Biomedical Refrigerators and Freezers Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030
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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. The increased frequency of chronic illnesses, as well as the growing preference for storing blood samples, biological products, blood reagents, DNA samples, vaccines, and other chemicals, are key factors driving the biomedical refrigerators and freezers market growth. Moreover, increasing government support for R&D activities and clinical studies in emerging markets would boost the biomedical refrigerators and freezers market value.
Biomedical Refrigerators and Freezers Market Report Key Highlights
- Global biomedical refrigerators and freezers market revenue is estimated to expand by USD 6,280 million by 2030, with a 5% CAGR from 2022 to 2030.
- North America biomedical refrigerators and freezers market share accounted for over 41.8% of total market in 2021
- Asia-Pacific Biomedical refrigerators and freezers market growth will observe highest CAGR from 2022 to 2030
- Based on product, plasma freezers segment accounted for over 28% of the overall market share in 2021
- Among end-use, blood bank segment engaged more than 36% of the total market share
- Rising adoption of biopharma and organ transplantation, drives the biomedical refrigerators and freezers market size
Biomedical freezers and refrigerators are medical devices that are specially used to store various medical samples such as vaccines, blood products, medicines, flammable chemicals, and enzymes. Biomedical freezers and refrigerators are used in research laboratories, hospitals, pharmacies, diagnostic centers, and blood banks. Biomedical freezers and refrigerators offer optimal storage of medical products conditions as compared with domestic biomedical freezers and refrigerators. Biomedical freezers and refrigerators are of different types based on their application in diverse fields. Biomedical refrigerators are widely used in biomedical engineering facilities and research laboratories. Moreover, blood bank refrigerators are medicinal apparatuses principally used in blood banks.
Global Biomedical Refrigerators and Freezers Market Trends
Market Drivers
- Growing rates of chronic diseases
- Increased geriatric population in developed economies
- Rising adoption of biopharma and organ transplantation worldwide
- Increasing government funding for research and clinical trials
Market Restraints
- Technological breakthroughs in biomedical refrigerators and freezers
- Rising demand for biomedical storage
Market Opportunities
- Growth of new applications by key players
- Increased CCSR operations and less reliance on petroleum resources
Biomedical Refrigerators and Freezers Market Report Coverage
| Market | Biomedical Refrigerators and Freezers Market |
| Biomedical Refrigerators and Freezers Market Size 2021 | USD 4,125 Million |
| Biomedical Refrigerators and Freezers Market Forecast 2030 | USD 6,280 Million |
| Biomedical Refrigerators and Freezers Market CAGR During 2022 - 2030 | 5% |
| Biomedical Refrigerators and Freezers Market Analysis Period | 2018 - 2030 |
| Biomedical Refrigerators and Freezers Market Base Year | 2021 |
| Biomedical Refrigerators and Freezers Market Forecast Data | 2022 - 2030 |
| Segments Covered | By Product, By End-Use, And By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | Migali Scientific, Follett, Aegis Scientific, Azbil Corporation, Panasonic Healthcare Corporation, Binder, Helmer Scientific, Eppendorf, Haier Biomedical, B Medical Systems, Arctiko, Thermo Fisher Scientific, Powers Scientific, and Liebherr-International. |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Escalating demand for biopharmaceuticals and organ transplants, and an increase in demand for organ transplants owing to the rise in the occurrence of organ failure are some of the primary factors that are boosting the biomedical freezers and refrigerators market growth globally. Increasing incidences of chronic diseases such as cancer, cardiac diseases, and infectious diseases are an important factor in boosting the growth of the global biomedical freezers and refrigerators market. Technological advancements in healthcare-grade refrigerators and freezers are also anticipated to drive the growth of the biomedical freezers and refrigerators market during the forecast period. Mounting demand for biomedical refrigerators among pharmaceutical companies and research labs is projected to foster the biomedical freezers and refrigerators market throughout the forecast time frame. Additionally, the growing need for trustworthy blood storage for maintaining donated blood through the transportation of blood samples and donor sessions is boosting the overall market growth. Growing spending on healthcare infrastructure and high-quality standards are some of the key factors driving the growth of the global market. The increasing occurrences of chronic diseases with the growth in the old population are considerably increasing the consumption of various pharmaceutical products and the number of procedures of blood transfusion. This factor is propelling the demand for biomedical refrigerators across all the end-use segments. However, the rising inclination towards refurbished equipment and the high cost of medical-grade freezers and refrigerators are some of the factors that may restrict the growth of the global biomedical freezers and refrigerators market.
Biomedical Refrigerators and Freezers Market Segmentation
The worldwide biomedical refrigerators and freezers market segmentation is based on the product, end-use, and geography.
Biomedical Refrigerators and Freezers Market By Product
- Plasma Freezers
- Lab Refrigerators
- Blood Bank Refrigerators
- Ultra-low Temperature Freezers
- Lab Freezers
- Shock Freezers
According to a biomedical refrigerators and freezers industry analysis, the plasma freezers segment held a significant market share in 2021. This growth is due to an increase in demand for plasma freezers, which are used to safely store platelet concentrates, fresh frozen plasma, as well as red cells. These are compression freezers that use CFC-free refrigerant gas.
Biomedical Refrigerators and Freezers Market By End-use
- Blood Banks
- Pharmacies
- Research Labs
- Hospitals
- Diagnostic Centers
According to the biomedical refrigerators and freezers market forecast, the blood bank segment leads the market, and this growth is projected to continue in the coming years. This is due to the increased demand for a reliable blood cold chain for donated blood, plasma storage, including blood sample transportation.
Biomedical Refrigerators and Freezers Market Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa
- South Africa
- GCC Countries
- Rest of the Middle East & Africa (ME&A)
North America Holds The Major Share Of The Global Biomedical Refrigerators and Freezers Market
Geographically, North America is leading the market and will continue to dominate the industry in the coming years. Increased R&D expenditure, as well as improvements in the biotechnology and pharmaceutical sectors, are ascribed to the region's rapid growth. Furthermore, the increasing cancer prevalence in the United States, together with the growing usage of biomedical refrigerators and freezers, will fuel market expansion. The United States is the most crucial component, controlling the majority of North America. The rising incidence of numerous chronic diseases in both the pediatric and geriatric populations is one of the factors indicating a rise in the number of individuals admitted, putting further strain on the drug manufacturing system.
Biomedical Refrigerators and Freezers Market Players
Some of the top biomedical refrigerators and freezers market companies offered in the professional report include Migali Scientific, Follett, Aegis Scientific, Azbil Corporation, Panasonic Healthcare Corporation, Binder, Helmer Scientific, Eppendorf, Haier Biomedical, B Medical Systems, Arctiko, Thermo Fisher Scientific, Powers Scientific, and Liebherr-International.