The rising prevalence of a number of chronic and infectious diseases, increasing global demand for personalized drugs, and the promising pace of technological developments across healthcare infrastructures in emerging economies are cumulatively driving the increased adoption of biomedical refrigerators and freezers globally. The steady rise in the number of blood banks in developing and developed regions combined with government initiatives aimed at raising awareness about blood donation have also favored the sustainable growth of the market in the past few years.
In the years to come, stringent emission regulation norms and rising awareness about the harms of greenhouse gases emitted from conventional refrigeration systems to the environment will compel product manufacturers to design greener products. Companies are surely coming to terms with the several changes aimed at fortifying this switchover, such as worldwide bans on refrigerants such as hydrofluorocarbons (HFCs). As a result, more green refrigerators and freezers will enter the biomedical industry in the next few years.
Transparency Market Research forecasts that the global biomedical refrigerators and freezers market will expand at a healthy CAGR of 4.2% over the period between 2016 and 2024. The market, which held an opportunity of US$2.91 bn in 2015, is expected to rise to US$4.28 bn by 2024.
Plasma Freezers to Retain Dominant Stance in Global Market
Of the key varieties of refrigerators and freezers used in the biomedical industry, including plasma freezers, shock freezers, ultra-low temperature freezers, blood bank refrigerators, and laboratory/pharmacy refrigerators and freezers, the segment of plasma freezers presently dominates the market. The segment accounted for a share of nearly 29% in the market in 2015. The vast rise in demand for fresh frozen plasma and rising number of apheresis procedures across the globe will likely aid the segment continue dominating the market across the forecasting horizon as well.
The rising global demand for blood transfusion and a vast rise in the number of technologically advanced blood banks across the globe has also resulted in the heightened demand for plasma freezers globally. In terms of rate of expansion, however, the segment of laboratory/pharmacy/medical freezers will outpace the segment of plasma freezers through 2024. The segment of laboratory/pharmacy/medical freezers will exhibit a 5.49% CAGR from 2016 to 2024.
Asia Pacific to Present Most Promising Growth Opportunities; North America to Remain Key Contributor
Rising geriatric population, rising investments towards technological advancements in healthcare infrastructure, and the flourishing medical tourism industry will collectively lead to vast growth opportunities for the global biomedical refrigerators and freezers market in in Asia Pacific in the next few years. The market will expand at the fastest CAGR of 5.84% among other key regional markets through 2024. The region is expected to hold an 18% share in the global market by 2024.
However, North America will continue to hold the largest share in the market and witness only a slight drop in its share in the global market by 2024. North America presently leads the market, accounting for a 52% share in market’s overall valuation in 2015.
The region holds a dominant position in the global market on account of the highly developed healthcare infrastructures, the presence of a large number of world’s leading biomedical companies, and the vast life sciences research activities undertaken every year. The introduction and high rate of adoption of technologically advanced products such as RFID-enabled equipment, multiple compressor equipment also favor the overall growth of the biomedical refrigerators and freezers market in North America.
Vendors Need to Focus on Development of Economic Products
The market features intense competition, which has further soared owing to the introduction of technologically advanced and innovative products at a sustained pace in the market. High R&D investments have compelled international companies to increase costs of products, somewhat limiting their appeal to only to the developed regions. This factor has worked well in favor of regional players, especially the ones operating in developing cost-sensitive economies such as Latin America and Asia Pacific.
Some of the leading vendors in the market are Haier Biomedical, Eppendorf AG, Aegis Scientific, Inc., Leibherr Group, Terumo Corporation, Philipp Kirsch GmbH, Panasonic Healthcare Co., Thermo Fisher Scientific, Inc., and Helmer Scientific.
Global Biomedical Refrigerators and Freezers Market: Overview
Biomedical refrigerators and freezers refer to the technologically advanced medical devices used to store biological samples such as blood, vaccine, blood derivatives, biological reagents, medicines, and flammable chemicals. Owing to factors such as the rising global demand for blood transfusions, cellular therapies, organ transplant, and biopharmaceuticals in the past few years, the demand for biomedical refrigerators and freezers has increased at a significant rate across the globe. The market is expected to witness a promising growth pace across developing as well as well-established regional markets in the next few years as well, with the rising demand from developing and less-developed economies to provide the market the required traction.
This report on the global biomedical refrigerators and freezers market presents a thorough analytical account of the market as is seen in the present-day scenario, as was in the recent past, and will be over the period between 2016 and 2024. The report presents a detailed account of the factors and trends expected to play a key role in its future development, either driving it, restricting it, or influencing consumer choices.
Global Biomedical Refrigerators and Freezers Market: Trends and Opportunities
A number of factors are working in the favor of the global biomedical refrigerators and freezers market. One of the key factors is the rising prevalence of a variety of chronic diseases, increased life expectancy of the global population, the rising numbers of surgeries, and the consecutive rise in demand for biological products. Moreover, the vast rise in biomedical research and development activities across the globe are boosting demand for biomedical refrigerators and freezers.
However, the presence of a large number of local players and high preference to refurbished equipment owing to the high cost of new products, especially in cost-sensitive developing and less-developed economies are hampering the growth of the global biomedical refrigerators and freezers market. Nevertheless, government activities aimed at the improvement of healthcare infrastructures in a number of emerging economies could provide promising growth opportunities.
Global Biomedical Refrigerators and Freezers Market: Region-wise Outlook
From a geographical standpoint, the report covers the market for biomedical refrigerators and freezers across six regional territories: North America, Asia Pacific, Middle East & North Africa, Europe, Latin America, and Rest of the World (RoW). Of these, North America holds a prominent position in the global market, holding a massive 52% share in 2015. Factors such as an excellent healthcare infrastructure, high disposable incomes of the population, and the rising prevalence of cancers and other chronic conditions that require surgical interventions are expected to help the region remain at the top spot through the forecast period as well.
However, the market in Asia Pacific is expected to prove to be the most lucrative owing to increased investments from government and private bodies towards the improvement of healthcare infrastructure, rising disposable incomes, a vast patient pool of chronic conditions, and the rising population of geriatrics. The Asia Pacific market is expected to exhibit a CAGR of 5.84% over the forecast period and account for an 18% of the global market by the end of the forecast period.
Companies Mentioned in the Report
The biomedical refrigerators and freezers market report provides a detailed analytical overview of the vendor landscape of the market along with detailed business profiles of some of the leading companies in the market. Some of the leading companies operating in the global biomedical refrigerators and freezers market are Eppendorf AG, Leibherr Group, Haier Biomedical, Panasonic Healthcare Co., Helmer Scientific, Aegis Scientific, Inc., Terumo Corporation, Thermo Fisher Scientific, Inc., and Philipp Kirsch GmbH.