How is COVID-19 Impacting on the Global Biomedical Refrigerators and Freezers Industry?
The Infinium Global Research analyzes the Biomedical Refrigerators and Freezers Market over the period of 2018 to 2024. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global biomedical refrigerators and freezers market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of biomedical refrigerators and freezers. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the biomedical refrigerators and freezers market during the period. The global biomedical refrigerators and freezers market is projected to grow at a CAGR of 4.2% over the forecast period of 2018-2024.
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Increasing Demand for Blood Transfusion, Cellular Therapies, and Custom-Made Medicines are the Factors Driving the Growth of the Biomedical Refrigerators and Freezers Market
Biomedical refrigerators are widely used in blood banks, hospitals diagnostic centers, research analysis, and educational institutes. They are widely used for storing various biological samples such as blood, blood derivatives, vaccines, and flammable chemicals. Moreover, based on temperature range, commercially available biomedical refrigerators and freezers offer different applications.
Increasing demand for blood transfusion, cellular therapies, and custom-made medicines are the factors driving the growth of the biomedical refrigerators and freezers market. Additionally, a steady rise in the number of blood banks in the developed and developing regions coupled with government initiatives in order to raise awareness about the donation of blood has favored a bearable growth in the biomedical refrigerators and freezers market. On the other hand, need to provide thermal insulation and avoid product degradation of refrigerators is anticipated to boost the market over the years to come. However, the presence of a large number of local players offering cheaper products than branded products is anticipated to hinder the growth of the biomedical refrigerators market over the forecast period.
Furthermore, awareness about the harms of greenhouse gases emitted from conventional refrigeration systems and strict emissions norms to the environment will force product manufacturers to design greener products. This, in turn, is anticipated to have a positive impact on the growth of the biomedical refrigerators and freezers market. Moreover, advances in regenerative medicines, drug discovery and bio-banking techniques coupled with research activities in the field of biomedical science is expected to provide various growth opportunities for the key players in the global biomedical refrigerators and freezers market over the upcoming years.
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North America Accounted for the Largest Share in the Global Biomedical Refrigerators and Freezers Market
Among the geographies, North America accounted for the largest share in the global biomedical refrigerators and freezers market followed by Asia Pacific regions. Additionally, the growth of North American regional market can be attributed to the development of biobanks and genome engineering. However, increasing geriatric population towards the technological developments in healthcare is anticipated to lead vast growth opportunities for the biomedical refrigerators and freezers market in the Asia Pacific regions over the years to come. On the other hand, the US is the most important sector and has captured the majority of the market share in the North American regions. Moreover, high economic development in countries such as India and China are boosting their expenditure in the healthcare infrastructure and medical services.
Some of the prominent players in the global biomedical refrigerator and freezers market are Aegis Scientific, Eppendorf, Haier Biomedical, Philipp Kirsch, Helmer Scientific, Liebherr Group and Panasonic Healthcare. Moreover, owing to the presence of several large and small manufacturers the market share is highly uneven. However, increased government research and development funding in the pharmaceutical sector and expansion of research facilities are rising the rate of adoption of the biomedical refrigerators and freezers market size. According to the Europe Medical Device The directive, legislation has been passed in order to design, manufacture, and test biomedical refrigerators and freezers with essential safety and performance.
Biomedical Refrigerators and Freezers Market: Segment Covered
The report on global biomedical refrigerators and freezers the market covers segments such as product type and end-user. Based on product type the global biomedical refrigerators and freezers market is categorized into blood bank refrigerators, shock freezers, ultra-low temperature freezers, plasma freezers and laboratory/pharmacy/medical refrigerators. Based on end-user the global biomedical refrigerators and freezers market is categorized into blood banks, diagnostic centers, research laboratories, pharmacies and hospitals.
Biomedical Refrigerators and Freezers Market: Competitive Landscape
The report provides profiles of the companies in the global biomedical refrigerators and freezers market such as Helmer Scientific, Thermo Fisher Scientific, Inc, Panasonic Healthcare Co., Ltd., Philipp Kirsch GmbH, Terumo Corporation, Liebherr Group, Aegis Scientific, Inc, Eppendorf AG, and Haier Biomedical.
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