Biomedical Refrigerators and Freezers Market – Snapshot
The biomedical refrigerator and freezer market dynamic is influenced by growing demand for biopharmaceuticals and organ transplant. Increasing demand for organ transplant as a result of an increase in the incidence of organ failure boosts demand for biomedical refrigerators and freezers globally. Furthermore, one of the main challenging factors affecting this industry is the high cost of the equipment and longer life span of the devices. Longer life span of devices reduces the purchasing frequency by end users. The biomedical refrigerator and freezer market is expected to provide opportunity to players who are manufacturing green technology based biomedical refrigerators and freezers.
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The global biomedical refrigerator and freezer market is expected to reach around US$ 926.95 Mn by 2018. The market is expected to grow in terms of value sales with a CAGR of 7.1% during the period 2019-2027. The North America biomedical refrigerator and freezer market is expected to witness the highest market share. Rising expenditure in life science research activities as a result of various diseases has led to a rise 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.
Growing 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.
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Rising Need to Preserve Biomedical Samples to Bolster Biomedical Refrigerators and Freezers Market
The increasing need to preserve biomedical samples has resulted in a rise in demand for biomedical refrigerators and freezers across the globe. Vaccines and many other biomedical items are expected to continue to be in high demand owing to the occurrence of various ailments. Furthermore, due to augmented funding in R&D activities by academic and research institutions, the adoption of biomedical refrigerators and freezers is expected to rise. Healthcare organizations tend to store different biomedical items in biomedical refrigerators and freezers as the need for precise and accurate storage conditions arises. Such multiple benefits are estimated to augur well for the global biomedical refrigerators and freezers market in the years to come. Rising demand for customized vaccines as a result of increased demand for cellular therapy is anticipated continue to have an effect on the global biomedical refrigerators and freezers market in the years to come.
Vaccine exposure beyond the required temperatures may decrease its efficacy during administration. Vaccine demand is predicted to increase because of the occurrence of multiple diseases worldwide. In order to provide effective administration, vaccines must be stored at the required temperatures. The increasing need for vaccines to be stored precisely and accurately for effective administration is estimated to play an important role in bolstering growth of the market in the years to come.
Unscientific inventory management practices has led to blood transfusion errors across globe. Government of different countries are imposing strict regulation which will work as a key factor of this market growth. Several government agencies and NGOs are working on regulating the blood storage and collection activities. In U.S., these process is maintained by the Center for biologics evaluation and research (CBER). Increasing 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 the market. Usage of green technology-based equipment reduces the power consumption and increases its efficiency.
High Demand for Use in Research and Development Activities to Support Market Growth
The healthcare industry’s requirement for biomedical refrigerators and freezers is projected to be bolstered by increased funding in R&D activities. As researchers focus more and more on the development of novel treatment techniques and products, the adoption of biomedical refrigerators and freezers is predicted to revitalize the market over the forecasted period. These refrigerators and freezers are projected to be in high demand in research and educational institutes as well. As a result, the global biomedical refrigerators and freezers market is projected to rise significantly over the next few years.