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.
Challenging
Industry of Biomedical Refrigerators and Freezers:
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.
Best of Biomedical Refrigerators and Freezers:
https://goo.gl/IQi7rk
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.
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