Biomedical Refrigerators and Freezers Market is Expected to Rise to US$ 4.28 Billion by 2024

Biomedical refrigerators and freezers refer to the technologically advanced medical devices used to store biological samples such as blood, vaccine, blood derivatives, biological reagents, medicines, and flammable chemicals. Owing to factors such as the rising global demand for blood transfusions, cellular therapies, organ transplant, and biopharmaceuticals in the past few years, the demand for biomedical refrigerators and freezers has increased at a significant rate across the globe. The market is expected to witness a promising growth pace across developing as well as well-established regional markets in the next few years as well, with the rising demand from developing and less-developed economies to provide the market the required traction.

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This report on the global biomedical refrigerators and freezers market presents a thorough analytical account of the market as is seen in the present-day scenario, as was in the recent past, and will be over the period between 2016 and 2024. The report presents a detailed account of the factors and trends expected to play a key role in its future development, either driving it, restricting it, or influencing consumer choices.

A number of factors are working in the favor of the global biomedical refrigerators and freezers market. One of the key factors is the rising prevalence of a variety of chronic diseases, increased life expectancy of the global population, the rising numbers of surgeries, and the consecutive rise in demand for biological products. Moreover, the vast rise in biomedical research and development activities across the globe are boosting demand for biomedical refrigerators and freezers.

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However, the presence of a large number of local players and high preference to refurbished equipment owing to the high cost of new products, especially in cost-sensitive developing and less-developed economies are hampering the growth of the global biomedical refrigerators and freezers market. Nevertheless, government activities aimed at the improvement of healthcare infrastructures in a number of emerging economies could provide promising growth opportunities.

From a geographical standpoint, the report covers the market for biomedical refrigerators and freezers across six regional territories: North America, Asia Pacific, Middle East & North Africa, Europe, Latin America, and Rest of the World (RoW). Of these, North America holds a prominent position in the global market, holding a massive 52% share in 2015. Factors such as an excellent healthcare infrastructure, high disposable incomes of the population, and the rising prevalence of cancers and other chronic conditions that require surgical interventions are expected to help the region remain at the top spot through the forecast period as well.

However, the market in Asia Pacific is expected to prove to be the most lucrative owing to increased investments from government and private bodies towards the improvement of healthcare infrastructure, rising disposable incomes, a vast patient pool of chronic conditions, and the rising population of geriatrics. The Asia Pacific market is expected to exhibit a CAGR of 5.84% over the forecast period and account for an 18% of the global market by the end of the forecast period.

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The biomedical refrigerators and freezers market report provides a detailed analytical overview of the vendor landscape of the market along with detailed business profiles of some of the leading companies in the market. Some of the leading companies operating in the global biomedical refrigerators and freezers market are Eppendorf AG, Leibherr Group, Haier Biomedical, Panasonic Healthcare Co., Helmer Scientific, Aegis Scientific, Inc., Terumo Corporation, Thermo Fisher Scientific, Inc., and Philipp Kirsch GmbH.

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