Global biomedical refrigerators and freezers market is anticipated to surpass US $3.5 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
As cited in the report, the governments around the world are improving the healthcare infrastructure, and hence promoting clinical trials, start-ups, and providing funding for medical research activities. These factors will boost the demand for biomedical refrigerators & freezers as they are extensively used for the storage of biological samples. Surging clinical research activities owing to the introduction of research policies, health research institutes surveys, and directives for ethical experimenting on animals, will further propel the market growth.
Moreover, the technological innovations such as vacuum insulation panel, advanced temperature control mechanism, and shock & explosion resistance, in consort with enhanced compressor system, cascade cooling system, and circulation system will contribute towards the growth of biomedical freezers & refrigerators market. However, the presence of refurbished devices which are cheaper as compared to new devices will hamper the market growth to some extent in the upcoming years.
Based on the product type, blood bank refrigerators market was worth US $796.5 million in 2018, and is anticipated to observe constant growth during the analysis period, owing to the application of product for storage of vaccines and blood bags. Constant innovations and improvements in the devices brought about by the market contenders will further boost the segmental growth in the upcoming years, cites the study.
Considering the end-use segment, biomedical refrigerators & freezers market from blood banks contributed the maximum share to the growth and is expected to continue the dominance with a CAGR of 4.5% over the forecast period, owing to the rising awareness regarding blood donation and surging number of blood banks in developed as well as developing nations. The product finds applications in blood transfusion, cellular therapies, medicines, and customized vaccines used in heart diseases, cancer, and other health conditions.
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In terms of geographical contribution, North America dominated the global biomedical freezers & refrigerators market in 2018 with over 40% revenue share and is presumed to register similar trend over the projected timeline. The prevalence of key market players, growing demand for medicines, significant patient base, and government support are some of the chief factors contributing towards regional growth.
Additionally, Europe product market is predicted to witness a CAGR of 4.1% over the forecast period, owing to increasing geriatric population and presence of modern medical facilities & developed healthcare infrastructure in the region.
The key players operating in biomedical freezers & refrigerators market include Haier Biomedical, Eppendorf, Aegis Scientific, Panasonic Healthcare of North America, Lieberr International, Follett, Thermo Fisher Scientific, Binder, Helmer Scientifics, Powers Scientific, Azbil Corporation, B Medical Systems, Arctiko, and Migali Scientific among others.