According to a new market report published by Transparency Market Research titled “Biomedical Refrigerators and Freezers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,” the global biomedical refrigerator and freezer market is expected to reach a value of US$ 7122.4 Mn by 2027. In terms of value, the market is estimated to expand at a CAGR of 4.5% during the forecast period from 2019 to 2027. North America is accounted for the major sales of biomedical refrigerators in 2018 and expected to maintain its dominance in coming years.
Biomedical refrigerators and freezers are medical devices that are specifically used to store medical samples such as medicines, vaccines, flammable chemicals, enzymes, blood, and blood products. Biomedical refrigerators and freezers are used in hospitals, research laboratories, diagnostic centers, pharmacies, and blood banks etc. Unlike domestic refrigerators and freezers, biomedical refrigerators and freezers provide optimum conditions for storage of medical products.
Based on the application in different fields, biomedical refrigerators and freezers are of different types. For example, ultra-low temperature (ULT) freezers are insulated cabinets that maintain temperatures ranging from -70 degree C to -80 degree C. These freezers are primarily used in research laboratories and biomedical engineering facilities. Furthermore, blood bank refrigerators are medical equipment primarily used in blood banks. They maintain temperatures that range between +1 degree C to +6 degree C. Transparency Market Research analyses the global biomedical refrigerators and freezers market in terms of value in US Mn.
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Based on product type, plasma freezers accounted for the largest share in the global biomedical refrigerator and freezer market. Factor attributing the segment growth is increasing number of apheresis procedures performed, coupled with rising demand for the storage of fresh frozen plasma (FFP). In addition, increasing number of hospitals, research laboratories, and pharmacies have resulted in enhanced adoption of biomedical refrigerators and freezers. These factors are expected to drive the growth potential of biomedical refrigerators and freezers.
A unique research methodology has been utilized by TMR to conduct a comprehensive research on the growth of the global biomedical refrigerators and freezers market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts for the global biomedical refrigerators and freezers market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, service managers, CEOs, VPs, and market intelligence managers who contributed to the production of TMR’s study on the biomedical refrigerators and freezers market as a primary source.
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These primary and secondary sources provided exclusive information during interviews, which serves as a validation from biomedical refrigerators and freezers industry leaders. Access to an extensive internal repository and external proprietary database allows this report to address specific details and questions about the global biomedical refrigerators and freezers market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global biomedical refrigerators and freezers market more reliable and accurate.
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