Plasma freezers to hold over 40% revenue share in biomedical refrigeration market by 2030

New Delhi: As per a market research and competitive intelligence provider, the global biomedical refrigerators and freezers market is anticipated to top US$ 6 Bn by 2031, progressing at a CAGR over 6% over the forecast period of 2021 to 2031.

Growing prevalence of various diseases is projected to boost demand for vaccines in healthcare institutions globally. In addition, increasing advancements in biobanking techniques are projected to impact global market growth positively.

Treatment of various diseases will also continue to boost demand for blood and derivatives of blood. Biomedical freezers and refrigerators are projected to witness significant demand in research laboratories, blood banks, educational institutions, hospitals, and diagnostic centers. Surge in demand for storage of biomedical samples will continue to fuel adoption of biomedical refrigerators and freezers across regions.

Moreover, growth of cell therapy has significantly revved up production of medicines, custom-made vaccine products, and blood transfusion. Increasing demand for storage of biomedical samples and products attributed to growing need for cell therapy is further projected to boost demand for biomedical freezers and refrigerators.

Key Takeaways from Market Study

• Global biomedical refrigerators and freezers market to top US$ 6 Bn by 2031.

• Plasma freezers projected to reach around US$ 2.5 Bn by 2031.

• Blood bank refrigerators projected to record above 4% CAGR over next 10 years.

• Market in North America holds share of more than 50%.

• Market in South Korea expected to reach valuation of US$ 600 Mn by 2031.

• Market in Russia to record 3% CAGR over forecast period of 2021- 2031.

“Growing developments in biobanking technology have transformed various aspects of science, including biospecimen science and biorepository. Moreover, development of various software applications that help in storage management of blood and other biomedical samples is further projected to positively impact global market growth of biomedical refrigerators and freezers,” says a Senior Research Analyst.

Market Competition

Product launches, product approvals, and other organic growth tactics such as patents and events are being prioritized by several companies. Acquisitions as well as partnerships and collaborations were seen as inorganic growth strategies being pursued in the market. These efforts have paved the way for market players to expand their business and client base.

Inter-company competition continues to rise in lockstep with the market, resulting in technological advancements and increased customer satisfaction on a worldwide scale.

**These insights are based on a report on Biomedical Refrigerators and Freezers Market by Fact.MR.