Growing demand for storage of DNA samples, vaccines are expected to boost the market over the forecast period
The global biomedical refrigerators and freezers market was valued at USD 2.85 billion in 2015 and is expected to grow with a CAGR of 4.9% over the forecast period. Key factors driving the growth include the growing prevalence of chronic diseases, rising demand for storing biological products, blood samples, blood reagents, vaccines, DNA samples and other chemicals. In addition, the need to provide thermal insulation and avoid product degradation is a critical factor boosting the usage rates.
These biomedical freezers are available in different specifications to suit the specific commercial needs. For instance, the plasma once are used for storage of blood and plasma products at -30°C to 40°C and the ultra-low temperature freezers are used for long term storage of DNA and RNA samples products at a range of 70°C to 80 °C.
Based on the estimates of the American Society of Health System Pharmacists, hospitals spend nearly 70–75% of their budget on their pharmacy department. Moreover, as per the Institutes for Safety Medication Practices, more than 20% of the healthcare practitioners have reported adverse patient effects due to deficiencies in storage and inventory management practices
The biomedical refrigerators and freezers market is fragmented with high competition amongst key players
The leading players operating in the market include Philipp Kirsch GmbH, Haier Biomedical, Panasonic Healthcare Co., Thermo Fisher Scientific Inc., Helmer Scientific and Eppendorf AG. The key success factors in the market include the technological factors, product pricing, service quality and distribution network.
