The key players in the global biomedical refrigerators and freezers market are looking at merger and acquisition strategies as a way to increase their market share. Furthermore, these companies are undertaking price containment measures while expanding their geographical presence through collaborations and partnerships. This aspect will be more crucial in the coming years as the market is dotted with a number of local players that compete ably on the cost and consumer reach front, says Transparency Market Research.
“The highly fragmented nature of the market could result to high volume and low revenue,” points out a TMR analyst. The presence of a large number of local players offering low priced biomedical refrigerators and freezers has restrained the growth of the established players. The key players are stressing on branding and commercialization of freezers. Some of the leading players in the market include Biomedical Solutions, Inc. (BSI), Bionics Scientific Technologies (P) Ltd., and Arctiko A/S.
Demand for Green Technology-Based Refrigerators and Freezers Opens New Avenues for Global Biomedical Refrigerators and Freezers Market
The growing demand for biopharmaceuticals and organ transplant has propelled the growth of the global biomedical refrigerators and freezers market. Rapidly growing geriatric population, rising government support for research and clinical trials, and technological advancements in biomedical refrigerators and freezers have significantly aided the markets growth.
However, the high cost of biomedical refrigerators and freezers is one of the major factors restraining the growth of this market. The growing trend of employing refurbished equipment will also negatively affect the market’s growth. The global biomedical refrigerators and freezers market has a potential opportunity to expand with the rising demand for green technology-based refrigerators and freezers.
Blood Banks Drive Demand for Biomedical Refrigerator and Freezer Installations
Biomedical refrigerators and freezers are extensively used across research laboratories, pharmacies, hospitals, blood banks, diagnostic centers, and others. In 2013, blood banks accounted for the highest share of the overall revenue and this application segment is anticipated to lead the market during the forecast horizon. “The steady rise in the number of blood banks in both developing and developed economies has boosted the demand for blood bank refrigerators,” a TMR analyst says. Among the major types of biomedical refrigerators and freezers, plasma freezers and blood bank refrigerators led the market in 2013.
The global biomedical refrigerators and freezers market is pegged to expand at a positive CAGR of 4.7% during the period from 2014 to 2022. The valuation of this market stood at US$2.63 bn in 2013 and is anticipated to touch US$4.00 bn by 2022.
The review is based on the findings of a report published by Transparency Market Research, titled “Biomedical Refrigerators and Freezers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022.”
Global biomedical refrigerators and freezers market has been segmented as:
Global Biomedical Refrigerators and Freezers Market, by Type
- Ultra Low Freezers
- Plasma Freezers
- Shock Freezers
- Blood Bank Refrigerators
- Laboratory Refrigerators
- Laboratory Freezers
Global Biomedical Refrigerators and Freezers Market, by Application
- Research Laboratories
- Diagnostic Centers
- Blood Banks
Global Biomedical Refrigerators and Freezers Market, by Geography
- North America
- Latin America
- Middle East and North Africa
- Rest of the World