Biomedical Refrigerators and Freezers Market size $3.4bn by 2024: Global Market Insights Inc. Biomedical Refrigerators And Freezers Market size was valued at over USD 2.4 billion in 2015, with 4.0% CAGR growth anticipated from 2016 to 2024; according to a new research report by Global Market Insights, Inc. Growing prevalence of various chronic diseases, increasing geriatric population, and technological advancements in healthcare sector will accelerate biomedical refrigerators and freezers market size. Rise in number of blood banks coupled with increased government initiatives towards improving blood donation awareness should fuel industry growth. Furthermore, strong R&D spend across drug discovery, bio-banking and tissue engineering will stimulate business expansion. Plasma freezers attributed for over 30% of biomedical refrigerators and freezers market share in 2015, owing to growing demand for fresh frozen plasma (FPP) and increasing number of apheresis procedures worldwide. Growing demand for blood transfusion and upgradation of blood banks with sophisticated refrigerators and freezers will drive plasma freezers market size.
Blood bank was valued at over USD 932 million, while hospital was the second-highest revenue generating segment with USD 543.2 million in 2015. Pharmacies and diagnostic centers should witness substantial growth over the forecast timeframe owing to their growing popularity and acceptance in developing economies. U.S. biomedical refrigerators and freezers market size was over USD 776 million in 2015, and anticipated to exceed USD 1 billion by 2024 owing to rising demand for precision medicine, growing incidence of chronic diseases and presence of favorable government policies. Asia Pacific biomedical refrigerators and freezers market size was over USD 462 million in 2015 and is anticipated to be a major revenue generating region owing favorable regulatory scenario and expected developments in pharmaceutical and biotechnology sector. Growing awareness regarding emission of harmful greenhouse gases from conventional refrigerators and stringent regulation standards will urge companies to design greener products. Presence of several local players offering cheaper products, and growing trend of using refurbished equipment due to its cost effectiveness will hamper biomedical refrigerators and freezers market share. Key industry participants include Eppendorf, Aegis Scientific, Haier Biomedical, Philipp Kirsch, Leibherr, Helmer Scientific, Thermo Fisher Scientific, Panasonic Healthcare, and Terumo Corporation. Strong industry competition exists due to introduction of technologically 1|Page