Biomedical Refrigerators and Freezers Market Size By Product (Plasma Freezers, Blood Bank Refrigerators, Lab Refrigerators, Lab Freezers, Ultra-low Temperature Freezers, Shock Freezers), By End-use (Blood Banks, Pharmacies, Hospitals, Research Labs, Diagn

Biomedical Refrigerators and Freezers Market Size By Product (Plasma Freezers, Blood Bank Refrigerators, Lab Refrigerators, Lab Freezers, Ultra-low Temperature Freezers, Shock Freezers), By End-use (Blood Banks, Pharmacies, Hospitals, Research Labs, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022- 2028

The biomedical refrigerators and freezers market is projected to record considerable gains by 2028 on account of escalating demand for organ transplantation and biopharmaceuticals around the globe. In addition, the rising geriatric population is set to further foster market growth over the forecast period.

Safe storage is a critical aspect while shipping and distributing vaccines around the world. Surging demand for various COVID-19 vaccines has led to high demand for efficient cold storage units, which has augmented industry adoption during the pandemic.

Furthermore, industry players have been employing profitable strategies to gain a competitive edge in the rapidly evolving marketplace, which has supported the growth of the global biomedical refrigerators and freezers market. For instance, in June 2021, Haier Biomedical, a global cold chain solution provider, launched its novel mini ULT freezer. The innovative mini ULT freezer is a small, flexible, and high-energy saving freezer that has been designed for vaccination storage, biobanks, and transportation users.

To cite another instance, in February 2021, Follett Products, LLC, a key manufacturer of medical-grade refrigeration products, inked a partnership agreement with PHC Corporation of North America (PHCNA), a leading provider of laboratory equipment, to market and supply ultra-low temperature freezers, biomedical freezers, and pharmaceutical grade refrigerators by PHCbi. According to the deal, Follett agreed to sell these high-performance medical-grade refrigeration products to its vast consumer base.

The biomedical refrigerators and freezers market has been categorized on the basis of end-use, product, and region. In terms of product, the market has further been divided into shock freezers, plasma freezers, ultra-low temperatures freezers, blood bank refrigerators, lab freezers, and lab refrigerators. The ultra-low temperature freezers sub-segment accounted for a market share of about 12% in 2021 and is speculated to exhibit robust expansion over the study timeline. This growth is attributed to the increasing cases of COVID-19 infection around the world and surging demand for vaccines.

From the end-use point of view, the biomedical refrigerators and freezers market has been segregated into hospitals, diagnostic centers, research labs, blood bank, pharmacies, and others. The research labs sub-segment is expected to progress at a CAGR of approximately 6% through the analysis period to reach a substantial valuation by the end of 2028. Growing R&D activities across the world are likely to propel segmental expansion over the forthcoming years.

From the regional perspective, the Latin America biomedical refrigerators and freezers market was valued at more than USD 147 million in 2021 and is speculated to expand at a sturdy growth rate through the forecast period. Growing government support for clinical trials and research activities is estimated to drive the regional market development in the coming time period.