Europe Biomedical Refrigerators and Freezers Market size surpassed USD 970 million in 2021 and is expected to witness 5% CAGR from 2022 to 2028.
The industry is expected to witness an inflow of orders for latest, technologically advanced products launched by the manufacturers. The prevalence of chronic disorders, including cancer, cardiac diseases and others is increasing across Europe. The European Society of Hemapheresis (ESFH) has reported that plasmapheresis is a common apheresis method, which requires the installation of plasma freezers in hospitals, research institutes and blood banks.
Get more details on this report - Request Free Sample PDF
The European Commission’s Medical Device Directive has laid down specific regulations and requirements for products such as biomedical refrigerators and freezers. The directives ensure the safe storage of blood and blood components. The expansion of the pharmaceutical sector and research laboratories to boost drug discovery will augment the market share.
The impact of COVID-19 on Europe biomedical refrigerators and freezers market
The COVID-19 pandemic exposed the gaps in the supply chain and more product manufacturers are focused on mapping hospital capacities, for enhancing the delivery of biomedical logistical resources on a large-scale basis. With investments in life sciences growing at a noteworthy pace, several big names in the landscape have been leveraging government aid for enhancing their lab capabilities with updated equipment.
Europe Market, By Product
The Europe biomedical refrigerators and freezers market share from blood bank refrigerator segment will witness considerable expansion till 2028. The equipment is used to store RBCs, fresh frozen plasma and other blood components needed in the treatment of several diseases. Growing awareness about blood donation with favorable government initiative to promote the process will expand the need for blood banks.
Europe Market, By End-use
The hospital end-user segment will gain remarkable momentum during the forecast timeline, due to the growing patient footfall across regional healthcare facilities has prompted these organizations to upscale their investments in blood storage infrastructure. With the number of surgical procedures spiraling due to backlog created by the COVID-19 outbreak, the need for blood amongst patients has spiked. The rising incidence of chronic conditions such as diabetes and cancer, alongside the expansion of healthcare expenditure, will push the equipment deployment in Germany and Italy.
Europe Market, By Country
France biomedical refrigerators and freezers market accounted for USD 130 million revenue in 2021. The country has a strong network of medical facilities with advanced equipment. Also, as part of the “Innovative Medical Devices” plan of the French government, the regional medical devices industry is anticipated to receive a fund worth over USD 8.35 billion for supporting the life sciences sector. At the beginning of 2022, the government had announced the launch of “Healthcare 2030” initiative for encouraging trailblazing breakthroughs in MedTech and biomedical research.
Competitive Industry Landscape
Some of the leading companies involved in the Europe biomedical refrigerators and freezers market include Liebherr-International, Arctiko, Aegis Scientific, Binder, Eppendorf, Azbil, Haier Biomedical, Thermo Fisher Scientific, Follett, Migali Scientific, and Panasonic Healthcare Corporation. Companies are using key growth strategies such as product developments, mergers & acquisitions, and regional partnerships.