Biomedical Refrigerators and Freezers Market to rise to US$4.,003.003 mn by 2022

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.

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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.

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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.

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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.

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This release was published on openPR.