Biomedical Refrigerators and Freezers Market: Global Industry Analysis and Forecast (2023-2029)

Biomedical Refrigerators and Freezers Market was valued at US$ 4.79 Bn. in 2022. Global Biomedical Refrigerators and Freezers Market size is expected to grow at a CAGR of 6.5 % through the forecast period.
Biomedical Refrigerators and Freezers Market Overview:
The characteristics of the biopharmaceutical and organ transplant sectors are impacted by the rising demand for these products. demand for biomedical refrigerators and freezers is driven by the rising need for organ transplants as a result of an increase in the prevalence of organ failure. The high cost of the equipment and the longer life cycle of the devices are also two major problematic aspects affecting this sector. The frequency of device purchases is decreased by longer device lives. Players who are making green technology-based biomedical refrigerators and freezers should find opportunities in the biomedical refrigerator and freezer market.To know about the Research Methodology :- Request Free Sample Report
Biomedical Refrigerators and Freezers Market Dynamics:
Covid-19 Impact: A recently developed coronavirus is the source of the infectious disease known as coronavirus disease (COVID-19). The majority of COVID-19 patients will have mild to moderate symptoms and recover without extra treatments. The novel coronavirus, or COVID-19, has caused an extraordinary disturbance that could have a longer-lasting effect on the economy and markets. Plasma therapy will necessarily require storage of plasma, which will aid in boosting the market growth. Bio fridges and ultra-low temperature freezers are designed to help comply with CDC recommendations and other demands for storage of viral samples, extracted RNA and cDNA, and other diagnostic outcomes required for now and for future studies of vaccine development.

Market Drivers:

Increased demand for kidney transplants due to a rise in the number of organ failures and the rising need for biopharmaceuticals are two of the main reasons driving the growth of the biomedical freezers and refrigerators market. The market for biomedical freezers and refrigerators is growing as a result of rising rates of chronic diseases like cancer, heart disease, and infectious disorders. The market for biomedical refrigerators and freezers has grown significantly due to initiatives toward research and clinical trials. Due to these causes, more biomedical refrigerators and freezers will likely be used to preserve research samples including DNA, RNA, and biological molecules.

Additionally, a variety of illnesses and disorders are related to aging, and elderly people frequently require longer recovery times from these conditions. The elderly are more prone to common illnesses like cancer, diabetes, heart disease, nerve damage, and organ system failure. Therefore, it is forecast that the aging population will fuel the growth in the aging biomedical refrigerator and freezer market.

Market Opportunity:

During the forecast period, the growth of the biomedical refrigerators and freezers market will be driven by technological improvements in medical-grade freezers and refrigerators. The development of the biomedical refrigerator and freezer market should be supported by technological developments such as better temperature control systems, explosion and accident protection, and vacuum insulation panel technology. Additionally, enhanced circulation, compressor, and auto cascade cooling systems will have a good effect on business growth during the forecast period.

Market Trend:

A need for biomedical refrigerators and freezers in the healthcare sector is forecast to boost as R&D spending increases. Over the forecast period, the use of biomedical refrigerators and freezers is expected to rejuvenate the market as researchers increasingly concentrate on the creation of novel treatment approaches and products. Research and educational institutions are also expected to have a significant demand for these refrigerators and freezers. The market for biomedical refrigerators and freezers is expected to grow significantly during the coming years as a result.

Demand for biomedical refrigerators and freezers has increased as a result of the growing requirement to preserve biomedical samples. Because so many different diseases exist, it is forecast that demand for vaccines and other biomedical products would stay high. Additionally, it is forecast that more research and academic organizations will increase their funding of R&D initiatives, leading to an increase in the adoption of biomedical refrigerators and freezers. As the necessity for precise and accurate storage conditions develops, healthcare organizations frequently store various biomedical goods in biomedical refrigerators and freezers. The market for biomedical refrigerators and freezers will gain from these numerous advantages in the years to come.

