Biomedical Refrigerators and Freezers Market
Biomedical Refrigerators and Freezers Market (Product Type - Ultra Low Temperature (ULT) Freezers, Plasma Freezers, Shock Freezers, Blood Bank Refrigerators, Laboratory/Pharmacy/Medical Refrigerators, Laboratory/Pharmacy/Medical Freezers; End use - Hospitals, Research Laboratories, Pharmacies, Diagnostic Centers, Blood Banks, Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
- Factory Automation
- 235 Pages
Biomedical Refrigerators and Freezers Market - Snapshot
The biomedical refrigerator and freezer market dynamic is influenced by growing demand for biopharmaceuticals and organ transplant. Increasing demand for organ transplant as a result of an increase in the incidence of organ failure boosts demand for biomedical refrigerators and freezers globally. Furthermore, one of the main challenging factors affecting this industry is the high cost of the equipment and longer life span of the devices. Longer life span of devices reduces the purchasing frequency by end users. The biomedical refrigerator and freezer market is expected to provide opportunity to players who are manufacturing green technology based biomedical refrigerators and freezers.
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The global biomedical refrigerator and freezer market is expected to reach around US$ 926.95 Mn by 2018. The market is expected to grow in terms of value sales with a CAGR of 7.1% during the period 2019-2027. The North America biomedical refrigerator and freezer market is expected to witness the highest market share. Rising expenditure in life science research activities as a result of various diseases has led to a rise in demand for biological sample storage equipment in North America. Moreover, medical treatments such as organ transplant, cellular therapy etc. are major factors that have made the U.S. a prominent market.
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Growing government initiatives toward research activities and clinical trials has resulted in boosting the biomedical refrigerators and freezers market globally. Government organizations such as the Engineering and Physical Sciences Research Council (EPSRC), the Medical Research Council (MRC), and the Biotechnology and Biological Sciences Research Council (BBSRC) are supporting research activities in these areas. These factors are likely to increase the usage of biomedical refrigerators and freezers in order to store research samples such as DNAs, RNAs, and biological molecules. Furthermore, aging is associated with a large number of diseases and disorders, and elderly individuals often take more time to recover from these ailments. The geriatric population is more prone to common health conditions such as diabetes, cancer, heart problems, nerve issues, and organ system failure. Therefore, increase in geriatric population is anticipated to drive the growth of the global biomedical refrigerator and freezer market.
Unscientific inventory management practices has led to blood transfusion errors across globe. Government of different countries are imposing strict regulation which will work as a key factor of this market growth. Several government agencies and NGOs are working on regulating the blood storage and collection activities. In U.S., these process is maintained by the Center for biologics evaluation and research (CBER). Increasing emphasis on protection of valuable biomedical inventory across the world is expected to fuel the global biomedical refrigerator and freezer market. Moreover, there has been increase in protection of valuable biomedical inventory across the world from manufacturing through distribution and storage, to end use. Proper transportation and storage of pharmaceuticals is necessary before they reach the end consumer, because any lag during this period might compromise its safety and efficiency. Increasing use of green technology in biomedical refrigerators and freezers is anticipated to expand the market. Usage of green technology-based equipment reduces the power consumption and increases its efficiency.
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Major players offering biomedical refrigerators and freezers are
- Aegis Scientific, Inc.
- Eppendorf AG
- Haier Biomedical
- Leibherr Group
- Panasonic Healthcare Co.
- Thermo Fisher Scientific, Inc.
- Terumo Corporation
- Philipp Kirsch GmbH
- Helmer Scientific.
Rising Need to Preserve Biomedical Samples to Bolster Biomedical Refrigerators and Freezers Market
The increasing need to preserve biomedical samples has resulted in a rise in demand for biomedical refrigerators and freezers across the globe. Vaccines and many other biomedical items are expected to continue to be in high demand owing to the occurrence of various ailments. Furthermore, due to augmented funding in R&D activities by academic and research institutions, the adoption of biomedical refrigerators and freezers is expected to rise. Healthcare organizations tend to store different biomedical items in biomedical refrigerators and freezers as the need for precise and accurate storage conditions arises. Such multiple benefits are estimated to augur well for the global biomedical refrigerators and freezers market in the years to come. Rising demand for customized vaccines as a result of increased demand for cellular therapy is anticipated continue to have an effect on the global biomedical refrigerators and freezers market in the years to come.
