Biomedical Refrigerators And Freezers Market By Type (Blood Bank Refrigerators, Shock, Plasma, Ultra Low Temperature Freezers, Laboratory/ Pharmacy / Medical Refrigerators, Laboratory/ Pharmacy / Medical Freezers), End-User (Hospitals, Research Laboratories, Pharmacies, Diagnostic Centers, Blood Banks), And Segment Forecast 2016 - 2024Report

Biomedical Refrigerators And Freezers Market By Type (Blood Bank Refrigerators, Shock, Plasma, Ultra Low Temperature Freezers, Laboratory/ Pharmacy / Medical Refrigerators, Laboratory/ Pharmacy / Medical Freezers), End-User (Hospitals, Research Laboratories, Pharmacies, Diagnostic Centers, Blood Banks), And Segment Forecast 2016 - 2024

Published: September 2016  |  0 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-179-5

"Growing demand for storage of DNA samples, vaccines are expected to boost the market over the forecast period"

The global biomedical refrigerators and freezers market was valued at USD 2.85 billion in 2015 and is expected to grow with a CAGR of 4.9% over the forecast period. Key factors driving the growth include the growing prevalence of chronic diseases, rising demand for storing biological products, blood samples, blood reagents, vaccines, DNA samples and other chemicals. In addition, the need to provide thermal insulation and avoid product degradation is a critical factor boosting the usage rates.

These biomedical freezers are available in different specifications to suit the specific commercial needs. For instance, the plasma once are used for storage of blood and plasma products at -30°C to 40°C and the ultra-low temperature freezers are used for long term storage of DNA and RNA samples products at a range of 70°C to 80 °C.

Based on the estimates of the American Society of Health System Pharmacists, hospitals spend nearly 70-75% of their budget on their pharmacy department. Moreover, as per the Institutes for Safety Medication Practices, more than 20% of the healthcare practitioners have reported adverse patient effects due to deficiencies in storage and inventory management practices

Increasing support from government and industry participants to provide technical and financial assistance in improvement of healthcare infrastructure, procurement of biomedical refrigerators and freezers is a positive trend witnessed in the market. 

biomedical-refrigerators-and-freezers-market

"In 2015 plasma freezers accounted for the largest share of biomedical refrigerators market"

Based on the product type, the market is segmented as blood bank refrigerators, shock, plasma, ultra-low temperature freezers and laboratory/pharmacy refrigerators and freezers The plasma freezers segment accounted for the maximum share of over 28% in 2015, mainly on account of rising demand for collection and storage of several blood components such as platelets, plasma and others.

The laboratory/pharmacy freezers are expected to emerge as the fastest growing segment with a CAGR of nearly 5.4% over the forecast period. High wastage of laboratory chemicals, vaccines, and other biological products due to improper storage conditions is key factor impacting the profitability and operational efficiency of laboratories and pharmacies. Moreover, increasing government scrutiny in implementation of quality management and GLP practices is also a key factor boosting the segments growth.

"Blood banks account for the majority biomedical refrigerators and freezers market in 2015"

The risk of blood transfusion errors is increasing rapidly due to unscientific inventory management practices. The presence of stringent regulations for storage of blood components is a key factor driving the segments growth. For instance, in the U.S., the Center for biologics evaluation and research (CBER) actively regulates the collection and storage of blood and blood components, which may be used for blood transfusion or for the manufacturing of pharmaceutical products.

However, the pharmacies are expected to emerge as the fastest growing category over the forecast period. Growing number of adverse reactions and increasing wastage of vaccines due to thermal shock is a major factor boosting the growth

"In 2015, North America accounted for a share of over 51% in biomedical refrigerators and freezers market in 2015"

In 2015, North America held the maximum share of over 51%, presence of stringent guidelines in the U.S., high quality standards, and high expenditure on hospital and healthcare infrastructure is a key factor for the regions dominance. The U.S. spends nearly 17.1% of its GDP toward healthcare, and it is a priority to improve patient care, reduce the wastage of pharmaceutical and biological components. The growing prevalence of chronic diseases coupled with rise in geriatric population is significantly driving the number of blood transfusion procedures, consumption of various pharmaceutical products. This factor is boosting the demand for use of biomedical refrigerators across all the end use segments.

The U.S. is the most important sector and has captured a majority share of the North America. The increase in the prevalence of various chronic disorders among both the pediatric and elderly population is one of the factors indicating the growing number of patients being admitted, which is thereby increasing pressure on the traditional pharmaceutical system. The awareness regarding the presently available, technologically-advanced systems gaining prominence, and lack of low-cost skilled professionals are some of the crucial factors expected to boost the market.

Asia Pacific is anticipated to grow with a lucrative growth rate over the forecast period. By 2024, this share of this region is expected to reach over 18%. High economic development in countries such as India, China, Indonesia and others is a key factor boosting the expenditure on healthcare infrastructure and medical services. This region is emerging as key medical tourism destination, and the government and private sector are investing significant resources to the reach the service quality standards adopted in the western regions. Moreover, increasing patient pool suffering with chronic diseases is also boosting the demand for various blood components and pharmaceutical products.

"The biomedical refrigerators and freezers market is fragmented with high competition amongst key players"

The leading players operating in the market include Philipp Kirsch GmbH, Haier Biomedical, Panasonic Healthcare Co., Thermo Fisher Scientific Inc., Helmer Scientific and Eppendorf AG. The key success factors in the market include the technological factors, product pricing, service quality and distribution network.

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