Global Biomedical Refrigerators And Freezers Market Size and Forecast up to 2024: Grand View Research, Inc
The global
biomedical refrigerators and freezers market was valued at USD 2.85 billion in
2015 and is expected to grow with a CAGR of 4.9% over the forecast period. Key
factors driving the growth include the growing prevalence of chronic diseases,
rising demand for storing biological products, blood samples, blood reagents,
vaccines, DNA samples and other chemicals. In addition, the need to provide thermal
insulation and avoid product degradation is a critical factor boosting the
usage rates.
These biomedical
freezers are available in different specifications to suit the specific
commercial needs. For instance, the plasma once are used for storage of blood
and plasma products at -30°C to 40°C and the ultra-low temperature freezers are
used for long term storage of DNA and RNA samples products at a range of 70°C
to 80 °C.
Based on the
estimates of the American Society of Health System Pharmacists, hospitals spend
nearly 70-75% of their budget on their pharmacy department. Moreover, as per
the Institutes for Safety Medication Practices, more than 20% of the healthcare
practitioners have reported adverse patient effects due to deficiencies in
storage and inventory management practices
Increasing
support from government and industry participants to provide technical and
financial assistance in improvement of healthcare infrastructure, procurement
of biomedical refrigerators and freezers is a positive trend witnessed in the
market.
Browse full research report on Biomedical
Refrigerators And Freezers Market: http://www.grandviewresearch.com/industry-analysis/biomedical-refrigerators-and-freezers-market
Based on the
product type, the market is segmented as blood bank refrigerators, shock,
plasma, ultra-low temperature freezers and laboratory/pharmacy refrigerators
and freezers The plasma freezers segment accounted for the maximum share of over
28% in 2015, mainly on account of rising demand for collection and storage of
several blood components such as platelets, plasma and others.
The
laboratory/pharmacy freezers are expected to emerge as the fastest growing
segment with a CAGR of nearly 5.4% over the forecast period. High wastage of
laboratory chemicals, vaccines, and other biological products due to improper
storage conditions is key factor impacting the profitability and operational
efficiency of laboratories and pharmacies. Moreover, increasing government
scrutiny in implementation of quality management and GLP practices is also a
key factor boosting the segments growth.
Browse more reports of this
category by Grand View Research: http://www.grandviewresearch.com/industry/medical-devices
The risk of
blood transfusion errors is increasing rapidly due to unscientific inventory
management practices. The presence of stringent regulations for storage of
blood components is a key factor driving the segments growth. For instance, in
the U.S., the Center for biologics evaluation and research (CBER) actively
regulates the collection and storage of blood and blood components, which may
be used for blood transfusion or for the manufacturing of pharmaceutical
products.
However, the
pharmacies are expected to emerge as the fastest growing category over the
forecast period. Growing number of adverse reactions and increasing wastage of
vaccines due to thermal shock is a major factor boosting the growth
About Grand View Research
Grand View
Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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