Biomedical Refrigerators and Freezers Market with Result, Challenges, Research, Froecast Growth 2025, Global Demand
The increasing number of blood banks on a global scale is likely to aid the expansion of the global biomedical refrigerators and freezers market. The need for greater storage capacities has arisen as more blood donations are received each year. According to a fact sheet updated in July 2016 by the World Health Organization (WHO), more than 112.5 million blood donations were collected globally.
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Global Market: Key Trends
Increasing research and development activities across several sectors such as healthcare have been propelling the growth of the market. The rising demand for personalized medicine, organ transplants, blood transfusions, vaccines, and cellular therapies have led to a greater demand for biomedical refrigerators and freezers. On the contrary, the highly competitive nature of the market wherein several local players are offering products at competitive prices, along with the rising adoption of refurbished equipment, might slacken the growth of the market.
Growing demand for eco-friendly, greener equipment across the globe has been one of the major trends that is likely to contribute towards market expansion. The rising concerns about greenhouse emissions, increasing pollution levels, and the consequent hazards posed to human health have led to the development of new, environment-friendly refrigerators and freezers.
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Global Market: Market Potential
A number of market players appear to be intent on pocketing more profits through acquisitions and mergers. Strategic collaborations and partnerships have also been adopted by several companies with a view to gain a strong foothold in the global market for biomedical refrigerators and freezers.
In October 2016, Standex International Corporation acquired Horizon Scientific, Inc., a South Carolina-based company that supplies refrigerators and freezers to pharmaceutical and biomedical entities. The acquisition will enable greater penetration of Standex into the scientific sector, bringing in significant profits. Horizon Scientific, Inc. in turn will benefit from faster growth prospects through the expansion of its manufacturing and engineering capacities.
Product development has also been a major concern among the leading market players. For instance, Thermo Fisher Scientific offers diverse refrigerators and freezers for pharmaceutical industry, research in chromatography, laboratory purposes, and blood bank storages among several other uses, designed as per the requirements of that particular sector. Explosion-proof refrigerators and freezers for flammable materials are also engineered by this firm.
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Global Market: Regional Outlook
Based on geography, the global biomedical refrigerators and freezers market can be segmented into Asia Pacific, Latin America, the Middle East and Africa, Europe, and North America. North America appears to be the leading regional segment, with the U.S. being the major contributor. The growth of this regional market can be attributed to the upsurge in the incidence of infectious and chronic diseases, coupled with beneficial government policies. Latin America has been witnessing rising demand for biomedical refrigerators and freezers owing to a substantial increase in the number of plasma freezer installations and blood bank refrigerators in the research domain. Asia Pacific is also slated for considerable growth.
Global Market: Competitive Analysis
The global market for biomedical refrigerators and freezers appears to be consolidated in terms of competition, as a handful of market players cater to the rising demand for these products.
Some of the major companies operating in the global market for biomedical refrigerators and freezers market are Panasonic Healthcare, Aegis Scientific, Thermo Fisher Scientific, Eppendorf, Helmer Scientific, Leibherr Group, Terumo Corporation, Philipp Kirsch, and Haier Biomedical.
In 2015, Panasonic Healthcare Co., Ltd., Thermo-Fisher Scientific, Inc., and Eppendorf AG emerged at the fore, accounting for a major portion of the share.
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