Market Size of Biomedical Refrigerator and Freezer Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Biomedical Refrigerator & Freezer Market Analysis
The biomedical refrigerator and freezer market is expected to register a CAGR of 4.2% over the forecast period.
The COVID-19 pandemic disrupted the research and development activities of companies. Also, it impacted the treatment procedures and supply chain of pharmaceuticals and medical devices worldwide, further impacting the studied market. In January 2021, a paper published in the National Library of Medicine stated that there was a reduction in the total vaccination coverage along with a decline in the total number of vaccines administered (including tetanus vaccines), which led to children missing out on their vaccine doses. The same source stated the pandemic had affected immunization on three different levels. Impact on routine immunization (including immunization coverage; and pediatric clinic visits); impact on mass immunizations or supplementary immunization activities; and factors affecting immunization coverage. Hence, the overall market has been adversely affected by the COVID-19 pandemic. However, the market is expected to recover in the post-pandemic era due to vaccination programs.
Biomedical refrigerators and freezers are storage containers mainly used to store biological samples such as blood, DNA samples, vaccines, etc. Major factors expected to drive the growth of the biomedical refrigerator and freezer market are the growing disease burden, increasing organ transplantation demand, and the development of technology into products. The rising burden and increased risk factors of diseases will be significant factors driving the growth of the studied segment over the forecast period. For instance, according to the December 2021 report of the International Diabetes Federation (IDF), about 537 million adults of age 20-79 years were living with diabetes in 2021, and more than 90% of this population have Type 2 diabetes. Since the diabetes insulin drug requires to be contained for long periods as the patient requires constant dosage, the increase in diabetes is likely to increase the demand for biomedical freezers. The report 'Human Papillomavirus (HPV) and Related Diseases Report France' published in October 2021, suggested HPV 16 and 18 prevalence among adult women. Women with normal cytology are 4.7%, with low-grade cervical lesions is 26.3%, with high-grade cervical lesions is 60.6% and with cervical cancer is 75.6%. HPV is the common cause of cervical cancer among women. Therefore there is a need for early diagnosis of the disease, which will boost the infectious disease diagnostic market during the study period. Thus, the increasing prevalence of the disease will also increase the market growth.
However, biomedical refrigerators and freezers are expensive, which is expected to hamper its market growth.
Biomedical Refrigerator & Freezer Industry Segmentation
As per the scope, a biomedical refrigerator and freezer are designed in such a way that they can store samples of biological origin at the lowest temperatures. The Biomedical Refrigerator and Freezer Market is segmented by product type (plasma freezers, blood bank refrigerators, laboratory refrigerators, laboratory freezers, and others), end user (hospitals and clinics, biobanks, and others), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across the major regions globally. The report offers the values in (USD million) for the above segments.
| By Product Type | |
| Plasma Freezers | |
| Blood Bank Refrigerators | |
| Laboratory Refrigerators | |
| Laboratory Freezers | |
| Others |
| By End User | |
| Hospitals and Clinics | |
| Bio Banks | |
| Others |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Biomedical Refrigerator and Freezer Market Size Summary
The biomedical refrigerator and freezer market is poised for growth, driven by factors such as the increasing burden of diseases, rising demand for organ transplantation, and advancements in technology. These storage solutions are crucial for preserving biological samples, including blood, DNA, and vaccines, which are essential for medical research and treatment. The market experienced disruptions due to the COVID-19 pandemic, affecting research and development activities, treatment procedures, and the supply chain for pharmaceuticals and medical devices. However, the post-pandemic recovery is expected to be bolstered by vaccination programs and the resumption of routine immunizations. The growing prevalence of diseases, such as diabetes and HPV-related conditions, is anticipated to further fuel the demand for biomedical refrigerators and freezers, as these conditions require long-term storage of medications and samples for diagnosis and treatment.
The market is characterized by a fragmented landscape with several key players, including Thermofisher Scientific Inc., Terumo Corporation, and Haier Biomedical, among others. The increasing number of clinical trials and drug developments, particularly in regions like North America, is expected to drive market expansion. The need for maintaining pharmaceuticals at optimal temperatures during these trials underscores the importance of biomedical freezers. Additionally, product innovations and collaborations, such as those seen with Cincinnati Children's Hospital and Haier Biomedical, are contributing to market growth. The establishment of biobanks and research initiatives, particularly in Canada, highlights the growing demand for these storage solutions in supporting health research and vaccine production. Despite the high costs associated with biomedical refrigerators and freezers, the market is set to witness significant growth over the forecast period.
Biomedical Refrigerator and Freezer Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Growing Burden of Chronic Diseases
-
1.2.2 Increasing Demand for Organ Transplantation and Biopharmaceuticals
-
-
1.3 Market Restraints
-
1.3.1 High Cost
-
-
1.4 Porter's Five Force Analysis
-
1.4.1 Bargaining Power of Suppliers
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Threat of New Entrants
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size by Value - USD million)
-
2.1 By Product Type
-
2.1.1 Plasma Freezers
-
2.1.2 Blood Bank Refrigerators
-
2.1.3 Laboratory Refrigerators
-
2.1.4 Laboratory Freezers
-
2.1.5 Others
-
-
2.2 By End User
-
2.2.1 Hospitals and Clinics
-
2.2.2 Bio Banks
-
2.2.3 Others
-
-
2.3 Geography
-
2.3.1 North America
-
2.3.1.1 United States
-
2.3.1.2 Canada
-
2.3.1.3 Mexico
-
-
2.3.2 Europe
-
2.3.2.1 Germany
-
2.3.2.2 United Kingdom
-
2.3.2.3 France
-
2.3.2.4 Italy
-
2.3.2.5 Spain
-
2.3.2.6 Rest of Europe
-
-
2.3.3 Asia-Pacific
-
2.3.3.1 China
-
2.3.3.2 Japan
-
2.3.3.3 India
-
2.3.3.4 Australia
-
2.3.3.5 South Korea
-
2.3.3.6 Rest of Asia-Pacific
-
-
2.3.4 Middle East and Africa
-
2.3.4.1 GCC
-
2.3.4.2 South Africa
-
2.3.4.3 Rest of Middle East and Africa
-
-
2.3.5 South America
-
2.3.5.1 Brazil
-
2.3.5.2 Argentina
-
2.3.5.3 Rest of South America
-
-
-
Biomedical Refrigerator and Freezer Market Size FAQs
What is the current Biomedical Refrigerator and Freezer Market size?
The Biomedical Refrigerator and Freezer Market is projected to register a CAGR of 4.20% during the forecast period (2024-2029)
Who are the key players in Biomedical Refrigerator and Freezer Market?
Arctiko, PHC Corporations, Haier Biomedical, Philips Kirsch GmbH and Terumo Corporation are the major companies operating in the Biomedical Refrigerator and Freezer Market.
