APAC Biomedical Refrigerators & Freezers Market to hit $725mn by 2024

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According to the Graphical Research new growth forecast report titled “Asia Pacific Biomedical Refrigerators and Freezers Market analysis based on Product, By End-use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024”, estimated to exceed USD 725 million by 2024.

Rising elderly population coupled with growing disease burden in developed as well as developing countries of Asia Pacific will drive biomedical refrigerators and freezers market growth in the coming years. According to United nations (UN), in 2016, about 12.4% of population of Asia Pacific was aged above 60 years and the number is estimated to increase in foreseeable future. Growing applications of platelets and plasma such as healing properties and tissue growth will cater to demand for these components for treating diseases in geriatric population. This will result in higher demand for biomedical refrigerators and freezers for its safe storage, thereby spurring market growth over the forecast period.

Technological advancements coupled with growing investments in R&D will boost market growth. Asian countries are heavily investing in R&D activities. For instance, China spent USD 369 billion while Japan spent USD 166 billion in 2016. This will positively impact market growth. Additionally, availability of variety of technologically advanced freezers such as liquid storage freezers as well as environmentally safe freezers that comply with safety guidelines will accelerate greater adoption of biomedical refrigerators and freezers.

However, lesser affordability of biomedical refrigerators and freezers coupled with their stringent regulatory scenario will hinder business growth in forthcoming years.

Blood bank refrigerators segment will grow at a remarkable CAGR of 5.7% over the forecast timeframe due to rapidly rising number of blood banks across Asia Pacific. These refrigerators maintain integrity and freshness of blood and its components. Furthermore, technological advancements in biomedical refrigerators and improved convenience associated with modality will positively impact blood banks refrigerators segmental growth.

Blood banks segment contributed to 33.9% revenue share in year 2017 owing to growing government initiatives to increase awareness regarding blood donations. Rising awareness and education has in turn contributed to increase in number of blood and apheresis donors in developing countries of Asia Pacific. Moreover, growing applications of blood and blood components will further propel blood banks segment growth.

China biomedical refrigerators and freezers industry accounted for largest revenue of USD 139.4 million in 2017. This is attributable to accelerating geriatric population coupled with rising measures to increase blood donation throughout the nation. Provision of small gifts, refreshments as well as free blood transfusions within the family, should increase number of blood donors. In addition, technological breakthroughs will positively affect market growth in recent years.

India biomedical refrigerators and freezers market will witness lucrative 6.1% CAGR over projected period as a result of escalating number of hospitals, diagnostic centers, blood banks and other healthcare facilities. Growing need and awareness of blood donation will favor business growth in India. Availability of advanced technology products will further increase the demand for biomedical refrigerators and freezers in coming years.

Prominent industry players 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. Market players are majorly concentrating on new product launches along with geographic expansions to gain competitive edge and sustain their market share in Asia Pacific biomedical refrigerators and freezers industry. For instance, in February 2016, Telstar unveiled LyoBeta Mini in Asian markets that will assist the firm in acquiring new customers and thereby gaining larger profits.

 

Segments we cover:

Asia Pacific Biomedical Refrigerators and Freezers Market By Product

  • Plasma freezers
  • Blood Bank Refrigerators
  • Lab Refrigerators
  • Lab Freezers
  • Ultra-Low Temperature Freezers
  • Shock Freezers

Asia Pacific Biomedical Refrigerators and Freezers Market By End-use

  • Blood Banks
  • Pharmacies
  • Hospitals
  • Research Labs
  • Diagnostic Centers
  • Others

The above information is provided for the following region and countries:

  • China
  • Japan
  • India
  • Australia
  • Malaysia
  • Indonesia
  • Thailand
  • South Korea
  • Philippines
  • Taiwan
  • Vietnam
  • Singapore
  • Others