Biomedical Refrigerators and Freezers Market 2021 By Growth, Top Trends & Regional Forecast

Robust investments and government support for clinical trials and research activities is expected to fuel the biomedical refrigerators and freezers market size in the ensuing years. Government-backed initiatives such as support for start-ups, funding for health research technologies and enhancements in healthcare infrastructure may have a positive impact on the industry outlook.
Biomedical refrigerators and freezers are predominantly used for storing biological samples. Diverse technological advancements in vacuum insulation panel technology, advanced temperature control mechanisms and protection against explosions and accidents are improving the functionality of these storage systems. Integration of enhanced circulation systems, auto cascade cooling system and efficient compressors could further enhance the performance of biomedical freezers and refrigerators.
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Considering growing significance, companies operating in the biomedical refrigerators and freezers market are developing high-performance and innovative systems, and are furthering their accessibility. For example, in 2020, PHCbi announces that its TwinGuard ultra-low temperature chest freezers used for the preservation and long-term storage of critical materials and high value biologicals would be available across various countries. Driven by such advancements, Global Market Insights, Inc., estimates that the biomedical refrigerators and freezers market may record over USD 3.5 billion by 2025.
The blood bank application segment held the highest market share, and is anticipated to register a CAGR of 4.5% by 2025. Rise in number of blood banks across developing and developed countries as well as government initiatives for spreading blood donation awareness have propel the demand for these systems. Increasing incidence of heart diseases, cancer and other chronic illnesses is stirring the demand for blood transfusion, cellular therapies and customized medicines and vaccines, consequently fueling the need for biomedical refrigerators and freezers.
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Europe biomedical refrigerators and freezers market is projected to record a CAGR of 4.1% over the forecast timeframe. Accessibility to a well-formed healthcare infrastructure and better medical facilities have supported the regional industry outlook. Increasing geriatric population base prone to chronic disorders might augment the demand for various surgical procedures, subsequently boosting product requirement.
North America biomedical refrigerators and freezers market held a majority revenue share of over 40% in 2018, and is expected to grow significantly over the coming years. This growth can be attributed to robust demand for medicines, umpteen government initiatives and a large patient base that is susceptible to chronic and infectious diseases. Strong presence of major industry players is also likely to propel regional industry size.
On a global scale, companies such as Thermo Fisher Scientific, Azbil Corporation, Haier Biomedical, Panasonic Healthcare of North America, Helmer Scientific, Migali Scientific, B Medical Systems, Eppendorf, Aegis Scientific, Liebherr-International, Binder, Powers Scientific, Follett and Arctiko are some of the key contenders in the biomedical refrigerators and freezers market. These firms are focusing on various business strategies such as technological improvements and new product development, among others.
Partial Chapter of the Table of Content
Chapter 2. Executive Summary
2.1. Biomedical refrigerators and freezers industry 3600 synopsis, 2014 - 2025
2.1.1. Business trends
2.1.2. Product trends
2.1.3. End-use trends
2.1.4. Regional trends
Chapter 3. Biomedical Refrigerators and Freezers Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2014 - 2025
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Rising government support for research activities and clinical trials in emerging economies
3.3.1.2. Technological advancements in biomedical refrigerators and freezers
3.3.1.3. Increasing geriatric population in developed economies
3.3.1.4. Advances increasing demand for biopharmaceuticals and organ transplantation globally
3.3.2. Industry pitfalls and challenges
3.3.2.1. High cost coupled with growing use of refurbished equipment
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By end-use
3.5. Porter’s analysis
3.6. Competitive landscape, 2017
3.6.1. Strategy dashboard
3.7. PESTEL analysis
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