Biomedical Refrigerators and Freezers Market

Biomedical Refrigerators and Freezers Market Size

Biomedical Refrigerators and Freezers Market size was valued at around USD 3.7 billion in 2023 and is estimated to grow at 5.3% CAGR from 2024 to 2032. Biomedical refrigerators and freezers are essential pieces of equipment used in healthcare, pharmaceutical, and research facilities. They are designed to store biological samples, vaccines, medications, and other temperature-sensitive materials under precise conditions to ensure their integrity and efficacy.

The increasing geriatric population is a significant catalyst for the market. According to the World Health Organization (WHO), by 2030, one in six individuals globally will be aged 60 or older. The number of people in this age group is projected to rise from 1 billion in 2020 to 1.4 billion by 2030. By 2050, this population will double to 2.1 billion. Additionally, the number of people aged 80 years or older is expected to triple from 2020 to 2050, reaching 426 million. As the global population ages, there is a rising demand for medical services, pharmaceuticals, and biopharmaceuticals tailored to the elderly. The geriatric population often requires extensive medical treatments, including vaccines, medications, and organ transplants, which necessitate the use of biomedical refrigerators and freezers to ensure proper storage and preservation. Additionally, the growth of age-related diseases and conditions stimulates the need for advanced research and development in geriatric care, further driving demand for high-quality storage solutions in biomedical settings.

Furthermore, government support for research and clinical trials significantly accelerates the biomedical refrigerators and freezers market. Investments through grants, subsidies, and tax incentives boost healthcare R&D, improving patient outcomes. Precise temperature control is essential for maintaining biological samples, vaccines, and pharmaceuticals. As research and clinical trials expand, the demand for reliable biomedical refrigeration increases, fueling market growth.

Biomedical Refrigerators and Freezers Market Trends

• Technological advancements are continuously enhancing the capabilities of biomedical refrigerators and freezers. Innovations such as improved cooling technologies, energy-efficient systems, and advanced temperature monitoring and control features have significantly expanded the functionality and reliability of these devices.
  
• Moreover, the growing demand for biopharmaceuticals and organ transplantation drives the market. Advances in biotechnology have increased the production of biopharmaceuticals, such as vaccines and gene therapies, which require precise temperature control.
  
• Additionally, the rising need for organ transplantation necessitates reliable storage for donor organs. This increased reliance on biopharmaceuticals and organ transplants boosts the demand for advanced biomedical refrigeration systems, fueling market growth.
  

Biomedical Refrigerators and Freezers Market Analysis

Learn more about the key segments shaping this market

Download Free PDF

Based on product, the biomedical refrigerators and freezers market is divided into plasma freezers, blood bank refrigerators, lab refrigerators, lab freezers, ultra-low temperature freezers, and shock freezers. The lab refrigerators segment of the market is forecasted to reach USD 1.6 billion by 2032.

• The increasing demand for lab refrigerators is driven by the growing need for precise storage of biological samples, reagents, and other temperature-sensitive materials essential for research and diagnostic purposes. As research activities expand globally and laboratories continue to advance in technology, the requirement for reliable and efficient refrigeration solutions becomes more critical.
  
• Additionally, the surge in academic and industrial research funding, along with the growing emphasis on precision medicine and biotechnology, contributes to the heightened demand for advanced lab refrigeration equipment. Furthermore, the ongoing development of innovative features such as enhanced temperature control, energy efficiency, and user-friendly interfaces aligns with the evolving needs of modern laboratories.
  
• These factors collectively drive significant growth in the lab refrigerators segment, making it a prominent player in the market.
  

Learn more about the key segments shaping this market

Download Free PDF

Based on end-use, the biomedical refrigerators and freezers market is bifurcated into blood banks, pharmacies, hospitals, research labs, diagnostic centers, and other end-users. The diagnostic centers segment accounted for USD 1.4 billion in 2023. Diagnostic centers, which include facilities that perform a range of tests to diagnose various medical conditions, rely heavily on biomedical refrigeration and freezing equipment to store sensitive biological samples, reagents, and pharmaceuticals.

• The increasing prevalence of chronic diseases and the growing demand for early and accurate diagnostics have driven the need for advanced diagnostic technologies and robust storage solutions. Additionally, the rise in preventive healthcare measures and regular health screenings has further propelled the demand for these devices in diagnostic centers.
  
