Biomedical Refrigerators and Freezers Market: Plasma Freezers and Blood Banks to Contribute Majorly to Market Revenue
Worldwide, health departments and agencies are combating infectious diseases through vaccination. To assist with the quest, in a groundbreaking development, the World Health Organization has approved a solar direct driven vaccine refrigerator developed by a leading biomedical solutions company.
Powered directly by the Sun through solar panels, the appliance encompasses integrated ice bank technology with a higher storage capacity and provides self-controlling and dependable temperature maintenance in the range of 2°C-8°C, within a large ambient temperature range of 5°C-43°C. The performance of the appliance for extended hold-over times enables reliable storage temperatures for tough conditions and locations.
Analysts from Transparency Market Research (TMR) estimate that the global biomedical refrigerators and freezers market was worth US$2.63 billion in 2013 and is expected to be worth US$4.00 billion in 2022, growing at a CAGR of 4.7% from 2014 to 2022.
Government Initiatives to Promote Use of Biomedical Refrigerators and Freezers
Biomedical refrigerators and freezers are specialty medical equipment that offer optimum temperature and other conditions for effective storage of biomedical samples. For such reasons, health agencies and governments across the world advocate the use of these devices for storing biological samples.
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Biomedical refrigerators and freezers are extensively used for storing biological units such as whole blood, deoxyribonucleic acid (DNA), blood components, and ribonucleic acid as well as medicines, biological reagents, vaccines, and flammable chemicals. Hence, biomedical refrigerators and freezers are extensively installed in blood banks, pharmacy stores, diagnostic centers, hospitals, and research laboratories.
Globally, technological upgrades in healthcare facilities and increasing healthcare spending is favorable for the biomedical refrigerators and freezers market. Here’s a lowdown on the factors propelling the market:
- Increasing number of blood transfusions, cellular therapies, and organ transplant procedures is beneficial for biomedical refrigerators and freezers market.
- Large research activities in life sciences and pharmaceutical sectors, combined with soaring demand for biological drugs, are aiding the market substantially.
- Government-funded initiatives for technological upgrades of healthcare facilities will lead to higher installation of specialty refrigeration units.
- Commercial biomedical refrigerators and freezers are application-specific depending on the temperature range offered. The ease of customization in this market will help demand.
- Plasma freezers account for the largest share in the overall market in 2013 due to large number of apheresis procedures and increasing storage needs for fresh frozen plasma (FFP) used for medical conditions.
- As per data from the American Society for Apheresis (ASFA), plasma exchange is the most commonly performed apheresis procedure, and hence will elevate installation of plasma freezers in hospitals, blood banks, and research organizations for storage of FFP.
- Rising number of blood banks in developed and developing nations account for large demand for blood banks refrigerators.
- In India, according to the Central Drugs Standard Control Organization, the number of registered blood banks in 2012 was 2,545 and is expected to reach 3,000 in the next decade.
- Blood donation drives, such as the SleevesUp Virtual Blood Drives carried out by the American National Red Cross in January 2015, are encouraging citizens to support blood donation campaigns to reduce the demand-supply gap regarding blood units in the country, which in turn is aiding the global biomedical refrigerators and freezers market.
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Another trend picking up speed in the market is the growing prominence of small local players. The global biomedical refrigerators and freezers market is dominated by large players, however, presence of local players and use of refurbished equipment is eroding their market share, especially in cost-sensitive regions.