The Biomedical refrigerators and freezers are medical equipment, used for storing various biological samples such as biological reagents, blood, blood derivatives, medicines, vaccines, deoxyribonucleic acid (DNA), ribonucleic acid (RNA), and flammable chemicals. They are used for effective storage of samples with biological origin which require precise conditions. The Global Biomedical Refrigerators and Freezers Market was worth 3.17 Billion USD in 2018 and is estimated to reach 4.35 Billion USD by 2025 at a CAGR of 4.63% during the period.
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Growth by Region
The North America held the maximum share due to the presence of stringent guidelines in the U.S., high quality standards, and high expenditure on hospital and healthcare infrastructure. Asia Pacific is anticipated to grow with a highest growth with a CAGR over 15%.
Drivers vs. Constraints
The increasing demand for blood transfusions, rising research and development activities in the field of medical science and increasing funding from various sources and R&D activities in the pharmaceutical sector are the reasons for growth of Global Biomedical Refrigerators and Freezers Market.
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The presence of large number of local players offering cheaper products than branded products is the factor which restrains this market growth.
Industry Structure and Updates
In February 2018, a key player BioLife Solutions executed OEM Agreement with MilliporeSigma.