What's Driving the Biomedical Refrigerators and Freezers Market Growth? Aegis Scientific, Arctiko, Azbil, B Medical Systems, Binder, Eppendorf, Follett, Haier Biomedical, Helmer Scientific, Liebherr-International, Migali Scientific, Panasonic Healthcare

Biomedical Refrigerators and Freezers Market growth is driven by strong demand for biopharmaceuticals and organ transplantation. Moreover, the rising aging population has further propelled the significance of bio preservation. According to the 2017 data of the U.S. Census Bureau, all baby boomers will surpass the age of 65 by 2030.

European Commission has implemented regulations for biomedical refrigerators and freezers to boost safe storage of blood and blood components. Notable adoption of biomedical refrigerators among research laboratories and pharmaceutical companies will bode well for the industry size expansion. According to an estimate, the global biomedical refrigerators and freezers market size will witness a notable gain by 2024.

Trends that are poised to have an impact on the industry landscape across North America, Europe and the Asia Pacific are delineated below:

Plasma freezers to gain prominence in North America

Unprecedented demand for biomedical freezers in cancer centers has stimulated the trend for plasma freezers. According to the National Cancer Institute, in U.S. the number of cancer survivors were over 15.5 million, boosting the demand for plasma freezers. The industry revenue from the plasma freezers segment in North America was valued at USD 333.1 million in 2017, a bullish outlook is projected through 2024.

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Industry participants are likely to exhibit traction for shock freezers in the light of upsides in biological preparation for maintaining optimal temperature. The market share from the shock freezers segment is likely to grow at 4.8% CAGR through the next few years.

U.S. market to witness investment galore

Stakeholders are poised to inject funds in the U.S. as they continue to witness increased rate of blood transfusion, cancer, accidents and sickle cell anemia. Notably, surge in baby boomer population has made them vulnerable to chronic diseases, stimulating the demand for biomedical refrigerators and freezers. The U.S. held more than 72.5% share of North America biomedical refrigerators and freezers market in 2017, accounting for USD 824.1 million.

Use of biomedical refrigerators in drug discovery process will be pronounced across the region. Advancements in technology will boost trends in biomedical refrigerators as industry players continue to expand their footprint. To illustrate, Panasonic Healthcare rolled out VIP ECO freezer in June 2017 to boost efficiency with intelligent control and natural refrigerants.

Blood banks to boost revenue stream in Europe

Demand for biomedical refrigerators and freezers in blood banks will be pronounced in the light of increased trend for blood donation. Moreover, use of medical-grade refrigerators and freezers to boost integrity of blood components, vaccines and sensitive samples and other patient specimens will foster the product adoption. The industry revenue from the blood bank segment was more than 37.9% of the total share during 2017 in Europe, partly attributed to the trend for blood transfusion.

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Increasing adoption of medical grade freezers for storage of blood components and blood, including fresh frozen plasma has fueled the trend for biomedical refrigerators. End-users are likely to cash in on the demand for blood components for treatment of a range of diseases. Biomedical refrigerators and freezers market revenue from the plasma freezers segment in Europe was pegged at more than USD 245.7 million in 2017.

Stakeholders to infuse funds in Germany

Rising cases of cancer have prompted stakeholders to inject funds in the Germany market. The changing landscape in the region is mainly attributed to the presence of sophisticated healthcare facilities and increase in healthcare budget. Germany biomedical refrigerators and freezers market share was 18.3% of the total Europe market in 2017 and will continue to remain a key revenue ground for the next few years.

A notable spike in elderly population suffering from auto-immune and infectious diseases, including cancer, Hepatitis C and leukemia has made France a viable hub to expand the presence of biomedical refrigerators. According to Connexion French Magazine, around 19.6% of its population are in the age group of 65 years and above. The France market is likely to expand at a 4.1% CAGR through 2024.

Blood bank refrigerators to be highly sought-after in APAC

With a drastic rise in the number of blood banks in India, China, Japan and Australia, end-markets have exhibited profound inclination for blood bank refrigerators. So much so that the number of blood and apheresis donors have spiked in emerging economies across the region. The blood banks segment in APAC witnessed close to 34% revenue share in 2017 on the heels of robust government initiatives to propel blood donations.

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Increased demand for biomedical refrigerators in blood banks has come on the back of their growing footfall in vaccines, customized drugs and cellular therapies. The industry share from the blood banks segment is forecast to expand at a healthy CAGR of 5.5% through 2024 in APAC.

India and China to witness considerable demand

Bullish market uptake of diagnostic centers, hospitals, blood banks and other healthcare facilities in India has accentuated the growth of biomedical refrigerators. Prevalence of sophisticated technology products will further augment investments in the region. The India biomedical refrigerators and freezers market is forecast to grow at a strong CAGR of 6.1% through 2024, mainly attributed to the trend for blood donation.

Industry participants have shown liking for the China market as they continue to grapple with elderly population who demand more plasma and blood supply for the treatment of chronic diseases. It is worth noting that favorable government policies will augment the trend for blood donations. The biomedical refrigerators and freezers market in China logged more than USD 139.4 million in 2017 and will grow at a considerable rate by 2024.

Stakeholders will likely seize opportunities in the landscape through product portfolio expansion in plasma freezers and blood bank refrigerators.

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