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The biomedical refrigerator and freezer market share is expected to increase by USD 1.27 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.04%.
This biomedical refrigerator and freezer market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the biomedical refrigerator and freezer market segmentation by end-user (blood banks, healthcare sector, pharmaceutical sector, research laboratories, and others), product (blood bank freezers and plasma freezers, lab refrigerators and freezers, ultra-low temperature freezers, and others), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). The biomedical refrigerator and freezer market report also offers information on several market vendors, including Aegis Scientific, Angelantoni Industrie Srl, ARCTIKO AS, BINDER GmbH, Biomedical Solutions Inc., Bionics Scientific Technologies Pvt. Ltd., C.F. di Ciro Fiocchetti and C. s.n.c., Desmon SpA, DSI DANTECH AS, Eppendorf AG, EVERmed Srl, Haier Biomedical, Helmer Scientific Inc., Liebherr International Deutschland GmbH, Philipp Kirsch GmbH, Porkka Finland Oy, Standex International Corp., Terumo Corp., Thermo Fisher Scientific Inc., and ZHONGKE MEILING CRYOGENICS CO. LTD. among others.
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The presence of value-added software and hardware products is notably driving the biomedical refrigerator and freezer market growth, although factors such as compliance with medical guidelines and the declining number of blood donors may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the biomedical refrigerator and freezer industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Biomedical Refrigerator and Freezer Market Driver
The presence of value-added software and hardware products is one of the factors driving the biomedical refrigerator and freezer market growth. Vendors in the market are striving hard to garner larger shares by offering additional software and hardware products to end-users. Moreover, the presence of software and hardware components makes it possible to cater to specific customer requirements and ensures the complete and safe documentation of temperature-related data, thus leading to the increased adoption of advanced biomedical refrigerators and freezers. Biomedical refrigerators and freezers work well in conjunction with these products, thereby pushing up their sales. Therefore, to make better and more efficient use of biomedical refrigerators and freezers, end-users will turn to software and hardware products. This, in turn, will drive market growth during the forecast period.
Key Biomedical Refrigerator and Freezer Market Trend
Emphasis on energy-efficient refrigerators is one of the key biomedical refrigerator and freezer market trends fueling the market growth. The environmental challenges for manufacturers of biomedical refrigerators and freezers have always been to minimize energy consumption while maintaining a low global warming potential. Refrigerants that are currently used need to have an ozone-depleting potential of zero, a minimum global warming potential, and be non-toxic as well as inflammable. It is extremely difficult to meet all these requirements while still maintaining stable temperature control. In view of this, manufacturers are looking for technologies that allow them to maximize efficiency, reliability, and temperature uniformity and, at the same time, minimize released heat and energy consumption. The use of secondary compressors for cascading compressor configuration is one of the methods recently introduced to meet this goal.
Key Biomedical Refrigerator and Freezer Market Challenge
Compliance with medical guidelines and a declining number of blood donors are one of the key factors challenging the biomedical refrigerator and freezer market growth. Patients receiving treatment for blood disorders, leukemia, and undergoing organ transplants and heart surgeries depend on the availability of blood and platelets to a large extent. However, sometimes, the blood donated by existing donors does not match the blood transfusion requirements because of the need for compliance with medical guidelines. Moreover, regular donations are crucial to improving and saving the lives of people with blood disorders. However, factors such as the lack of interest, inadequate knowledge regarding the benefits of blood donation, blood drive locations and schedules, and time constraints related to work are leading to a decrease in the number of blood donations. These factors are expected to hinder blood banks, a key end-user segment in the market, from opting for biomedical refrigerators and freezers and thereby hamper the market growth during the forecast period.
This biomedical refrigerator and freezer market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global biomedical refrigerator and freezer market as a part of the global life science tools and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the biomedical refrigerator and freezer market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the biomedical refrigerator and freezer market encompasses successful business strategies deployed by the key vendors. The biomedical refrigerator and freezer market is fragmented, and the vendors are deploying growth strategies such as design, quality, pricing, and product differentiation to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The vendor profiles are designed to help clients improve their market position and information on production and sustainability along with this the report provides a detailed analysis of several leading Companies.
Our In-house experts produce extensive information on the value chain and parent market of the biomedical refrigerator and freezer market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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