• Therefore, as diagnostic centers continue to evolve and expand their services, the demand for specialized biomedical refrigerators and freezers is expected to remain strong, supporting the segment's substantial market share.
  

Looking for region specific data?

Download Free PDF

The growth of the biomedical refrigerators and freezers market in the U.S., projected to reach USD 1.7 billion by 2032.

• The U.S. is a global leader in the biopharmaceutical industry, including the development and manufacturing of vaccines, biologics, and advanced therapies. This sector's expansion requires advanced biomedical refrigeration and freezing solutions to ensure the proper storage of temperature-sensitive products, thereby propelling the market growth in the country.
  

The biomedical refrigerators and freezers market in UK is expected to experience significant and promising growth from 2024 to 2032.

• The UK adheres to stringent regulatory standards set by agencies such as the Medicines and Healthcare products Regulatory Agency (MHRA). These regulations mandate precise temperature controls for the storage and handling of biomedical materials. Therefore, there is a strong demand for refrigeration systems that meet these rigorous standards, ensuring safety and efficacy.
  

Japan biomedical refrigerators and freezers market is anticipated to witness lucrative growth between 2024 – 2032.

• Japan faces a high prevalence of chronic diseases, such as cancer, diabetes, and cardiovascular diseases. Managing these conditions often requires ongoing treatment and the storage of pharmaceuticals and biological materials. Biomedical refrigerators and freezers play a crucial role in preserving the efficacy of these products, thus driving market growth.
  

The biomedical refrigerators and freezers market in Saudi Arabia is expected to experience significant and promising growth from 2024 to 2032.

• Saudi Arabia’s Vision 2030 plan emphasizes substantial investments in healthcare infrastructure. The government is expanding and upgrading medical facilities, which include hospitals, research institutions, and diagnostic centers. This expansion necessitates the acquisition of advanced biomedical refrigeration equipment to support the storage needs of new and existing facilities.
  

Biomedical Refrigerators and Freezers Market Share

The market is characterized by intense competition among major global players and a diverse range of smaller to medium-sized companies. Leading firms in this sector emphasize innovation through substantial investments in research and development, aiming to enhance product efficiency and meet evolving regulatory standards. Strategic alliances, acquisitions, and mergers are pivotal in consolidating market positions and expanding global reach.

Biomedical Refrigerators and Freezers Market Companies

Some of the eminent market participants operating in the biomedical refrigerators and freezers industry include:

• Aegis Scientific, Inc.
• Azbil Corporation
• B Medical Systems
• BINDER GmbH
• Eppendorf SE
• Follett Products, LLC
• Helmer Scientific Inc.
• Lab Research Products
• Migali Scientific
• NuAire, Inc.
• PHC Corporation
• Powers Scientific, Inc.
• So-Low Environmental Equipment Co.
• Stirling Ultracold
• Thermo Fisher Scientific Inc.
  

Biomedical Refrigerators and Freezers Industry News:

• In April 2024, Thermo Fisher Scientific Inc., unveiled its latest ultra-low temperature (ULT) freezers. The TSX Universal Series ULT Freezers were reported to adapt seamlessly to scientists' workflows across various laboratory settings. This launch not only enhanced the efficiency and versatility of laboratory operations but also strengthened Thermo Fisher Scientific Inc.'s position as a leading provider of advanced laboratory solutions, potentially increasing market share and customer loyalty.
  
• In February 2023, PHC Corporation of North America, distributor of the PHCbi brand in North American and Latin American markets, unveiled the PHCbi brand VIP ECO SMART ultra-low temperature freezer series. This launch targeted medical institutions, universities, and pharmaceutical companies, showcasing PHC's commitment to providing advanced solutions for cell preservation and growth. The product launch strengthened PHCNA's position in the biomedical sector, offering enhanced capabilities to meet the rigorous demands of its diverse customer base.
  

The biomedical refrigerators and freezers market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments:

Click here to Buy Section of this Report

Market, By Product

• Plasma freezers
• Blood bank refrigerators
• Lab refrigerators
• Lab freezers
• Ultra-low temperature freezers
• Shock freezers

Market, By End-use

• Blood banks
• Pharmacies
• Hospitals
• Research labs
• Diagnostic centers
• Other end-users

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

• North America 
  • U.S.
  • Canada 
• Europe 
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• Middle East and Africa 
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa