March 19, 2020
As per the report titled ‘Asia Pacific Biomedical Refrigerators and Freezers Market Size By Product, End-use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Asia Pacific biomedical refrigerators and freezers market is projected to amass USD 725 million by the year 2024.
Rising geriatric population coupled with increasing prevalence of various diseases is driving the growth of biomedical refrigerators and freezers market in Asia Pacific. Increasing usage of platelets and plasma for healing and tissue growth procedures in treatment across geriatric population base will boost the product demand for storage purposes.
Technological advancements coupled with inflowing investments in R&D of advanced biomedical refrigerators and freezers is positively impacting the market outlook. Growing availability of various technologically advanced freezers such as liquid storage freezers and eco-friendly freezers is encouraging the market expansion. However, low affordability and stringent regulatory scenario may impede the adoption for biomedical refrigerators and freezers.
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Based on the product terrain, blood bank refrigerators segment is projected to expand with a CAGR of 5.7% over the forecast timeline, owing to increasing establishment of blood banks across Asia Pacific. These refrigerators preserve the integrity and freshness of blood and its components. Improved convenience associated with this modality is supporting the segment growth.
Speaking of the end-use spectrum, APAC biomedical refrigerators and freezers market from blood banks segment accounted for 33.9% revenue share in 2017. The growth can be attributed to increasing government initiatives promoting blood donation. Growing awareness and education has resulted in an increased number of blood and apheresis donors in developing nations of APAC.
Considering the geographical outlook, China biomedical refrigerators and freezers industry amassed USD 139.4 million in 2017 and is presumed to witness modest growth over the forecast duration. Growing elderly population base coupled with increasing measures by various authorities towards blood donation are supporting the regional market growth. Provision of small gifts, refreshments, and free blood transfusions within a family is expected to enhance the adoption of biomedical refrigerators and freezers in China.
Meanwhile, India biomedical refrigerators and freezers industry is poised to grow with a CAGR of 6.1% through 2024. Improving healthcare infrastructure owing to rising number of hospitals, blood banks, , diagnostic centers, and other healthcare facilities is stimulating the demand for biomedical refrigerators and freezers in India.
Major players of Asia Pacific biomedical refrigerators and freezers market are Azbil, Arctiko, Binder, B Medical, Eppendorf, Haier Biomedical, Follett, Helmer Scientific, Panasonic Healthcare, Liebherr International, and Thermo Fisher Scientific.
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