Biomedical Refrigerators and Freezers Market Share, Size 2031

Report Description

Biomedical Refrigerators and Freezers Market Outlook 2031

The global biomedical refrigerators and freezers market size was USD 3.50 Billion in 2022 and is expected to reach USD 5.67 Billion by 2031 expand at a substantial CAGR 5.5% during the forecast period, between 2023 - 2031. Biomedical refrigeration refers to the process of storing bio medical substances such as bloods and drugs in cooling temperature to maintain and preserve the required quality of these products.

In other terms, refrigeration is artificial cooling process that extract heat and channelize those essential biomedical products to a low-temperature reservoir and transported to a high-temperature reservoir. Energy transfer of refrigeration is typically driven by mechanical means but also are powered by magnetic, heat, laser, electricity, or other means.

Get Free Sample Report

Household refrigerators, cryogenics, industrial freezers, and air conditioning are all examples of refrigeration applications. Biomedical refrigerators are pieces of medical equipment used to keep biological materials such as blood derivatives, blood, biological vaccines, reagents, flammable compounds, pharmaceuticals, ribonucleic acid (RBA), and deoxyribonucleic acid (DNA). These items provide ideal conditions and ensure the efficient preservation of biological samples.

Biomedical Refrigerators and Freezers Market Trends, Drivers, Restraints, and Opportunities:

• Rising frequency of chronic diseases and growing demand for effective treatment of disease are primary factor driving the market.
• Growing need for preserving biological products such blood samples, DNA, and certain chemical components to extend their shell life are expected to fuel the growth of the market in the coming years.
• Increasing government support for massive clinical trials and research programs are likely to propel the market expansion.
• Technological developments in biomedical refrigerators and freezers as well as growing number of the geriatric population are key drivers fueling the market revenue.
• High cost of installation for new storage equipment and inadequacies of the distribution route combined with the low price tactics of local market competitors are key hindrance to market expansion.
• Rising R&D activities in the pharmaceutical sector is a key factor offering attractive opportunities for the big manufacturers.

Scope of The Biomedical Refrigerators and Freezers Market Report:

The report on the global biomedical refrigerators and freezers market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Biomedical Refrigerators and Freezers Market Segment Insights:

Blood bank refrigerators & plasma freezers segment to hold a key market share

Based on products, the biomedical refrigerators and freezers market is fragmented into blood bank refrigerators & plasma freezers, chromatography refrigerators & freezers, cryogenic storage systems, enzyme refrigerators & freezers, laboratory refrigerators & freezers, pharmacy refrigerators & freezers, shock freezers, and ultra-low-temperature freezers.

The blood bank refrigerators & plasma freezers segment is projected to hold a key market share due to the increased demand of storage facilities from hospitals, clinics, pharmacies, and diagnostic centers for the safe storage of blood units and plasma.

Plasmapheresis is the most commonly used apheresis procedure, which is widely used in the construction of plasma freezers in blood banks, hospitals, and research organizations for the storage of fresh frozen plasma (FFP). Furthermore, the rising occurrence of cancer in both developed and developing countries is a key factor pushing the segmental growth.

Get Free Sample Report

Blood banks segment is anticipated to account for substantial share

On the basis of end-users, the market is divided into blood banks, diagnostic centers, hospitals & pharmacies, medical laboratories, pharmaceutical companies, and research institutes. The blood banks segment is anticipated to account for substantial share of the market owing to the rising prevalence of hematological illnesses, combined with increasing number of road accidents.

All these factors have resulted in increasing need for blood bank refrigerators and plasma freezers. The use of biomedical refrigerators and freezers has expanded rapidly due to numerous government campaigns to raise awareness about blood donation.

The demand for a dependable blood cold chain for storing donated blood, storing blood during donor sessions, and transporting blood samples to laboratories are key drivers of the segment. Moreover, the presence of severe standards for blood component preservation is a major factor driving the segment growth.

Get Free Sample Report

North America is expected to dominate the market

In terms of regions, the biomedical refrigerators and freezers market is categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market during the targeted period due to the rising illness research activities, increasing chronic and infectious disease occurrence, and rising demand for tailored treatments.

Moreover, favorable government measures and the rapid efforts for substituting older medical refrigerators with latest with more advanced energy-efficient cold storage equipment are driving the regional market in this region. Furthermore, advantageous reimbursement rules set by medical insurance providers such as Medicare and Medicaid are likely to contribute several health benefits to senior population in the region.

Get Free Sample Report