Europe Biomedical Refrigerators & Freezers Market will grow at 3.9% CAGR to exceed $975 mn by 2024
Posted: Jan 06, 2019
Graphical Research presents a most up-to-date report on "Europe Biomedical Refrigerators and Freezers Market analysis based on Product, End-use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024", predicted to cross USD 975 million by 2024.
Increasing prevalence of chronic diseases such as cancer, musculoskeletal diseases and autoimmune diseases coupled with growing elderly population base in European countries will drive the biomedical refrigerators and freezers market in the region. Moreover, increasing incidences of road accidents, trauma cases and growing cases of minor muscle injuries due to athletics and other sport activities will fuel need for blood transfusion procedures, thereby fueling industry growth. Aforementioned factors will upsurge the biomedical refrigerators and freezers market size during the forecast period.
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Blood donation has become an essential medical procedure to support many different healthcare specialties across Europe in past few years. European Blood Alliance has developed quality and safety parameters for blood transfusion techniques ensuring safe blood transfusion procedures that prove beneficial for industry expansion. According to European Commission, around 2.9 million units of platelets and 3.6 million units of plasma were issued for transfusion by 28 European countries in 2015. Furthermore, developments in bio-banking techniques will boost the medical grade refrigerators and freezers business growth during the analysis period.
However, high cost of biomedical refrigerators and freezers coupled with their high maintenance cost may hinder industry growth in the foreseeable future. Presence of local market players may abrade the revenue of dominant players in price-sensitive countries resulting in hindrance to the Europe biomedical refrigerators and freezers industry growth.
Plasma freezers product segment dominated the Europe biomedical refrigerators and freezers market with USD 245.7 million revenue in 2017 owing to increasing demand for plasma freezers in blood banks, diagnostic centers, biomedical research centers and hospitals for proper storage of red cells, platelet concentrates, cryoprecipitate and fresh frozen plasma (FFP).
Blood banks refrigerators product segment will grow at 4.1% during the forecast period due to increasing number of blood donations in the region. These refrigerators are used for storing blood and plasma at temperatures between 2°C and 6°C to render them suitable for emergency transfusions.
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Blood bank end-use segment of Europe biomedical refrigerators and freezers market accounted for 37.9% revenue share in 2017 due to rising awareness among people regarding blood donation, leading to increasing rate of blood donation in the region. Demand for blood transfusion is high amongst European countries owing to large population undergoing chemotherapy for cancer treatment. Increasing adoption of medical-grade refrigerators and freezers at blood banks to ensure integrity of vaccines, blood components, sensitive samples, as well as other patient specimens will accelerate the market growth throughout the forecast timeframe.
Germany biomedical refrigerators and freezers market dominated the Europe market with 18.3% revenue share in 2017, owing to rising prevalence of cancer in the region. Demand for chemotherapy treatment is increasing in recent years owing to availability of well-developed healthcare facilities and high healthcare expenditure. Moreover, growing geriatric population base prone to chronic diseases will upsurge the industry size over the forecast period.
France biomedical refrigerators and freezers market is estimated to witness 4.1% CAGR growth during the analysis timeframe owing to growing elderly population suffering from infectious and auto-immune diseases such as leukemia, Hepatitis C and cancer. According to Connexion French Magazine, France has population of 67.2 million out of which 19.6% are in the age group of 65 years and above. Furthermore, rising demand for blood transfusion procedures for disease treatment and increasing incidence of sports injuries will spur the growth of France biomedical refrigerators and freezers market over the coming years.
Key industry players operating in Europe biomedical refrigerators and freezers market are Aegis Scientific, Arctiko, Azbil, B Medical Systems, Binder, Eppendorf, Follett, Haier Biomedical, Liebherr-International, Migali Scientific, Panasonic Healthcare Corporation Europe B.V., and Thermo Fisher Scientific. Notable market players are primarily focusing on new product launches as well as strategic mergers and acquisitions to garner profits and maintain their positions in Europe biomedical refrigerators and freezers industry.
Browse key industry insights from this 2018 report Europe Biomedical Refrigerators & Freezers Market @
Segments We Cover:
Europe Biomedical Refrigerators and Freezers Market Statistics, By Product
- Plasma freezers
- Blood Bank Refrigerators
- Lab Refrigerators
- Lab Freezers
- Ultra-Low Temperature Freezers
- Shock Freezers
Europe Biomedical Refrigerators and Freezers Market Trends, By End-use
- Blood Banks
- Research Labs
- Diagnostic Centers
The above information is provided for the following region and countries:
- Czech Republic
1. North America Biomedical Refrigerators and Freezers Market Size By Product (Plasma Freezers, Blood Bank Refrigerators, Lab Refrigerators, Lab Freezers, Ultra Low Temperature Freezers, Shock Freezers), By End-use (Blood Banks, Pharmacies, Hospitals, Research Labs, Diagnostic Centers), Industry Analysis Report, Regional Outlook (U.S, Canada), Application Potential, Competitive Market Share & Forecast, 2018 - 2024
2. Asia Pacific Biomedical Refrigerators and Freezers Market Size By Product (Plasma Freezers, Blood Bank Refrigerators, Lab Refrigerators, Lab Freezers, Ultra Low Temperature Freezers, Shock Freezers), By End-use (Blood Banks, Pharmacies, Hospitals, Research Labs, Diagnostic Centers), Industry Analysis Report, Regional Outlook (China, Japan, India, Australia, South Korea, Malaysia, Indonesia, Thailand, Singapore, Taiwan, Philippines, Vietnam), Application Potential, Competitive Market Share & Forecast, 2018 – 2024
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Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services.