Biomedical Refrigerators MarketSize and Trends

Escalating demand for cellular therapies, blood transfusions, organ transplant, and biopharmaceuticals is stimulating growth of the biomedical refrigerators market. In addition, increasing biomedical R&D activities is boosting demand for biomedical refrigerators, to store biological samples. However, presence of large number of local players and increasing use of renewed equipment are some of the factors hampering growth of the global biomedical refrigerators market. Rampant advancements in technology and infrastructural upgrade of clinics, hospitals, and research laboratories, is expected to fuel growth of the global biomedical refrigerators market over the forecast period.

Factors such as increasing importance on energy-efficient refrigerators are driving the prospects for growth of the biomedical refrigerators market. A major challenge faced by the market includes reduction in energy consumption. According to the current standards, refrigerants are required to have minimum global warming potential, an ozone depleting potential of zero, and be nontoxic as well as inflammable. It is highly challenging to adhere to these standards while maintaining a stable temperature control. Therefore, manufacturers are focusing on developing technologies to maximize efficiency and temperature consistency, while minimizing heat and energy consumption. Improvement of healthcare infrastructure due to the increasing support from government and industry participants to provide technical and financial assistance in procurement of biomedical refrigerators is a positive trend witnessed in the market. These factors in turn, are expected to boost growth of the market in the near future.

Biomedical Refrigerators Market- Regional Analysis

North America holds the maximum market share, majorly attributed to presence of high quality standards and high expenses on hospital and healthcare infrastructure in the region. The U.S. spends major share of its GDP toward healthcare, with an aim to improve patient care, reduce the wastage of pharmaceutical and biological components. Growing prevalence of chronic diseases coupled with increasing geriatric population, is triggering research and development that requires appropriate biomedical storage of samples. This is significantly driving the number of blood transfusion procedures, consumption of various pharmaceutical products. This in turn, is boosting demand for biomedical refrigerators across all the end-use segments.

Emerging economies such as India, China, and Indonesia are increasingly boosting the expenditure on healthcare infrastructure and medical services. This results in Asia Pacific to emerge as a key medical tourism destination, with the government and private sectors increasingly investing significant resources to the reach the service quality standards adopted in the western regions.