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, Competitive Market Share & Forecast, 2022 - 2030

The global biomedical refrigerators and freezers market is expected to expand considerably through 2030 owing to the constant increase in the geriatric population in developed nations.

The market for biomedical refrigerators and freezers is speculated to propel significantly during the study period due to the growing health concerns among aging individuals. The availability of various freezers that can store medicines and vaccines will fuel the industry's expansion. The World Population Projects 2019, published by the United Nations, forecasts that by 2050, 1 in 6 people would be 65 or older, up from 1 in 11 in 2019.

The biomedical refrigerators and freezers market has been classified in terms of product, end-use, and region.

Based on product, the lab refrigerators segment amassed more than 13% market share in 2021 and is anticipated to propel at a considerable rate through the forthcoming years, due to the various benefits it offers. Lab refrigerators offer the perfect temperature environment for pharmaceutical as well as clinical research. A laboratory refrigerator is a specially made equipment with a thermally insulated portion and a heat pump that dissipates the interior heat into the surrounding air to maintain the desired temperature.

Meanwhile, the lab freezers segment is slated to proliferate at nearly 5% CAGR from 2022 to 2030 credited to their frequent use in keeping biological samples including blood, tissues, serums, vaccines, enzymes, and others in good functioning condition. On the other hand, the shock freezers segment is speculated to expand significantly over the projection period. Shock freezers quickly lower the temperature of biological materials to below – 30°C, assisting in the preservation of samples at the ideal temperature, which serves as a major factor for segmental growth.

In terms of end-use, the research labs segment attained substantial valuation in 2021 and is poised to garner a positive growth rate over the review timeframe owing to the increasing need for sensitive and dependable temperature control systems in research labs to maintain and manage the uniform temperature.

From the regional point of view, the Middle East & Africa biomedical refrigerators and freezers industry is slated to register significant market valuation during the study timeline powered by the increased government investment in R&D initiatives. Meanwhile, the Latin America biomedical refrigerators and freezers market is projected to showcase over 6% CAGR from 2022 to 2030 credited to the growing government funding for research initiatives and clinical trials in developing nations. Additionally, escalating sickness burden and rising organ transplantation will accelerate business development in the LATAM region.