Europe Biomedical Refrigerators and Freezers Market size was valued at USD 749.4 million in 2017 and is expected to witness growth of more than 3.9% CAGR from 2018 to 2024.
Germany Biomedical Refrigerators and Freezers Market, By Product, 2013 – 2024 (USD Mn)
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Technological developments in medical grade refrigerators and freezers will drive the Europe biomedical refrigerators and freezers market growth. European Commission’s Medical Device Directive has implemented certain requirements and regulations for biomedical refrigerators and freezers to ensure safe storage of blood and blood components. Growing adoption of biomedical refrigerators amongst the pharmaceutical companies as well as research laboratories conducting drug discovery process will spur the Europe biomedical refrigerators and freezers market size. Furthermore, government support for development of innovative products will accelerate the industry expansion over the forecast period.
Increasing prevalence of chronic diseases such as cardiac diseases, cancer and infectious diseases will boost the demand for blood transfusion in European countries. As per the European Society of Hemapheresis (ESFH), plasmapheresis is the most commonly performed apheresis technique, resulting in growing installation of plasma freezers in blood banks, hospitals as well as research organizations for storage of RBCs, fresh frozen plasma and other blood components. High awareness regarding blood donation coupled with government initiatives to encourage donation will further propel the industry growth. However, high equipment cost, growing use of refurbished equipment as well as presence of highly fragmented market may impede industry growth during the analysis period.
Plasma freezers segment accounted for the highest revenue of USD 245.7 million in 2017 owing to high adoption of medical grade freezers that are widely used for storage of blood and blood components such as fresh frozen plasma. Increasing demand for blood components for treatment of various diseases will further augment segment growth during the forecast period.
Hospitals segment accounted for considerable revenue share of about 19.4% in 2017 owing to increasing number of surgeries being performed at hospitals. Blood requirement is high during surgical procedures and hence requires storage at optimum temperature for use during emergencies. Rising prevalence of chronic disorders such as cancer, diabetes and cardiovascular diseases, growing healthcare expenditure as well as availability of advanced healthcare facilities will spur industry growth over the analysis period.
German biomedical refrigerators and freezers market accounted for largest revenue size of USD 136.9 million in 2017 owing to increasing demand for blood transfusion procedures among the German population undergoing chemotherapy treatment. Cancer organizations in Germany such as Cancer Index maintain record of people suffering from leukaemia, requiring high quantities of platelets from the blood for their survival. Aforementioned factors will increase the demand for biomedical refrigerators and freezers to facilitate proper storage of blood and blood components.
Prominent industry players operating in Europe biomedical refrigerators and freezers market are Aegis Scientific, Arctiko, Azbil, B Medical, Binder, Eppendorf, Follett, Haier Biomedical, Liebherr International, Migali Scientific, Panasonic Healthcare Europe B.V. and Thermo Fisher Scientific. These key players undertake certain strategic initiatives such as mergers, acquisitions and innovative product launches to enhance their financial performance and sustain market position. For instance, in May 2018, Arctiko partnered with Asistec, Ireland to enhance its business in the country. The strategy aimed at expanding company’s presence geographically and strengthening customer base.
Extended use of biomedical refrigerators in drug discovery process coupled with technological advancements will drive the Europe biomedical refrigerators and freezers market growth over the forecast period. Developments in biomedical refrigerators and freezers will increase their adoption in blood banks, hospitals and diagnostic centers owing to their benefits such as safe storage of blood components, auto-defrost refrigeration, superior cooling control and quick recovery of setpoint temperature after opening and closing of the door. The eminent industry players primarily focus on R&D activities to meet customer requirement by integrating improvisations in biomedical refrigerators and freezers. For instance, Thermo Fisher Scientific launched Jewett Undercounter Plasma Freezers that safely meet small storage requirements in confined space with CFC-free and frost-free refrigeration. Such strategic initiatives help the company to gain competitive advantage as well as stimulate Europe biomedical refrigerators and freezers industry growth.
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