Biomedical refrigerators and freezers market to witness substantial demand from blood banks, APAC to be a major revenue pocket
Biomedical refrigerators and freezers market is widening its horizon with the recent technological progressions in health care IT. Rising prevalence of chronic infectious diseases, especially across geriatric population base, is increasing the demand for personalized drugs, which in turn is providing lucrative business space for the overall industry. An exponential increase in the number of blood banks both across developing as well as developed nations have played a key role behind this industry’s substantial growth in past years. Another factor which is influencing the market dynamics is the growing regulatory norms regarding harmful GHG emissions control which is allowing the investors to redirect their focus from conventional refrigeration to a more ecofriendly refrigerating solution. According to Global Market Insights Inc., “Biomedical refrigerators and freezers market worth over USD 2.4 billion in 2015, is poised to exceed a revenue of USD 3.4 billion by 2024, growing at a CAGR of 4 % over the period of 2016-2024.”
U.S. Biomedical Refrigerators and Freezers Market Size, By Product, 2012- 2024 (USD Million)
The rising demand for blood transfusion and growth of advanced blood blanks has intensified the demand for plasma freezers across the globe. Of the key varieties of refrigerators and freezers used in the biomedical sector, the plasma freezer is likely to witness lucrative growth prospects, having collected revenue worth USD 774 million in 2015. Owing to the extensive use of the plasmapheresis technique across hospitals and blood banks will spur the adoption this product. The global plasma freezers market is estimated to surpass USD 1073 million by 2024. Other product segments of biomedical refrigerators and freezers market include blood bank refrigerators, lab refrigerators, ultra-low temperature freezers, and shock freezers. Amongst these, blood bank refrigerators segment was worth USD 704 million in 2015, owing to its increasing deployment in medical, scientific, and research sectors.
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The plasma freezers and blood bank refrigerator’s escalating installation across Latin America is providing lucrative business opportunities for the regional market to expand at a faster pace. Latin America biomedical refrigerators and freezers market is anticipated to generate a revenue of more than USD 200 million by 2024 with a projected annual growth rate of 4.9% over the period of 2016 -2024. Brazil covered more than 52% of the regional market share in 2015, and is slated to collect a revenue of USD 107 million by 2024. Moreover, surging investment in research activities will also favor biomedical refrigerators and freezers industry growth in this region.
Asia pacific biomedical refrigerators and freezers market will exhibit flourishing growth prospects over the years ahead, owing to growing investment in R&D activities, rising development across the biotechnology and pharmaceutical sectors.
Blood banks in biomedical refrigerators and freezers market was the dominant application segment, occupying more than 38% of overall revenue share and collecting more than USD 932 million in 2015. Blood bank refrigerators are suitable for storing whole blood or blood component products and the application segment is predicted to register a CAGR of 4.3% over the period of 2016-2024.
Hospitals turned out to be the second highest revenue generator for the biomedical refrigerators and freezers market. In 2015, this segment was worth USD 543 million. Apart from these two applications, pharmacies and diagnostic centers due to their growing popularity will also witness a considerable growth over the coming seven years.
U.S. biomedical refrigerators and freezers industry size accounted for more than 73% of regional market share in 2015 and will collect significant revenue over the coming timeframe. The growth attributing factors are surging demand for personalized medicines and escalating occurrence of infectious and chronic diseases. In addition to this, supportive initiations taken by the government will also influence biomedical refrigerators and freezers industry size.
Biomedical refrigerators and freezers industry in Europe will collect a revenue of USD 800 million by 2024, primarily driven by growing investment by prominent manufacturing companies. Germany and UK will contribute significantly toward the regional growth.
Biomedical refrigerators and freezers industry giants are shifting their focus on innovative technological advancement in the product to expand their global reach. The notable participants in biomedical refrigerators and freezers market include Eppendorf, Philipp Kirsch GmbH, Aegis Scientific, Helmer Scientific, Panasonic Healthcare, Haier Biomedical, Terumo Corporation, Leibherr Group, and Thermo Fisher Scientific.
Author Name :Satarupa De