Biomedical Refrigerators and Freezers Market Expected to Reach US$ 4,712.7 Mn by 2026
Posted: Nov 15, 2018
Biomedical Refrigerators and Freezers Market – Snapshot
Biomedical refrigerators and freezers are medical devices that are specifically used to store medical samples such as medicines, vaccines, flammable chemicals, enzymes, blood, and blood products. Biomedical refrigerators and freezers are used in hospitals, research laboratories, diagnostic centers, pharmacies, and blood banks etc. Unlike domestic refrigerators and freezers, biomedical refrigerators and freezers provide optimum conditions for storage of medical products. Based on the application in different fields, biomedical refrigerators and freezers are of different types. For example, ultra-low temperature (ULT) freezers are insulated cabinets that maintain temperatures ranging from -70?C to -80?C. These freezers are primarily used in research laboratories and biomedical engineering facilities. Furthermore, blood bank refrigerators are medical equipment primarily used in blood banks. They maintain temperatures that range between +1?C to +6?C. Transparency Market Research analyses the global biomedical refrigerators and freezers market in terms of value in US Mn.
The global biomedical refrigerator and freezer market is expected to reach around US$ 4712.7 Mn by 2026. The market is expected to grow in terms of volume sales with a CAGR of 4.5% during the period 2016-2026. The North America biomedical refrigerator and freezer market is expected to witness the highest market share, accounting for US$ 2,449.1 Mn in 2026. Increase in life science research activities as a result of various diseases has led to an increase in demand for biological sample storage equipment in North America. Moreover, medical treatments such as organ transplant, cellular therapy etc. are major factors that have made the U.S. a prominent market. Rise in government initiatives toward research activities and clinical trials has resulted in boosting the biomedical refrigerators and freezers market globally. Government organizations such as the Engineering and Physical Sciences Research Council (EPSRC), the Medical Research Council (MRC), and the Biotechnology and Biological Sciences Research Council (BBSRC) are supporting research activities in these areas. These factors are likely to increase the usage of biomedical refrigerators and freezers in order to store research samples such as DNAs, RNAs, and biological molecules. Furthermore, aging is associated with a large number of diseases and disorders, and elderly individuals often take more time to recover from these ailments. The geriatric population is more prone to common health conditions such as diabetes, cancer, heart problems, nerve issues, and organ system failure. Therefore, increase in geriatric population is anticipated to drive the growth of the global biomedical refrigerator and freezer market.
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One of the main challenging factors impacting the growth of the biomedical refrigerator and freezer market is the fact that it is a highly fragmented and intensely competitive market. The amount of equipment purchased by end-users is expected to range from medium to low due to long lifespan of the equipment. Moreover, increase in the number of local competitors is expected to reduce the cost of equipment, which is expected to challenge the expectations of market players. Furthermore, increase in use of refurbished equipment is expected to hamper the growth of the biomedical refrigerator and freezer market globally. According to U.S. Food and Drug Administration (FDA), various medical experts have expressed concerns about the safety, quality, and effectiveness of refurbished medical devices. As per a report published by FDA in 2016, third party agencies use unqualified personnel to perform services, maintenance, and device refurbishment without adequate documentation.
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Growing emphasis on protection of valuable biomedical inventory across the world is expected to fuel the global biomedical refrigerator and freezer market. Moreover, there has been increase in protection of valuable biomedical inventory across the world from manufacturing through distribution and storage, to end use. Proper transportation and storage of pharmaceuticals is necessary before they reach the end consumer, because any lag during this period might compromise its safety and efficiency. Increasing use of green technology in biomedical refrigerators and freezers is anticipated to expand.
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