North America Biomedical Refrigerators and Freezers Market size was valued at USD 1.1 billion in 2017 and is expected to witness growth of more than 3.6% CAGR from 2018 to 2024.
U.S. Biomedical Refrigerators and Freezers Market, By Product, 2013 – 2024 (USD Million)
Extended use of biomedical refrigerators in the drug discovery process will increase demand for biomedical refrigerators and freezers in North America. American Drug Society has implemented certain initiatives that support R&D activities of drug manufacturing companies thus boosting market growth over the forecast timeframe. In addition to this, government initiatives such as funding the drug discovery process for development of novel therapies will account to high demand for biomedical refrigerators enhancing industry growth.
Major industry players such as Thermo Fisher and Panasonic focusing efforts on integrating advanced technology in biomedical refrigerators should foster market growth. Increasing adoption of biomedical refrigerators and freezers in the research institutes, blood banks and hospitals will further augment North America biomedical refrigerators and freezers industry growth. Moreover, advantages offered by ultra-low refrigerators such as control over microbial contaminations without loss of viability of the biological samples will surge market growth. Although, biomedical refrigerators possess enormous benefits, high cost and rising use of refurbished equipment will hamper business growth over the coming years.
Plasma freezers segment held largest revenue of USD 333.1 million in 2017 as a result of increasing demand for biomedical freezers that are extensively used in cancer centres. As reported by National Cancer Institute, in the U.S. the number of cancer survivors was 15.5 million thus increasing demand for plasma freezers that help in preservation of samples at optimal temperatures.
Blood banks segment accounted for largest market share of 39.5% in 2017 owing to increasing requirement for blood during surgical procedures. Growing number of surgical procedures for chronic disorders such as cancer, diabetes and cardiovascular diseases will drive industry growth. Around 48 million inpatient surgical procedures were performed in the U.S. thus, boosting business growth.
U.S. accounted for largest revenue size of USD 824.1 million in 2017 due to extensive use of biomedical refrigerators in drug discovery process and increasing demand in surgical procedures. Moreover, growing geriatric population that is more prone to chronic diseases requiring blood supply during surgical procedures should propel industry growth.
Major industry players operating in North America biomedical refrigerators and freezers market are Aegis Scientific, Arctiko, Azbil, B Medical, Binder, Eppendorf, Follett, Haier Biomedical, Helmer Scientific, Liebherr International, Migali Scientific, Panasonic Healthcare, Powers Scientific and Thermo Fisher Scientific. These key industry players undertake certain strategic initiatives that help them to sustain their market position. For instance, in June 2017, Panasonic Healthcare launched VIP ECO freezer that enhances efficiency with natural refrigerants and intelligent control. This new product launch will help the company to enhance product portfolio.
Company’s such as Panasonic and Thermo Fisher dominate the market. These prominent industry players focus their efforts on R&D activities helping them to serve customers demand by integrating improvisations in biomedical refrigerators and freezers. Advancements in technology have enabled modifications in the biomedical refrigerators that will increase the adoption of biomedical refrigerators amongst the researchers and pharmaceutical companies operating in the drug discovery process stimulating the biomedical refrigerators and freezers market. Also, some companies attain competitive advantage by launching new products. For instance, in January 2016, Panasonic Healthcare launched MDF-40°C Freezers, with hydrocarbon refrigerants to increase efficiency, provide ideal stable and uniform storage environment for the preservation of plasma. These strategic initiatives help the company to gain competitive advantage thereby enhancing the industry growth.
Industry Segments Covered in this Report:
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