U.S. Biomedical Refrigerators and Freezers Market - By Product (Plasma Freezer, Blood Bank Refrigerator, Lab Refrigerator, Lab Freezer, Ultra-low Temperature Freezer, Shock Freezer), End-use (Blood Bank, Pharmacy, Hospital) – Forecast 2024 – 2032

U.S. Biomedical Refrigerators and Freezers Market Size

U.S. biomedical refrigerators and freezers market size was valued at around USD 1.4 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 growing geriatric population base in the U.S. is boosting demand for biomedical refrigerators and freezers. According to the statistics from the U.S. Census Bureau, the number of people in the U.S. aged 65 years and older was 54 million in 2019 and is projected to reach 80 million by 2040. This demographic shift is leading to a higher prevalence of age-related chronic diseases, such as cardiovascular diseases, diabetes, Alzheimer's, osteoarthritis, and cancer. Biomedical refrigerators and freezers play a crucial role in storing biological samples, vaccines, and medications essential for diagnosing and treating these conditions.
 

Furthermore, the demand for biomedical refrigerators and freezers is increasing rapidly, fueled by advances in biopharmaceuticals and the rising need for organ transplantation. As medical science progresses, there has been a surge in the development of biologics, vaccines, and specialized medications, all of which need precise temperature control for proper storage and preservation. Additionally, these refrigerators and freezers are essential for maintaining the quality and viability of donated organs by ensuring optimal temperatures, which is crucial for both short-term storage in hospitals and longer-term storage in specialized organ banks and transplant centers.

U.S. Biomedical Refrigerators and Freezers Market Trends

• Rising government support is a major catalyst for the market growth in the U.S. Government initiatives often offer increased funding and grants to research institutions and clinical trials. This additional capital allows these institutions to invest in advanced and reliable biomedical refrigerators and freezers, thereby boosting market growth.
   
• Moreover, the market has grown significantly due to technological advancements. Modern units now feature innovations that improve functionality, reliability, and efficiency. A key advancement is the development of ultra-low temperature freezers, which is estimated to reach USD 708 million by 2032, which can maintain temperatures as low as -86°C. This capability is crucial for the long-term storage of sensitive biological samples, such as RNA, DNA, and certain vaccines, ensuring their integrity for research and clinical use. ULT freezers use advanced insulation and refrigeration technologies to maintain these extreme temperatures reliably.
   

U.S. Biomedical Refrigerators and Freezers Market Analysis

Based on product, the 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 610.9 million by 2032.
 

• The increasing demand for laboratory services in research, diagnostics, and healthcare settings drives the need for reliable and efficient lab refrigeration solutions. The rising focus on advanced research and development in biomedical sciences, coupled with a growing number of diagnostic laboratories and biobanks, further fuels the demand for lab refrigerators.
   
• Additionally, technological advancements in refrigeration technology, such as improved energy efficiency and enhanced temperature control, contribute to the segment's growth.
   
• Further, the lab refrigerators segment's expansion reflects the broader trend of increased investment in biomedical research and healthcare infrastructure, underscoring the critical role these appliances play in maintaining the integrity of sensitive biological samples and reagents.
   

Based on end-use, the U.S. 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 521.2 million in 2023.
 

• Diagnostic centers rely on biomedical refrigerators and freezers to store various biological samples, including blood, urine, tissues, and genetic materials. These samples require precise temperature control to maintain their integrity and viability for accurate diagnostic testing.
   
• As of 2023, the U.S. is home to 26,519 diagnostic & medical laboratories, reflecting a modest growth of 0.6% compared to the previous year.
   
• Further, some diagnostic tests require samples to be stored at specific temperatures or under unique conditions (e.g., ultra-low temperatures for genetic materials). Biomedical refrigerators and freezers offer the flexibility to accommodate these diverse storage needs.
   
• Diagnostic centers often collaborate with manufacturers and research institutions to develop and adopt innovative refrigeration technologies that improve sample preservation and storage efficiency. Thus, propelling the growth of the market.
   

U.S. Biomedical Refrigerators and Freezers Market Share

Prominent players involved in the market include Thermo Fisher Scientific Inc., PHC Corporation, and Eppendorf SE. The leading players in the market employed various strategies for sustained competitive advantage. These market participants are actively engaged in strategic collaborations, partnerships, mergers, etc., to maintain their position in the market, capture the highest market share, and outperform the competition.
 

For instance, in February 2021, Follett Products, LLC, a division of The Middleby Corporation, and PHC Corporation of North America (PHCNA) announced a partnership to market and distribute PHCNA's PHCbi line of ultra-low temperature (ULT) freezers, pharmaceutical grade refrigerators, and biomedical freezers to Follett's healthcare clientele. These products were integrated with Follett's existing lineup of high-performance refrigerators, freezers, and related offerings. This collaboration positioned PHC Corporation to expand its product range and cater more comprehensively to the needs of healthcare providers, enhancing its market presence and customer satisfaction within the healthcare sector.
 

U.S. Biomedical Refrigerators and Freezers Market Companies 

Some of the eminent market participants operating in the U.S. 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.
   

U.S. Biomedical Refrigerators and Freezers Industry News:

• In March 2024, Eppendorf SE, announced the renewal of its 5-year partnership with LabCentral, a renowned life sciences incubator dedicated to supporting innovative biotech startups. Under this renewed agreement, Eppendorf SE provided a comprehensive range of equipment, including freezers, shakers, incubators, cyclers, centrifuges, automation systems, bioprocess equipment, and pipettes. This partnership underscore Eppendorf's commitment to fostering innovation in the biotech sector and supporting the growth of emerging startups at LabCentral.
   
• In November 2021, Follett Products, LLC completed a 90,000 sq. ft expansion of its Easton, PA facility, marking the third expansion since the company relocated to Forks Township in 1967. The expansion increased the facility's total size to over 225,000 sq. ft. It enabled the company to consolidate operations under one roof, enhance factory layout for improved efficiency, and bolster capacity to meet rising demand across its customer bases in the foodservice, healthcare, and life sciences sectors, both domestically and internationally.
   

The U.S. 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:

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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