According to a new report by Expert Market Research titled “Global Biomedical Refrigerators and Freezers Market Share
, Size, Analysis, Report, Demand, Forecast 2023-2031″, the global biomedical refrigerators and freezers market reached a value of USD 3 billion in 2022. Aided by the rising need for preserving medical samples and the growing prevalence of various diseases, the market is projected to further grow at a CAGR of 5.6% between 2023 and 2031 to reach a value of USD 4.9 billion by 2031.
Biomedical refrigerators and freezers are crucial appliances in the medical field, used for storing biological samples such as blood, blood derivatives, vaccine, medicines, and flammable chemicals. Given their importance in maintaining the quality of such medical and pharmaceutical components, these appliances have found a place in hospitals, blood banks, pharmacies, diagnostic centres, research labs, and universities.
The increasing prevalence of diseases and a concurrent rise in the demand for fresh and effective vaccines and medicines have contributed to the global biomedical refrigerators and freezers market expansion. Storage at appropriate temperatures is critical in preserving the effectiveness of many vaccines and certain medicines, thereby increasing the demand for biomedical refrigerators and freezers in the pharmaceutical industry.
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The expanding research in the biomedical field plays a substantial role in boosting the biomedical refrigerators and freezers market growth. Research laboratories extensively use these refrigerators and freezers to store samples and reagents. With the rising investment in biomedical research and development activities, the demand for high-quality storage equipment is expected to surge.
Moreover, blood banks, which store blood and blood derivatives for transfusions, represent a significant demand segment for biomedical refrigerators and freezers. The growing number of surgical procedures requiring blood transfusions and the increased awareness about blood donation have led to the expansion of blood banks, subsequently propelling the biomedical refrigerators and freezers market development.
In the pharmaceutical industry, the storage of drugs at the appropriate temperature is essential to maintain their efficacy. With the increasing production of biopharmaceuticals, which require stringent storage conditions, the demand for high-quality biomedical refrigerators and freezers has amplified.
Furthermore, the biomedical refrigerators and freezers market is also driven by the advances in technology leading to the development of energy-efficient and eco-friendly refrigerators and freezers, which adhere to the evolving regulatory standards.
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Biomedical Refrigerators and Freezers Market Segmentation
The market can be divided based on refrigerators, freezers, application, end user, and region.
Market Breakup by Refrigerators
- Chromatography Refrigerators
Market Breakup by Freezers
- Flammable Material Refrigerators
Market Breakup by Application
Market Breakup by End User
- Ultra-Low Temperature (ULT) Freezers
Market Breakup by Region
- Clinical and Pathology Laboratories
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global biomedical refrigerators and freezers companies. Some of the major key players explored in the report by Expert Market Research are as follows:
Expert Market Research (EMR)
- Panasonic Healthcare Co. Ltd.
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