Companies' focus on the creation of development and unique devices will promote market growth. Government funding for the creation of novel products will accelerate the growth of the economy. For example, in order to protect the storage of blood and blood components, the European Commission's Medical Device Directive has implemented certain rules and restrictions for biomedical freezers and refrigerators. Over the duration of the forecast period, there will be an increase in demand for biomedical refrigerators among research labs and pharmaceutical companies engaged in the drug discovery process.
Biomedical Refrigerators and Freezers Market Segment Analysis:
Based on Product, The blood bank refrigerators, lab refrigerators, plasma freezers, lab freezers, ultra-low temperature freezers, and shock freezers are the several product categories under which the biomedical refrigerators and freezers market is divided. Because of the increasing need for plasma freezers for the safe storage of fresh frozen plasma, platelet concentrates, and red blood cells, the plasma freezers segment accounted for the largest over 35% of the market in 2022. These freezers use a CFC-free refrigerant gas and are compression type.

Similar to this, modern freezers make it simpler to maintain and replace internal parts while also allowing separate temperature control within the same instrument. Therefore, there are various market growth prospects forecast as a result of the rising demand for biomedical refrigerators and freezers, particularly plasma freezers.

Based on the End-Use, the blood bank, research labs, pharmacies, hospitals, diagnostic centers, and others are the different end-use categories in the biomedical refrigerators and freezers market. One of these, the blood bank sector, had a market value of about USD 1.5 billion in 2022, and this trend is expected to continue in the near future. This is because there is an increasing demand for a dependable blood cold chain for donating blood, blood storage, and sample transportation.

Additionally, the immunohematology division primarily uses biomedical refrigerators and freezers to ensure secure and practical storage of whole blood, blood components, and reagents. Blood refrigerators preserve the integrity and freshness of blood and its constituent parts.
Biomedical Refrigerators and Freezers Market Regional Insights:
The market for biomedical refrigerators and freezers in North America held a 45 % in 2022 and is forecast to grow significantly in the years to future. High regional growth is due to rising R&D spending as well as advancements in the biotechnology and pharmaceutical sectors. Additionally, the growing use of biomedical refrigerators and freezers in combination with the increased incidence of cancer in the United States will boost sales growth.

The objective of the report is to present a comprehensive analysis of the global Biomedical Refrigerators and Freezers Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Biomedical Refrigerators and Freezers Market dynamic, structure by analyzing the market segments and projecting the Biomedical Refrigerators and Freezers Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Biomedical Refrigerators and Freezers Market make the report investor’s guide.
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Global Biomedical Refrigerators and Freezers Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US$ 4.79 Bn.


Forecast Period 2023 to 2029 CAGR:
6.5%
Market Size in 2029:
US$ 7.44 Bn.


 Segments Covered:
by Product
Plasma Freezers
Blood bank Refrigerators
Lab Refrigerators
Lab Freezers
Ultra-Low Temperature Freezers
Shock Freezers


by End-Use
Blood Bank
Research Labs
Pharmacies
Hospitals
Diagnostic Centers
Others



Biomedical Refrigerators and Freezers Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Biomedical Refrigerators and Freezers Market, Key Players are
1.Aegis Scientific (USA)
2. Arctiko A/S (Denmark)
3. Binder GmbH (Germany)
4. Biomedical Solutions (India)
5. Bionics Scientific Technologies (India)
6. Coldway (Europe)
7. Desmon (Italy)
8. Eppendorf AG (Germany)
9. Froilabo SAS (France)
10. Gram Commercial SAS (Japan)
11. Helmer (US)
12. LabRepco (US)
13. Liebherr International (Switzerland)
14. Panasonics Healthcare (Japan)

Frequently Asked Questions:

1] What segments are covered in the Global Biomedical Refrigerators and Freezers Market report?
Ans. The segments covered in the Biomedical Refrigerators and Freezers Market report are based on Product and End User.

2] Which region is expected to hold the highest share in the Global  Market?
Ans. The North America region is expected to hold the highest share in the Market.

3] What is the market size of the Global Market by 2029?
Ans. The market size of the  Market by 2029 is expected to reach US$ 7.44 Bn.

4] What is the forecast period for the Global  Market?
Ans. The forecast period for the  Market is 2023-2029.

5] What was the market size of the Global  Market in 2022?
Ans. The market size of the Market in 2022 was valued at US$ 4.79 Bn.