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Biomedical Refrigerators and Freezers Market Impact of Industry Size, Shares, and Impact Y-o-Y

12-08-2022 01:09 PM CET | Health & Medicine

Press release from: Acumen Research and Consulting

Biomedical Refrigerators and Freezers Market Impact

The Global Biomedical Refrigerators and Freezers Market Size accounted for USD 4,125 Million in 2021 and is estimated to achieve a market size of USD 6,280 Million by 2030 growing at a CAGR of 5% from 2022 to 2030.

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Biomedical Refrigerators and Freezers Market Overview

Biomedical freezers and refrigerators are medical equipment used to store medical specimens such as vaccinations, blood products, pharmaceuticals, flammable compounds, as well as enzymes. In research institutes, hospitals, pharmacies, diagnostic centers, and blood banks, biomedical freezers and refrigerators are used. In comparison to residential biomedical freezers and refrigerators, biomedical freezers and refrigerators provide excellent storage conditions for medical items. Biomedical freezers and refrigerators are classified according to their applicability in various sectors.

Biomedical Refrigerators and Freezers Market Trends

Biomedical refrigerators are commonly utilized in biomedical engineering institutions and research laboratories. Rising demand for biopharmaceuticals and organ transplants, as well as a growing adoption for organ transplants due to an increase in the prevalence of organ failure, are some of the key reasons driving the worldwide biomedical freezers and refrigerators market growth. Furthermore, blood bank refrigerators are medical devices that are mostly utilized in blood banks. North America is expected to rise at a rapid pace over the projection period due to an increase in the frequency of infectious and chronic diseases, an increase in demand for personalized medicines, and favorable government efforts in the region.

Rise In Chronic Disease Prevalence And Technological Advancements To Drive Global Biomedical Freezers And Refrigerators Market Value

The rising prevalence of chronic conditions such as cancer, cardiac disease, and infectious diseases is a major driver driving up demand for blood transfusions, boosting the global biomedical freezers and refrigerators market. According to the European Society of Hemapheresis (ESFH), the commonly employed method of aphaeresis' and the increasing preference for plasmapheresis are leading to the increased installation of blood banks for fresh frozen plasma storage, plasma freezers, RBCs, and other blood components in hospitals. Furthermore, rising awareness about blood donation and government programs to promote donation is likely to have a beneficial impact on overall market growth throughout the forecast period. During the projected period, technological developments in healthcare-grade refrigerators and freezers are expected to boost the growth of the biomedical freezers and refrigerators market. Government measures to expand pioneering items will accelerate the growth of the biomedical freezers and refrigerators industry. Rising demand for biomedical refrigerators among pharmaceutical businesses and research labs is expected to drive the market over the forecast period.

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Biomedical Refrigerators and Freezers Market Segmentation

The global biomedical refrigerators and freezers market has been segmented by Acumen Research and Consulting based on product, and end-use. By product, the segment is separated into plasma freezers, blood bank refrigerators, lab freezers, lab refrigerators, ultra-low temperature freezers, and shock freezers. According to the biomedical refrigerators and freezers market forecast, the blood bank refrigerators category is predicted to develop significantly in the next years.

In terms of end-use, the market is categorized into blood banks, research labs, diagnostic centers, pharmacies, and hospitals.

Biomedical Refrigerators and Freezers Market Regional Overview

The global biomedical refrigerators and freezers market is separated into several geographic regions: Asia-Pacific, Europe, Latin America, North America, and the Middle East and Africa. According to a biomedical refrigerators and freezers industry analysis, North America is expected to be the most revenue-generating region and to grow at a considerable CAGR during the projection period. This increase is due to an increase in the prevalence of chronic and infectious diseases an increase in demand for personalized medicines, and favorable government activities in the region. Product modernization and research and development upgrades in the region are also predicted to boost the regional market growth. A growing number of pharmaceutical businesses in the region are investing in biomedical freezers and refrigerators to reduce the prevalence of chronic diseases. Favorable recompense regulations provided by various health insurance companies, including Medicare and Medicaid to reduce the livability issues faced by the elderly population, as well as rising technological breakthroughs in the healthcare sector, are among the factors driving the regional market growth. Besides that, due to the massive expansion of the biotechnology and pharmaceutical industries, as well as advances in clinical applications, Asia-Pacific is expected to grow at the fastest rate throughout the projection period.

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Biomedical Refrigerators and Freezers Market Players

The biomedical freezers and refrigerators market is highly consolidated, with only limited producers. Key market participants' corporate profiles contain important business strategies, company overviews, and revenues. Some of the prominent biomedical refrigerators and freezers market companies are Migali Scientific, Aegis Scientific, Panasonic Healthcare Corporation, Helmer Scientific, Haier Biomedical, Arctiko, Powers Scientific, Thermo Fisher Scientific, Follett, Azbil Corporation, Binder, Eppendorf, B Medical Systems, and Liebherr-International.

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Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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