A recent report published by Infinium Global Research on biomedical refrigerators and freezers market provides in-depth analysis of segments and sub-segments in global as well as regional biomedical refrigerators and freezers market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional biomedical refrigerators and freezers market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global biomedical refrigerators and freezers market. According to the report, the global biomedical refrigerators and freezers market is projected to grow at a CAGR of 4.2% over the forecast period of 2018-2024.

Market Insight

Biomedical refrigerators are widely used in blood banks, hospitals diagnostic centers, research analysis, and educational institutes. They are widely used for storing various biological samples such as blood, blood derivatives, vaccines, and flammable chemicals. Moreover, based on temperature range, commercially available biomedical refrigerators and freezers offer different applications.

Increasing demand for blood transfusion, cellular therapies, and custom-made medicines are the factors driving the growth of the biomedical refrigerators and freezers market. Additionally, a steady rise in the number of blood banks in the developed and developing regions coupled with government initiatives in order to raise awareness about the donation of blood has favored a bearable growth in the biomedical refrigerators and freezers market. On the other hand, need to provide thermal insulation and avoid product degradation of refrigerators is anticipated to boost the market over the years to come. However, the presence of a large number of local players offering cheaper products than branded products is anticipated to hinder the growth of the biomedical refrigerators market over the forecast period.

Furthermore, awareness about the harms of greenhouse gases emitted from conventional refrigeration systems and strict emissions norms to the environment will force product manufacturers to design greener products. This, in turn, is anticipated to have a positive impact on the growth of the biomedical refrigerators and freezers market. Moreover, advances in regenerative medicines, drug discovery and bio-banking techniques coupled with research activities in the field of biomedical science is expected to provide various growth opportunities for the key players in the global biomedical refrigerators and freezers market over the upcoming years.

Among the geographies, North America accounted for the largest share in the global biomedical refrigerators and freezers market followed by Asia-Pacific regions. Additionally, the growth of North American regional market can be attributed to the development of biobanks and genome engineering. However, increasing geriatric population towards the technological developments in healthcare is anticipated to lead vast growth opportunities for the biomedical refrigerators and freezers market in the Asia-Pacific regions over the years to come. On the other hand, the U.S. is the most important sector and has captured the majority of the market share in the North American regions. Moreover, high economic development in countries such as India and China are boosting their expenditure in the healthcare infrastructure and medical services.

Some of the prominent players in the global biomedical refrigerator and freezers market are Aegis Scientific, Eppendorf, Haier Biomedical, Philipp Kirsch, Helmer Scientific, Liebherr Group and Panasonic Healthcare. Moreover, owing to the presence of several large and small manufacturers the market share is highly uneven. However, increased government research and development funding in the pharmaceutical sector and expansion of research facilities are rising the rate of adoption of the biomedical refrigerators and freezers market size. According to the Europe medical device the directive, legislation has been passed in order to design, manufacture, and test biomedical refrigerators and freezers with essential safety and performance.

Segment Covered

The report on global biomedical refrigerators and freezers the market covers segments such as product type and end user. Based on product type the global biomedical refrigerators and freezers market is categorized into blood bank refrigerators, shock freezers, ultra-low temperature freezers, plasma freezers and laboratory/pharmacy/medical refrigerators. Based on end user the global biomedical refrigerators and freezers market is categorized into blood banks, diagnostic centers, research laboratories, pharmacies and hospitals.

Geographic Coverage

The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain and rest of Europe are included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in the region. The Asia-Pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.

Companies Profiled:

The report provides profiles of the companies in the global biomedical refrigerators and freezers market such as Helmer Scientific, Thermo Fisher Scientific, Inc, Panasonic Healthcare Co., Ltd., Philipp Kirsch GmbH, Terumo Corporation, Liebherr Group, Aegis Scientific, Inc, Eppendorf AG, and Haier Biomedical. 

Report Highlights:

The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global biomedical refrigerators and freezers market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of biomedical refrigerators and freezers market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the biomedical refrigerators and freezers market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the biomedical refrigerators and freezers market to understand the present and future trends in this market and formulate their strategies accordingly.