The rising prevalence of a number of chronic and infectious diseases, increasing global demand for personalized drugs, and the promising pace of technological developments across healthcare infrastructures in emerging economies are cumulatively driving the increased adoption of biomedical refrigerators and freezers globally. The steady rise in the number of blood banks in developing and developed regions combined with government initiatives aimed at raising awareness about blood donation have also favored the sustainable growth of the market in the past few years.

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In the years to come, stringent emission regulation norms and rising awareness about the harms of greenhouse gases emitted from conventional refrigeration systems to the environment will compel product manufacturers to design greener products. Companies are surely coming to terms with the several changes aimed at fortifying this switchover, such as worldwide bans on refrigerants such as hydrofluorocarbons (HFCs). As a result, more green refrigerators and freezers will enter the biomedical industry in the next few years.

Rise in Research Activities and High Demand for Blood Transfusion and Personalized Medicines to Stimulate Market’s Growth

The demand for biomedical refrigerators and freezers has substantially increased in the past few years, primarily owing to the sustained increase in research activities in the biomedical industry. The rising prevalence of a number of infectious and chronic diseases across the globe, alarming rise in the world’s geriatric population base, and rising healthcare expenditures are pushing the development of healthcare infrastructures across the world. The increased demand for personalized medicines and a vast rise in the numbers of blood transfusions taking place across the globe have further increased the demand for reliable biomedical refrigerators and freezers on a global front.

The market has also benefitted from government initiatives the increased demand for technological upgrades in healthcare infrastructure, especially in emerging economies with flourishing medical tourism industry and a rising population of affluent consumers, in the past few years. However, the market’s development is hindered to a certain extent owing to the high cost of products and rising use of refurbished equipment.

Demand for Environment-friendly Refrigerators and Freezers Gathers Strength

Emission of harmful greenhouse gases is a major concern with conventional refrigerators and freezing equipment. As the concerns and awareness regarding the harmful effects of these emissions to the health of the planet rise globally, the demand for greener equipment is gathering strength. In the next few years, most of the new product designs entering the global biomedical refrigerators and freezers will be greener. The switchover will be expedited by strict government regulations regarding emission control and initiatives from product manufacturers toward innovation.

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Plasma Freezers and Blood Banks to Emerge as High-impact Driver

In terms of product types, the segment of plasma freezers presently dominates the global biomedical refrigerators and freezers market. The segment accounted for a share of over 28% in the global market in 2015 and is expected to retain dominance over the forecasting horizon as well, majorly owing to the rising demand for storage of fresh frozen plasma. In terms of application, the market is expected to see the highest revenue flowing in from the blood bank industry in the next few years. The market for biomedical refrigerators and freezers is expected to expand at the fastest rate in Asia Pacific through 2024, although North America will continue to account for a larger share in the market in terms of revenue contribution.