According to the Graphical Research new growth forecast report titled North America Biomedical Refrigerators and Freezers Market analysis based on Product, End-use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024”, estimated to exceed USD 1.4 billion by 2024.
Increasing demand for organ transplantation and biopharmaceuticals coupled with surging elderly population base will augment North America biomedical refrigerators and freezers market growth. As per U.S. Census Bureau 2017 data, by year 2030 all baby boomers will be elder than age 65 this will inflate the size of elder population. Moreover, advancements in bio-banking techniques will propel demand for bio preservation industry thus supporting biomedical refrigerators and freezers business growth over the coming years.
Extensive use of biomedical refrigerators and freezers in drug discovery process should foster industry growth over the forecast timeframe. Many new drug approvals that require biomedical refrigerators for maintaining optimal temperature of the drug dose will stimulate business growth.
Surging use of refurbished equipment and excessive cost should hinder market growth. Additionally, highly fragmented market can outcome in low revenue that will further hinder North America biomedical refrigerators and freezers industry growth.
Plasma freezers product segment of North America accounted for 29.3% revenue share in 2017 as a result of rising demand for plasma freezers coupled with high adoption rate in hospitals, blood banks, as well as research organizations for storage of fresh frozen plasma (FFP).
Shock freezers product segment of North America will grow at 4.8% over the forecast period due to associated benefits and escalating use of shock freezers in biological preparations for maintaining optimal temperature.
Research labs end-use segment of North America held revenue of USD 88.2 million in 2017 owing to growing demand for freezers and refrigerators in laboratories to complete regulatory requirements. Many clinical and research labs use medical-grade refrigeration to authorize integrity of vaccines, sensitive samples, reagents and other patient specimens. Rising adoption for above-mentioned authorization should further boost market growth.
U.S. biomedical refrigerators and freezers market accounted for 72.5% revenue share of North America in 2017, due to surging rate of blood transfusion, accident victims, sickle cell anemia, and cancer. Furthermore, rising elderly population being more susceptible to acquire chronic diseases will increase demand for biomedical refrigerators and freezers in the country during forecast timeline.
Key business competitors operational in North America biomedical refrigerators and freezers market are Aegis Scientific, Arctiko, Azbil, B Medical Systems, Binder, Eppendorf, Follett, Haier Biomedical, Helmer Scientific, Liebherr-International, Migali Scientific, Panasonic Healthcare Corporation of North America, Powers Scientific, and Thermo Fisher Scientific. Notable market players are adopting various strategies such as, merger, acquisition, new product launch to reap profits in North America biomedical refrigerators and freezers market. For instance, in June 2018, Helmer Scientific entered into an agreement with Becton, Dickinson and Company for medical-grade refrigerated solution with automated dispensing system. This strategy will help the company to provide innovative product to its customer across the globe.