Biomedical Refrigerators and Freezers Market - Snapshot
Biomedical refrigerators and freezers are medical devices that are specifically used to store medical samples such as medicines, vaccines, flammable chemicals, enzymes, blood, and blood products. Biomedical refrigerators and freezers are used in hospitals, research laboratories, diagnostic centers, pharmacies, and blood banks etc. Unlike domestic refrigerators and freezers, biomedical refrigerators and freezers provide optimum conditions for storage of medical products. Based on the application in different fields, biomedical refrigerators and freezers are of different types. For example, ultra-low temperature (ULT) freezers are insulated cabinets that maintain temperatures ranging from -70?C to -80?C. These freezers are primarily used in research laboratories and biomedical engineering facilities. Furthermore, blood bank refrigerators are medical equipment primarily used in blood banks. They maintain temperatures that range between +1?C to +6?C. Transparency Market Research analyses the global biomedical refrigerators and freezers market in terms of value in US Mn.
The global biomedical refrigerator and freezer market is expected to reach around US$ 4712.7 Mn by 2026. The market is expected to grow in terms of volume sales with a CAGR of 4.5% during the period 2016-2026. The North America biomedical refrigerator and freezer market is expected to witness the highest market share, accounting for US$ 2,449.1 Mn in 2026. Increase in life science research activities as a result of various diseases has led to an increase 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. Rise in 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.
One of the main challenging factors impacting the growth of the biomedical refrigerator and freezer market is the fact that it is a highly fragmented and intensely competitive market. The amount of equipment purchased by end-users is expected to range from medium to low due to long lifespan of the equipment. Moreover, increase in the number of local competitors is expected to reduce the cost of equipment, which is expected to challenge the expectations of market players. Furthermore, increase in use of refurbished equipment is expected to hamper the growth of the biomedical refrigerator and freezer market globally. According to U.S. Food and Drug Administration (FDA), various medical experts have expressed concerns about the safety, quality, and effectiveness of refurbished medical devices. As per a report published by FDA in 2016, third party agencies use unqualified personnel to perform services, maintenance, and device refurbishment without adequate documentation.
Growing 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.
Key players operating in the global biomedical refrigerators and freezers market include Aegis Scientific, Inc., Eppendorf AG, Haier Biomedical, Leibherr Group, Panasonic Healthcare Co., Thermo Fisher Scientific, Inc., Terumo Corporation, Philipp Kirsch GmbH, and Helmer Scientific.
Biomedical Refrigerators and Freezers Market - Overview
The biomedical refrigerator and freezer market report provides analysis for the period 2016–2026, wherein 2018 to 2026 is the forecast period and 2017 is the base year. The report covers all the major driving factors and key trending topics impacting the biomedical refrigerator and freezer market growth over the forecast period. It also highlights the restraints and opportunities expected to influence the market during the aforesaid period. The study provides a comprehensive outlook on the growth of the biomedical refrigerator and freezer market throughout the forecast period in terms of revenue (in US$ Mn) across different geographies, including Asia Pacific, Latin America, North America, Europe, Middle East & North Africa (MENA), and Rest of the World.
The report covers the overview of the market including market dynamics such as drivers, restraints, opportunities, and trends that are predicted to leverage the existing nature and prospective status of this market. The competitive position of the biomedical refrigerator and freezer market is studied through the Porter’s Five Forces Analysis. Additionally, current indicators of diverse macro-economic factors are contextualized under key market indicators.
The biomedical refrigerator and freezer market has been provided in US$ Mn in terms of revenue and the CAGR (%) for the forecast period 2018 to 2026. The biomedical refrigerator and freezer market is a global report studied on the basis of product type, end user, and region.
The report also highlights the competitive landscape of the biomedical refrigerator and freezer market, thereby positioning all the major players according to their geographic presence and recent key developments. The comprehensive market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the growth of the biomedical refrigerator and freezer market. Besides, competition matrix and market share analysis have been included under the competitive landscape to understand the top players’ contribution in the biomedical refrigerator and freezer market. Each company is studied on the basis of basic information, financial highlights, revenue highlights of regional contribution and segment contribution, and product portfolio. Additionally, company strategy and recent developments if any are also incorporated under each company profile section.
Key players operating in the global biomedical refrigerators and freezers market include Aegis Scientific, Inc., Eppendorf AG, Haier Biomedical, Liebherr Group, Panasonic Healthcare Co., Thermo Fisher Scientific, Inc., Terumo Corporation, Philipp Kirsch GmbH, and Helmer Scientific.
The biomedical refrigerator and freezer market is 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