As indicated by Acumen Research and Consulting, the global biomedical refrigerators and freezers market size is estimated to reach around USD 5 billion by 2026 with CAGR around 5% over the forecast period. Escalating demand for biopharmaceuticals and organ transplant, technological advancements in the healthcare industry increase in demand for organ transplant owing to the rise in occurrence of organ failure and initiatives taken by governments have boosted the growth of the global biomedical refrigerators and freezers market. The North America market is likely to expand at noteworthy CAGR due to growth in the incidences of infectious and chronic diseases, increasing demand for tailored medicines and favourable government initiatives in the region. Product modernization and upgrade of research and development in the region are also expected to increase the growth of the regional market.
Blood Banks Segment is Expected to Contribute Largest Market Share in the Market
On the basis of end-use, the biomedical refrigerators and freezers market is segmented into pharmacies, blood banks, research labs, hospitals, diagnostic centers. Blood banks segment is forecasted to dominate the global biomedical refrigerators and freezers market during the forecast period. This growth is mainly attributed to the growing number of blood banks in developed and developing countries. Various initiatives taken by government for spreading attentiveness towards the blood donation has amplified the penetration of biomedical refrigerators and freezers. Growing need for trustworthy blood storage for maintaining the donated blood through transportation of blood samples and donor sessions is boosting the segmental growth. Furthermore, the increasing risk of blood transfusion errors due to the instinctive record management methods, the demand for the biomedical refrigerators and freezers is increasing. Various stringent regulations for blood components storage is further supplementing the growth of the segment. However, the pharmacies are anticipated to play a major role in the growth of the global market during the forecast period. Increasing wastage of vaccines and rise in the incidences of adverse reactions due to thermal shock are some of the fundamental factors boosting the growth of the overall segment.
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North America to Continue to Grow at Maximum Growth Rate during the Forecast Period
Geographically, the global biomedical refrigerators and freezers market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is anticipated to accumulate highest market share in 2026 and grow at substantial growth rate during the forecast period owing to the significant growth rate over the forecast period owing to the growth in the incidences of infectious and chronic diseases, increasing demand for tailored medicines and favourable government initiatives in the region. Growing spending on healthcare infrastructure and high quality standards are some of the key factors driving the growth of the regional market. The increasing occurrences of chronic diseases with the growth in old population are considerably increasing the consumption of various pharmaceutical products and number of procedures of blood transfusion. This factor is propelling the demand for the biomedical refrigerators across all the end use segments. The growing alertness towards the currently available, technologically advanced systems and lack of low cost skilled professionals are some of the major factors boosting the growth of the regional biomedical refrigerators and freezers market. Moreover, Asia Pacific is also anticipated to expand at highest growth rate during the forecast period owing to the high economic progress in the countries such as China, India. Furthermore, growing patient pool suffering with chronic diseases is also propelling the demand for various pharmaceutical products and blood components, thereby increasing the growth of the regional biomedical refrigerators and freezers market. Europe is also expected to show substantial growth over the forecast period owing the growth in development of healthcare industry and increasing awareness towards advanced medical products among people.
Migali Scientific, Panasonic Healthcare Corporation of North America and Helmer Scientific, are Likely to Continue to Lead the Global Biomedical refrigerators and freezers Market
The biomedical refrigerators and freezers market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Migali Scientific, Aegis Scientific, Follett, Panasonic Healthcare Corporation of North America, Azbil Corporation, Helmer Scientific, Binder, Haier Biomedical, Eppendorf, Arctiko, B Medical Systems, Powers Scientific, Thermo Fisher Scientific and Liebherr-International.
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