High cost and long lifespan to restrict growth of biomedical refrigerators and freezers
The global biomedical refrigerator and freezer market is expected to reach a value of USD 4712.7 million by 2026, predicts Transparency Market Research. In terms of value, the market is estimated to expand at a CAGR of 4.5 percent from 2018 to 2026. The market is influenced by market dynamics with the prime driving factor being the increase in demand for biopharmaceuticals and organ transplant. Rise in demand for organ transplant due to an increase in the incidence of organ failure boosts demand for biomedical refrigerators and freezers globally. On the other hand, one of the main challenging factors affecting this industry is the high cost of the equipment and longer lifespan of the devices. Longer lifespan of devices reduces the purchasing frequency by end users.
In 2017, based on product type, plasma freezers accounted for market value of around USD 896.4 million in the global market. This is because of increasing number of apheresis procedures performed, coupled with rising demand for the storage of fresh frozen plasma (FFP). Additionally, an increasing number of hospitals, research laboratories, and pharmacies have resulted in enhanced adoption of biomedical refrigerators and freezers. These factors are expected to drive the growth potential of the market globally. In terms of end users, the research laboratories segment is anticipated to expand at a CAGR of about 5.1 percent in terms of value. By geography, the North American region is expected to continue its dominant share with more than 51.29 percent. However, the Asia-Pacific market is projected to have the highest growth due to increased demand for research and clinical trial activities.