Global Biomedical Refrigerators And Freezers Market is expected to grow at a CAGR of 4.2% during the forecast period 2020-2027

A new research report published by Fior Markets with the title Biomedical Refrigerators And Freezers Market By Type (Plasma Freezers, Ultra-Low Freezers, Shock Freezers, Blood Bank Refrigerators, Pharmacy/Laboratory/Medical Refrigerators, And Pharmacy/ Laboratory/Medical Freezers), End-User Applications (Hospitals, Pharmacies, Research Laboratories, Diagnostic Centres, Blood Banks, And Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, And Forecast 2020 To 2027.

The global biomedical refrigerators and freezers market is expected to grow from USD 2.81 billion in 2019 to USD 3.90 billion by 2027, at a CAGR of 4.2% during the forecast period 2020-2027. North America accounts for the largest market share in the biomedical refrigerators and freezers market. Technological innovation, stringent guidelines for the storage of bio-medical products, availability of medical infrastructure, increasing geriatric population, and high demand for pharmaceuticals, technological innovation. The Asia-Pacific market is anticipated to witness the highest growth rate. The factors attributing to the growth are strict government norms, large population coupled with the increasing prevalence of chronic diseases, increasing investments from both government and private firms, increasing disposable income in the developing countries, and growing awareness for proper inventory management to reduce operational losses.

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

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Some of the key players in the biomedical refrigerators and freezers market are Arctiko A/S, Azbil Corporation, Aegis Scientific, Inc., Follett LLC, Haier Biomedical, Binder, B Medical Systems, Eppendorf AG, Migali Scientific, Panasonic Healthcare Corporation, Helmer Scientific, Liebherr-International AG, Thermo Fisher Scientific, and Powers Scientific, Inc.

By the type of product, the market is segmented into plasma freezers, ultra-low freezers, shock freezers, blood bank refrigerators, pharmacy/laboratory/medical refrigerators, and pharmacy/ laboratory/medical freezers. The plasma freezers segment holds the largest market share in this segment, primarily owing to increasing collection and storage of blood components which includes plasma, platelets, and others. The pharmacy/laboratory/medical refrigerators segment is anticipated to witness the highest growth rate in the upcoming years. The high amount of wastage of vaccines, laboratory chemicals, medicines and other biochemical products due to improper storage conditions is the primary factor impacting the operational efficiency and profitability of the pharmacies, and laboratories. In addition to that, stringent government regulations in the implementation of quality management is also a factor fuelling the growth of this segment. Based on end-user applications, the market is bifurcated into hospitals, pharmacies, research laboratories, diagnostic centres, blood banks, and others. Blood banks dominate this segment because the risk of blood transfusion is increasing because of inefficient and unscientific inventory management, and stricter norms for the storage of blood components. The pharmacies market is expected to grow at the highest growth rate in future as a high amount of pharmaceutical products are wasted due to thermal shocks. 

In 2018, PHC Biomed launched a new twin guard ultra-low temperature freezer (Model Name: MDFDU702VX), blood bank refrigerator (Model Name: MBR-705GR), medical laboratory freezer (Model Name: MDF-U5412), and heat sterilization co2 incubator (Model Name: MCO-170AICUVD) at the 8th Thailand LAB INTERNATIONAL event.

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About the report:
The global biomedical refrigerators and freezers market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.

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