrigerators in the healthcare industry. Demand for medical refrigerators and freezers from educational and research institutes is expected to increase, which will further create ample opportunities for the market to grow.

• Increasing demand for Plasma Freezers in Healthcare

The increasing need for plasma storage is expected to drive demand for plasma freezers in the global market. To store fresh frozen plasma, cryoprecipitates, platelet concentrates, and red blood cells, the plasma freezer maintains a continuous freezing temperature of 30°C or 40°C. Therefore, the demand for freezer is growing rapidly. Innovations from major plasma freezer manufacturers reduce energy consumption, avoid crystallization and eliminate uneven temperature distribution, a key factor in market growth.

Restraints/Challenges

• High cost of Biomedical refrigerators and freezers

The market growth is rising high and is expected to grow in the mentioned forecast period but the increasing prices of equipment’s can be an obstacle. Due to the high cost of refrigerators, people could feel reluctant to buy refurbished equipment, which could hinder the growth of the biomedical refrigerator and freezer industry in the future.

COVID-19 Impact on Biomedical Refrigerators and Freezers Market

The COVID-19 has left an unprecedented global public health crisis that has impacted practically every business, and its long-term repercussions are expected to have an influence on industry growth during the forecast period. Our ongoing research is enhancing our research approach to guarantee that fundamental COVID-19 concerns and potential solutions are included.

Many recovered COVID 19-infected patients donate blood to infected patients for plasma therapy. As a result, the growing awareness of blood donations has increased the demand for blood bank refrigerators. Bio Refrigerator and Freezers are used for storing virus samples, extracted RNA and cDNA, and other diagnostic results needed for current and future vaccine development studies. Also, in the post pandemic situation, the market is seen to grow at a high pace. Vaccines are urgently needed to protect as many people as possible from being infected with COVID 19. Refrigerators and freezers play an important role when delivering vaccines. The pandemic had a positive impact on sales of medical refrigerators and blast freezers, creating a favourable environment for the growth of the biomedical refrigerators and freezers market.

Market Developments

• B Medical Systems in January 2022 announced that it is opening new manufacturing facility in India. Factors such as the company’s huge investment and more production capacity of medical cold chain products such as freezers and vaccine refrigerators helped in rising up the demand in the market.
• Azbil Corporation subsidiary company Telstar announced the launch of LyoQuest Arctic in March 2020. It is a new laboratory freeze dryer operating with natural gases. This freeze dryer specially designed for R&D laboratories. This strategy strengthened Azbil biomedical freezers product portfolio.

Biomedical Refrigerators and Freezers Market Scope

The biomedical refrigerators and freezers market is segmented on the basis of product, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Blood Bank Refrigerators
• Lab Refrigerators
• Plasma Freezers
• Lab Freezers
• Ultra-Low Temperature Freezers
• Shock Freezers

Application

• Storage
• Transport
• Research
• Others

End User

• Hospitals
• Blood Banks
• Clinical and Pathology Laboratories
• Others

Biomedical Refrigerators and Freezers Regional Analysis/Insights

The biomedical refrigerators and freezers market is analysed and market size insights and trends are provided by country, product, application and end user as referenced above.

The major countries covered in the biomedical refrigerators and freezers market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the biomedical refrigerators and freezers market due to high-quality standards, high expenditure on hospital and healthcare infrastructure. The increasing prevalence of chronic diseases, coupled with the growing aging population, has significantly driven the number of transfusion procedures and the consumption of various medicines.

Asia-Pacific is anticipated to grow with a lucrative growth rate over the forecast period of 2022 to 2029 due to increasing number of patients with chronic diseases and rapid rise in the demand for various blood components and medicines. The region has emerged as a major medical tourism destination, and the government and private sector are investing significant resources to meet the quality of service standards adopted in the western region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Biomedical Refrigerators and Freezers Market Share Analysis

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.

Key players operating in the biomedical refrigerators and freezers market include:

• AegisFridge (India)
• Azbil Corporation (Japan)
• Eppendorf AG (Germany)
• FOLLETT PRODUCTS, LLC (US)
• Haier Biomedical (China)
• Helmer Scientific Inc (US)
• Liebherr-International Deutschland GmbH (Germany)
• Migali (US)
• PHC Holdings Corporation (US)
• Thermo Fisher Scientific Inc. (US)
• Arctiko (Denmark)
• Coldway Technologies (France)
• Gram Commercial (Denmark)
• Froilabo (France)
• LabRepCo (US)
• Philips Kirsch GmbH (Germany)
• Terumo Corporation (Japan)

SKU-68960