Global Biomedical Refrigerators and Freezers Market: Snapshot
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 2017 and 2022. The market, which held an opportunity of US$3,251.634 in 2017, is expected to rise to US$4.,003.003 mn by 2022.
Plasma Freezers to Remain at Fore 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.
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.
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
The research report on the global biomedical refrigerators and freezers market studies the said market at both global and regional level for the 2017-2022 forecast timeframe. For research, 2016 has been considered as the base year, whereas 2015 figures are included for historical reference.
The executive summary section of the report comprises market snapshot of the global biomedical refrigerators and freezers and comparative analysis by geography in terms of value for the 2017-2022 forecast period. Market analysis and revenue forecasts for key segments have been provided in US$ Mn for the 2017-2022 forecast period.
The report studies the biomedical refrigerators and freezers market in terms of type, application, and geography. Included in the report is CAGR for each segment for the forecast period between 2017 and 2022, considering 2016 as the base year. Past and current market share and revenue figures have been used to present projections through 2022.
Global Biomedical Refrigerators and Freezers Market: Report Highlights
The market overview section of the biomedical refrigerators and freezers report looks into vital market indicators such as drivers, restraints, and opportunities that could influence the growth trajectory of the market over the 2017-2022 forecast timeframe. Some other vital indicators such as market attractiveness analysis by geography and Porter’s Five Forces analysis to gauge bargaining power of suppliers, threat of new entrants, bargaining power of buyers, threat of substitutes and competitive rivalry have been provided in this section of the report.
In addition, key players’ market share analysis for 2016 has also been included in the report’s market overview section. This information enables readers for a know-how of the overall competitive landscape of the global biomedical refrigerators and freezers market. The section sums up with a value chain analysis of the biomedical refrigerators and freezers market.
Global Biomedical Refrigerators and Freezers Market: Research Methodology
The report is a result of perfect combination of primary and secondary research. Secondary sources reached out for the study include stock analyst websites such as Seeking Alpha, Wikinvest, and Zacks Investment Research, company website sources, government organizations and public portals such as America’s Blood Centers, The American Red Cross Society, and World Health Organization, and medical and trade journals.
Global Biomedical Refrigerators and Freezers Market: Competitive Overview
The biomedical refrigerators and freezers market report concludes with the company profiles section wherein each company is profiled for their business attributes. Company overview, financial information, product portfolio, business strategies, and recent developments are the attributes for which key players in the biomedical refrigerators and freezers market are profiled in this report. Detailed analysis of these companies is provided in this section in order to provide valuable insights into the overall competitive scenario in the biomedical refrigerators and freezers market. Key players operating in the biomedical refrigerators and freezers market profiled in this report include Aegis Scientific Inc., Arctiko A/S, Binder GmbH, Biomedical Solutions Inc., Bionics Scientific Technologies (P) Ltd., Eppendorf AG, Dometic S.à.r.l,, Helmer Scientific, and Haier Bio-Medical.