Biomedical Refrigerators And Freezers Market to reach $3.4bn by 2024

Biomedical Refrigerators And Freezers Market size will exceed USD 3.4 billion by 2024; according to a new research report by Global Market Insights, Inc.

Growing prevalence of various chronic diseases, increasing geriatric population, and technological advancements in healthcare sector will accelerate biomedical refrigerators and freezers market size. Rise in number of blood banks coupled with increased government initiatives towards improving blood donation awareness should fuel industry growth. Furthermore, strong R&D spend across drug discovery, bio-banking and tissue engineering will stimulate business expansion.

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Plasma freezers attributed for over 30% of biomedical refrigerators and freezers market share in 2015, owing to growing demand for fresh frozen plasma (FPP) and increasing number of apheresis procedures worldwide. Growing demand for blood transfusion and upgradation of blood banks with sophisticated refrigerators and freezers will drive plasma freezers market size.

Blood bank was valued at over USD 932 million, while hospital was the second-highest revenue generating segment with USD 543.2 million in 2015. Pharmacies and diagnostic centers should witness substantial growth over the forecast timeframe owing to their growing popularity and acceptance in developing economies.

U.S. biomedical refrigerators and freezers market size was over USD 776 million in 2015, and anticipated to exceed USD 1 billion by 2024 owing to rising demand for precision medicine, growing incidence of chronic diseases and presence of favorable government policies.

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Asia Pacific biomedical refrigerators and freezers market size was over USD 462 million in 2015 and is anticipated to be a major revenue generating region owing favorable regulatory scenario and expected developments in pharmaceutical and biotechnology sector.

Growing awareness regarding emission of harmful greenhouse gases from conventional refrigerators and stringent regulation standards will urge companies to design greener products. Presence of several local players offering cheaper products, and growing trend of using refurbished equipment due to its cost effectiveness will hamper biomedical refrigerators and freezers market share.

Key industry participants include Eppendorf, Aegis Scientific, Haier Biomedical, Philipp Kirsch, Leibherr, Helmer Scientific, Thermo Fisher Scientific, Panasonic Healthcare, and Terumo Corporation. Strong industry competition exists due to introduction of technologically advanced and innovative products and companies strive to retain their market position by developing more eco-friendly refrigerators and freezers.

Key insights from the report include:

• Global Biomedical refrigerator and freezer market will reach to USD 3.49 billion by 2024 growing at 4.0% CAGR from 2016 to 2024, due to increasing number of blood banks, research laboratories, diagnostic centers, hospitals and educational institutes.

• Germany biomedical refrigerators and freezers market size was USD 177.7 million in 2015 with robust growth of 3.2% over the forecast period, owing to presence of leading industry participants in this region and increasing adoption of technologically advanced products.

• China biomedical refrigerators and freezers market share was over 35% in 2015 and it is expected to continue and surpass USD 259 million by 2024.

• Brazil biomedical refrigerators and freezers market size was over USD 68 million in 2015 contributing to over 52% of regional share and anticipated to exceed USD 107 million by 2024.

• South Africa biomedical refrigerators and freezers market size was over USD 28 million in 2015 growing at a robust 4.2% over the forecast period to reach USD 42.3 million in 2024.

• Saudi Arabia biomedical refrigerators and freezers market size was over USD 39 million in 2015, growing at 3.8% from 2016 to 2024.

• Key industry participants are focusing on development of eco-friendly, technologically advanced and innovative biomedical refrigerators and freezers compliant to industry emission standards.

Biomedical refrigerators and freezers market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2012 to 2024, for the following segments:

Biomedical Refrigerator and Freezer Market Product Analysis (Revenue, USD Million, 2012 - 2024)
• Plasma Freezers
• Blood Bank Refrigerators
• Lab Refrigerators
• Lab Freezers
• Ultra Low Temperature Freezers
• Shock Freezers

Biomedical Refrigerator and Freezer Market End Use Analysis (Revenue, USD Million, 2012 - 2024)

• Blood Banks
• Pharmacies
• Hospitals
• Research Labs
• Diagnostic Centers
• Others

The above information is provided on a regional and country basis for the following:

Biomedical Refrigerator and Freezer Market Regional Analysis (Revenue, USD Million, 2012 - 2024)

• North America
o U.S.
o Canada

• Europe
o Germany
o UK
o France
o Spain
o Italy
o Russia
o Ukraine
o Poland

• Asia Pacific
o China
o Japan
o India
o Australia
o Malaysia
o Indonesia
o Thailand

• Latin America
o Brazil
o Mexico
o Argentina

• MEA
o South Africa
o UAE
o Saudi Arabia
o Kuwait
o Egypt

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.