Biomedical Refrigerators and Freezers Market Expected to Reach USD 4.00 Billion Globally in 2022: Transparency Market Research

Albany – NY, Oct. 20, 2015 (GLOBE NEWSWIRE) — According to a new market report published by Transparency Market Research “Biomedical Refrigerators and Freezers Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022“, the biomedical refrigerators and freezers market was valued at USD 2.63 billion in 2013 and is anticipated to expand at a CAGR of 4.7% from 2014 to 2022 to reach USD 4.00 billion in 2022.

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Samples having biomedical origin require specific conditions for effective storage. Therefore, governments across the world recommend use of biomedical refrigerators and freezers for storage of biological samples/units. Biomedical refrigerators and freezers are equipment that provide optimum conditions for efficient storage of samples with biological origin. Biomedical refrigerators and freezers are widely used for storage of biomedical samples such as whole blood, blood components, deoxyribonucleic acid (DNA), ribonucleic acid (RNA), along with temperature sensitive medicines, vaccines, biological reagents. and flammable chemicals. Therefore, biomedical refrigerators and freezers are widely used in blood banks, hospitals, pharmacy stores, research laboratories, and diagnostic centers. 

Increasing demand for blood transfusions, personalized medicine, cellular therapies, organ transplant, and vaccines are the primary factors fueling the demand for biomedical refrigerators and freezers across the world. Additionally, rising research and development activities in the field of life science and biotechnology are propelling the uptake of biomedical refrigerators and freezers in research institutes. On the other hand, presence of large number of local players offering products cheaper than branded products coupled with rising trend of using refurbished equipment is restraining the growth of the global biomedical refrigerators and freezers. 

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Commercially available biomedical refrigerators and freezers have different applications based on the temperature range they provide. Ultra low temperature freezers (temp. around -70°C to -80°C and below) are used for prolonged storage of biomedical samples such as deoxyribonucleic acid (DNA), ribonucleic acid (RNA). Plasma freezers are designed to maintain temperature in the range of -30°C to -40°C. Therefore, plasma freezers are preferred for the storage of plasma products, whole blood, vaccines, and test samples. Shock freezers or blast freezers quickly reduce the temperature (within 6 minutes or less) of health care samples to below -30°C. Hence, shock freezers are used to improve the turnaround time in reducing the temperature of the samples. Blood bank refrigerators are ideally suited for the storage of whole blood or blood component products. The equipment helps in maintaining the temperature range +1°C to +6°C. Laboratory/pharmacy/laboratory refrigerators are designed specifically for preserving medical samples (drugs, vaccines, biological reagents, flammable chemicals, and specialty instruments) at a temperature ranging between -5°C and 15°C. Laboratory/pharmacy/medical freezers store samples between -25°C and -15°C. Therefore, laboratory/pharmacy/medical freezers are widely used for storage of biological samples such as vaccines, tissue and serums, RNA samples, bacteria strains, protein extracts, DNA, and medical or pharmaceutical supplies. 

Presently, the blood bank refrigerators segment accounts for the largest share of the global biomedical refrigerators and freezers market. The blood bank refrigerators segment is majorly driven by steady rise in the number of blood banks in developing and developed region. According to the Central Drugs Standard Control Organization (India), there were approximately 2,545 registered blood banks in India in 2012 and the number is expected to reach 3,000 in the next five to ten years. Thus, rising number of blood banks would contribute to market growth. On the other hand, the laboratory/pharmacy/medical freezers segment is anticipated to expand at the fastest growth rate during the forecast period from 2014 to 2022. Rising number of medical facilities and diagnostic centers due to growing prevalence of chronic diseases is anticipated to push the demand for laboratory/pharmacy/medical freezers. 

The blood banks application segment was valued at the largest market in terms of USD million in 2013. Factors such as rising demand for blood transfusions, whole blood, and blood components led to an increase in the number of blood banks globally, which in turn boosted the growth of the segment in 2013. The blood banks segment is expected to maintain its leadership position during the forecast period in terms of revenue. Installation of premium priced equipment such as shock freezers, plasma freezers, and blood bank refrigerators in blood banks is expected to propel the growth of the segment. Moreover, rising research and development activities in biopharmaceutical and life science field is anticipated to fuel demand for biomedical refrigerators and freezers in research laboratories and institutions. Therefore, the research laboratories segment is projected to expand at the fastest CAGR during forecast period. 

Key players operating in the global biomedical refrigerators and freezers market include Aegis Scientific, Inc., Arctiko A/S, Binder GmbH, Biomedical Solutions, Inc. (BSI), Bionics Scientific Technologies (P) Ltd., Dometic S.à.r.l., Eppendorf AG, Helmer Scientific, and Haier Bio-Medical. 

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