Global biomedical refrigerators & freezers market was valued in 2015 at USD 2.85 million and is forecast to grow at a CAGR 4.9% during the forecast period. The growing number of chronic diseases and the rising demand for storage of biological products, blood samples, vaccines, DNA samples, and other chemicals are key factors driving this growth. The usage rate is also affected by the need for thermal insulation and to prevent product degradation.
There are many options for biomedical freezers to meet your specific needs. The plasma once is used to store blood products and plasma products between -30 and 40 degrees Celsius, while the ultra-low temperature freezers can be used to long-term storage of DNA and other RNA samples at 70 to 80 degrees Celsius.
According to the American Society of Health System Pharmacists' estimates, hospitals spend between 70-75% of their budgets on their pharmacy department. According to the Institutes for Safety Medication Practices (ISMP), more than 20% of healthcare professionals have reported adverse patient reactions due to poor storage and inventory management practices.
A positive trend in the market is the increasing support of government and industry players to provide technical assistance and financial aid in improving healthcare infrastructure.
According to product type, there are four segments in the market: blood bank refrigerators; shock, plasma; ultra-low temperature freezes; laboratory/pharmacy fridges and freezers. The largest share was over 28% in 2015. This is due to rising demand for plasma storage.
With a CAGR close to 5.4%, the laboratory/pharmacy freezers segment is expected to be the fastest-growing. The profitability and efficiency of pharmacies and laboratories is directly affected by the high level of wastage of vaccines and laboratory chemicals due to poor storage conditions. The key to the segment's growth is also increased government scrutiny of implementation of quality management practices and GLP practices.
Unscientific inventory management practices are increasing the risk of blood transfusion mistakes. Stringent regulations regarding storage of blood components are key factors in the segment's growth. The U.S. Center for biologics evaluation & research (CBER), for example, actively regulates blood storage and collection. This is important because blood components can be used for transfusions or for manufacturing pharmaceutical products.
The fastest-growing category is expected to be the pharmacy sector over the forecast period. The growth is being driven by a rising number of adverse reactions, and a greater wastage of vaccines because of thermal shock.
North America had the highest share of 51% in 2015. This is due to the strict guidelines and high quality standards of the U.S. and the high investment in healthcare infrastructure and hospitals. The U.S. has a nearly 17.1% GDP dedicated to healthcare. It is important to improve patient care and reduce waste of biological and pharmaceutical components. A rising number of chronic diseases and an increase in the geriatric population are driving blood transfusions and prescription drug consumption. This is driving the increase in demand for biomedical fridges across all end uses.
The United States is the largest sector in North America and holds a large share. One factor that is increasing the pressure on traditional pharmaceutical systems is the rising prevalence of chronic diseases in both the elderly and children. The awareness regarding the presently available, technologically-advanced systems gaining prominence, and lack of low-cost skilled professionals are some of the crucial factors expected to boost the market.
Asia Pacific is expected to experience a significant growth rate during the forecast period. This region will account for over 18% of the global population by 2024. The high economic development of countries like India, China and Indonesia is a major factor in boosting healthcare infrastructure spending and medical services. The region is becoming a major destination for medical tourism. Both the government and the private sector are investing substantial resources to achieve the same high quality service standards as the west. The demand for blood components and pharmaceutical products is increasing due to the growing number of chronically ill patients.
The market's top players include Philipp Kirsch GmbH and Haier Biomedical. The market's key success factors are technological factors, product pricing and service quality, as well as the distribution network.
Up Market Research published a new report titled “Biomedical Refrigerators And Freezers Market research report which is segmented by End-User (Pharmacies, Blood Banks, Diagnostic Centers, Hospitals, Research Laboratories), by Type (Plasma, Ultra Low Temperature Freezers, Laboratory/ Pharmacy / Medical Refrigerators, Laboratory/ Pharmacy / Medical Freezers, Shock, Blood Bank Refrigerators), By Players/Companies Haier Biomedical, Panasonic Healthcare Co, Helmer Scientific and Eppendorf AG The key success factors in the the technological factors, product pricing, Thermo Fisher Scientific Inc, service quality and distribution network, Philipp Kirsch GmbH”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Biomedical Refrigerators And Freezers Market Research Report |
By End-User | Pharmacies, Blood Banks, Diagnostic Centers, Hospitals, Research Laboratories |
By Type | Plasma, Ultra Low Temperature Freezers, Laboratory/ Pharmacy / Medical Refrigerators, Laboratory/ Pharmacy / Medical Freezers, Shock, Blood Bank Refrigerators |
By Companies | Haier Biomedical, Panasonic Healthcare Co, Helmer Scientific and Eppendorf AG The key success factors in the the technological factors, product pricing, Thermo Fisher Scientific Inc, service quality and distribution network, Philipp Kirsch GmbH |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 232 |
Number of Tables & Figures | 163 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by End-User (Pharmacies, Blood Banks, Diagnostic Centers, Hospitals, Research Laboratories), by Type (Plasma, Ultra Low Temperature Freezers, Laboratory/ Pharmacy / Medical Refrigerators, Laboratory/ Pharmacy / Medical Freezers, Shock, Blood Bank Refrigerators).
Biomedical Refrigerators And Freezers Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Biomedical Refrigerators And Freezers Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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