APAC Biomedical Refrigerators & Freezers Market size is estimated to surpass USD 1.06 billion by 2028, according to a latest forecast report by Graphical Research.
The market growth is driven by the rising elderly population. The prevalence of chronic diseases and healthcare service utilization increase with age. Platelets and plasma can boost healing and tissue growth, thereby gaining widespread acceptance for the treatment of several life-threatening diseases among geriatric people.
According to the World Health Organization, the proportion of people aged nearly 60 years and above is projected to surge from 9.8% in 2017 to 20.3% in Southeast Asia in 2050. This ever-increasing elderly population will expedite the development of biomedical refrigerators and freezers for the safe storage of blood, plasma, and biospecimens for disease treatment research and other medical applications.
In the Asia Pacific, a range of liquid storage freezers, powered by innovative technologies, and eco-friendly freezers that comply with safety guidelines are made available. This rising product availability, along with the mounting investment in healthcare research and development.
Despite the positive business landscape, strict regulatory conditions pertaining to the use of biomedical refrigerators and freezers are prevalent in the Asia Pacific. Furthermore, driven by the growing concerns about product costs, the regional industry share may witness a slump by 2028.
The lab freezers segment will reach USD 80 million by 2028, given the rapid expansion of integrated labs in the region.
For instance, in November 2021, Labcorp opened an integrated bioanalytical lab in Singapore to expand its footprint across the APAC. This new lab expansion was intended to deliver a substantial array of bioanalytical services to meet the burgeoning demand from biotech and pharma companies. Furthermore, the strong emphasis on supporting the development of large and small molecule studies will augment the demand for biomedical lab freezers.
Browse detailed statistical insights from the report, “Asia Pacific Biomedical Refrigerators and Freezers Market Forecast 2028 By End-use (Blood Banks, Pharmacies, Hospitals, Research Labs, Diagnostic Centers), By Product (Plasma Freezers, Blood Bank Refrigerators, Lab Refrigerators, Lab Freezers, Ultra Low Temperature Freezers, Shock Freezers), Research Report, Country Outlook (China, Japan, India, Australia, South Korea, Malaysia, Indonesia, Thailand, Singapore, Taiwan, Philippines, Vietnam), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The adoption of biomedical refrigerators and freezers across blood banks will observe a major upsurge during the forecast timeline, owing to the escalating rate of blood donation in the APAC nations including Korea. The regional population is also gaining more awareness regarding the healthcare applications of blood and its components.
India biomedical refrigerators & freezers industry will depict a CAGR of over 7% through 2028, impelled by the growing number of healthcare facilities, including diagnostic centers, hospitals, and blood banks. The country is also becoming a prominent manufacturing hub for advanced technology products. This favorable business environment, alongside the rise of blood donation and increased spending to boost access to efficient diagnostics and medicines.
The APAC biomedical refrigerators & freezers market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2017 to 2028, for the following segments:
Asia Pacific Market, By Product
- Plasma Freezers
- Blood Bank Refrigerators
- Lab Refrigerators
- Lab Freezers
- Ultra-Low Temperature Freezers
- Shock Freezers
Asia Pacific Market, By End-use
- Blood Bank
- Research Labs
- Diagnostic Centers
The above information has been provided for the following countries:
- Asia Pacific