Technological advancements in the healthcare sector has charted a lucrative roadmap for biomedical refrigerators and freezers market globally. Heavy demand for blood transfusions, biopharmaceuticals, organ transplant, and cellular therapies has provided a significant impetus to the biomedical refrigerators and freezers market. These are widely adopted in order to provide thermal insulation and to avoid product degradation. Biomedical cold storage options provide optimum surroundings for the samples with biological origin. Rising research in the field of medical science and increasing global demand for personal drugs have significantly driven the acceptance of biomedical refrigerators and freezers in the healthcare sector. Global Market Insights, Inc. estimates the global biomedical refrigerators & freezers market to grow at an annual rate of 4% over 2016-2024 and generate revenue worth more than USD 3 billion by the end of 2024.
These biomedical freezers & refrigerators are available in diverse sizes and specifications to suit various commercial needs. They have greater demand in research laboratories, hospitals, blood banks, and diagnostics centers. For instance, the plasma freezers are majorly used to store Fresh Frozen Plasma (FFP) at -40°C and provide the substance with optimum conditions. The American Society for Apheresis (ASFA) asserts the widespread use of plasmapheresis technique to stimulate the adoption of plasma freezers in blood banks and hospitals. The worldwide plasma freezers market stood at USD 774 million in 2015 and is estimated to cross USD 1073 million by 2024. A sizable escalation in plasma freezers installation and blood bank refrigerators in Latin America has impelled the regional biomedical refrigerators and freezers industry growth. The region is predicted to grow at an annual growth rate of 4.9% and is projected to pull together a revenue of USD 200 million by 2024.
U.S. Biomedical Refrigerators and Freezers Market Size, By Product, 2012- 2024 (USD Million)
Apart from plasma freezers other product segments comprise lab refrigerators, low temperature freezers, blood bank refrigerators, and shock freezers. The blood bank refrigerators market will exhibit a strong growth potential, owing to rising number of surgical procedures and increasing demand for these products in scientific labs, research, and medical centers. In 2015, blood bank refrigerators collected revenue worth USD 704 million and is anticipated to grab sizeable biomedical refrigerators and freezers market chunk. In terms of revenue generation, blood banks dominated the overall industry share by contributing to 38% in 2015 and was worth USD 932 million, while hospital was the second-largest end-use sector valued at over USD 543.2 million in 2015. Growing popularity and acceptance of these products in developing countries has further stimulated the industry expansion.
Rising demand for personalized medicines in U.S. and supportive government initiatives will accelerate the regional biomedical refrigerators and freezers market demand. Moreover, rising prevalence of chronic diseases in the region is also a notable driving factor behind the regional growth. In 2015, U.S. biomedical refrigerators and freezers industry represented a major regional contributor by accounting for 73% of overall regional revenue share. Further, U.S. market is projected to generate revenue over USD 1 billion by 2024, having had a valuation of over USD 776 million in 2015.
Increasing developments in biotechnology and pharmaceutical sector in Asia Pacific have provided a considerable impetus to the regional biomedical refrigerators and freezers industry. Significant R&D expenditure and business development strategies undertaken by the regional players will set potential growth avenues for expansion of biomedical refrigerators and freezers industry in the region. Having recorded a market valuation of USD 462 million in the year 2015, Asia Pacific is foreseen to be one of the most prominent revenue generating regions. The region is witnessing rapid developments in the areas of cellular therapies management, patient blood management and clinical applications, which will lead to biomedical refrigerators and freezers industry expansion. Furthermore, with target revenue slated to exceed USD 800 million by 2024, Europe biomedical refrigerators & freezers industry share is likely to attain significant revenue collection. Rising investments by significant manufacturing companies in the region will expand the European industry growth.
The worldwide biomedical refrigerators and freezers industry has witnessed a presence of various dominant and local manufacturers. Strict norms pertaining to the emission of harmful greenhouse gases from the traditional & conventional refrigerators have prompted several companies to design eco-friendly and greener products. Some of the prominent biomedical refrigerators and freezers industry players include Haier Biomedical, Terumo Corporation, Philipp Kirsch, Helmer Scientific, Panasonic Healthcare, Aegis Scientific, Thermo Fisher Scientific and Leibherr Group.