Asia Pacific Biomedical Refrigerators and Freezers Market size was valued at USD 507.6 million in 2017 and is expected to witness 5.3% CAGR from 2018 to 2024.
China Biomedical Refrigerators and Freezers Market, By Product, 2013 – 2024 (USD Million)
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Rising geriatric population in Asian countries will act as a major growth rendering driver fro industry growth. As per UN report, population aged 60 years and above in Asia is estimated to increase from 0.55 billion in 2017 to 1.27 billion by 2050. Moreover, technological advancements in biomedical refrigerators and freezers will stimulate Asia Pacific biomedical refrigerators and freezers industry growth. Firms are focusing efforts on developing freezers and refrigerators that consume significantly less energy levels and offer better temperature control. This provides a green alternative to healthcare facilities that will in turn increase adoption rate in forthcoming period. Additionally, development of sustainable & user-friendly freezers with touch-screen controlling and monitoring systems are available that allow storage of large number of biomedical specimens. Such factors will propel industry growth over the forecast timeframe.
Growing healthcare infrastructure, government investment in R&D activities and rising medical tourism will favour biomedical refrigerators and freezers business growth. Growing healthcare expenditure has led to increase in number of healthcare facilities, thereby increasing number of laboratories, diagnostic centers and hospitals in emerging nations. This will result in greater demand for biomedical freezers and refrigerators in developing countries. Similarly, rapid rise in chronic and infectious diseases is leading to increase in blood transfusions, plasma collection and drug discoveries. Aforementioned factors are set to drive revenue share of APAC biomedical refrigerators and freezers market in the coming years.
Plasma freezers segment contributed to the largest revenue size of more than USD 165 million in 2017. This is attributable to growing demand for these freezers as a result of increasing awareness and encouragement activities for blood and apheresis donation across the region. Benefits such as safe storage at -30°C that is suitable for storing vaccines, plasma products and whole blood will augment segmental growth over the forecast period.
Blood banks segment will grow at a momentous CAGR of 5.5% owing to rising number of blood banks in developing countries across Asia Pacific. Accelerating demand for customized drugs, vaccines and cellular therapies should drive the segment growth in upcoming years.
China biomedical refrigerators and freezers market will witness remarkable growth as a result of increasing geriatric population suffering from chronic and immunological diseases. Elderly population require more blood and plasma supply for treatment of chronic diseases. Moreover, rising government initiatives to increase blood donations and awareness about its importance will offer lucrative market growth in China over the projected period.
Few major industry competitors in Asia Pacific biomedical refrigerators and freezers market are Arctiko, Azbil, B Medical, Binder, Eppendorf, Follett, Haier Biomedical, Helmer Scientific, Liebherr International, Panasonic Healthcare and Thermo Fisher Scientific. These players are adopting strategies such as partnerships, collaborations and new product launch to enhance their operating performance obtain sustainable profits. For instance, in March 2013, Haier supplied 216 medical refrigerators. This will assist the firm in fortifying its customer base and enhancing company’s financial performance.
Asia Pacific biomedical refrigerators and freezers market was valued at over USD 507 million in 2017 and is estimated to grow at a significant rate by 2024. Drug development coupled with technological breakthroughs is projected to positively impact market growth. Rising R&D for drug discovery and development will increase demand for biomedical freezers for secure storage of biological samples. In addition, green initiatives for reduction in energy levels will impel technological advancements in biomedical refrigerators and freezers. Advancements such as eco-friendly freezer designs with enhanced sustainability by leading firms will spur the market growth in forthcoming years.
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