High Demand for Use in Research and Development Activities to Support Market Growth
The healthcare industry's requirement for biomedical refrigerators and freezers is projected to be bolstered by increased funding in R&D activities. As researchers focus more and more on the development of novel treatment techniques and products, the adoption of biomedical refrigerators and freezers is predicted to revitalize the market over the forecasted period. These refrigerators and freezers are projected to be in high demand in research and educational institutes as well. As a result, the global biomedical refrigerators and freezers market is projected to rise significantly over the next few years.
Vaccine exposure beyond the required temperatures may decrease its efficacy during administration. Vaccine demand is predicted to increase because of the occurrence of multiple diseases worldwide. In order to provide effective administration, vaccines must be stored at the required temperatures. The increasing need for vaccines to be stored precisely and accurately for effective administration is estimated to play an important role in bolstering growth of the market in the years to come.
A new study on the global biomedical refrigerators and freezers market has been published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including the drivers, market trends, and challenges, as well as the structure of the global biomedical refrigerators and freezers market. TMR’s study offers valuable information about the global biomedical refrigerators and freezers market to illustrate how the market would grow during the forecast period, 2019–2027.
Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global biomedical refrigerators and freezers market during the forecast period.
An extensive analysis on business strategies of leading market players is also featured in TMR’s study on the global biomedical refrigerators and freezers market. This can help readers understand principal factors to foresee growth in the global biomedical refrigerators and freezers market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global biomedical refrigerators and freezers market, which is expected to guide market players in making apt decisions in the future.
Key Questions Answered in TMR’s biomedical refrigerators and freezers Market Study
- What are the key factors influencing the biomedical refrigerators and freezers market in each region?
- What will be the CAGR of the global biomedical refrigerators and freezers market between 2019 and 2027?
- What is the future scope and changing trends in technologies used in the global biomedical refrigerators and freezers market?
- Which factors are expected to impede the growth of the global biomedical refrigerators and freezers market during the forecast period?
- Which are the leading companies in the global biomedical refrigerators and freezers market?
Research Methodology – Biomedical refrigerators and freezers Market
A unique research methodology has been utilized by TMR to conduct a comprehensive research on the growth of the global biomedical refrigerators and freezers market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts for the global biomedical refrigerators and freezers market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, service managers, CEOs, VPs, and market intelligence managers who contributed to the production of TMR’s study on the biomedical refrigerators and freezers market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from biomedical refrigerators and freezers industry leaders. Access to an extensive internal repository and external proprietary database allows this report to address specific details and questions about the global biomedical refrigerators and freezers market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global biomedical refrigerators and freezers market more reliable and accurate.
The global biomedical refrigerators and freezers market has been segmented as below:
Biomedical Refrigerator and Freezer Market
By Product Type
- Ultra-Low Freezers
- Plasma Freezers
- Shock Freezers
- Blood Bank Refrigerators
- Laboratory/Pharmacy/Medical Refrigerators
- Laboratory/Pharmacy/Medical Freezers
- Research Laboratories
- Diagnostic Centers
- Blood Banks
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & North Africa (MENA)
- Saudi Arabia
- Rest of Middle East & North Africa
- Rest of the World
- South African Countries
Segmentation of the Biomedical Refrigerators and Freezers Market
TMR’s study on the global biomedical refrigerators and freezers market includes information categorized into four sections ?by product type, end user and region.
Changing industry trends and other crucial market dynamics associated with these sections of the biomedical refrigerators and freezers market are discussed in detail.
Blood Bank Refrigerators
Middle East & North Africa
Rest of The World