Biomedical Refrigerators and Freezers Market 2022 | increase in geriatric population is anticipated to drive the growth of the market

The term refrigeration means cooling a space, substance or system to lower and/or maintain its temperature below the ambient one (while the removed heat is rejected at a higher temperature). In other words, refrigeration is artificial (human-made) cooling. Energy in the form of heat is removed from a low-temperature reservoir and transferred to a high-temperature reservoir. The work of energy transfer is traditionally driven by mechanical means, but can also be driven by heat, magnetism, electricity, laser, or other means. Refrigeration has many applications, including household refrigerators, industrial freezers, cryogenics, and air conditioning.

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Biomedical refrigerators are medical equipment that are used to store a variety of samples of biological origin such as blood, derivatives of blood, biological reagents, vaccines, medicines, flammable chemicals, ribonucleic acid (RBA), and deoxyribonucleic acid (DNA). These products offer optimal conditions and ensure efficient storage required for biological samples.

Covid-19 Scenario analysis:

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus. Most people who fall sick with COVID-19 will experience mild to moderate symptoms and recover without special treatment. The unprecedented disruption caused by novel coronavirus, or COVID-19, may have a longer-than-expected impact on the economy and markets. Bio refrigerators and ultra-low temperature freezers are designed to help comply with CDC recommendations and other mandates for storage of viral specimens, extracted RNA and cDNA and other diagnostic outcomes needed for now and for future research of vaccine development; hence, there is a need for them and will spike market growth along with that plasma therapy will require storage of plasma and will help boost market growth.

Increased demand for biomedical storage:

Escalating demand for biopharmaceuticals and organ transplant, increase in demand for organ transplant owing to the rise in occurrence of organ failure are some of the primary factors that are boosting the biomedical freezers and refrigerators market growth globally. Increasing incidences of chronic diseases such as cancer, cardiac diseases, and infectious diseases is an important factor in boosting the growth of the global biomedical freezers and refrigerators market. Initiatives toward research activities and clinical trials has resulted in boosting the biomedical refrigerators and freezers market globally. These factors are likely to increase the usage of biomedical refrigerators and freezers in order to store research samples such as DNAs, RNAs, and biological molecules. Furthermore, aging is associated with a large number of diseases and disorders, and elderly individuals often take more time to recover from these ailments. The geriatric population is more prone to common health conditions such as diabetes, cancer, heart problems, nerve issues, and organ system failure. Therefore, increase in geriatric population is anticipated to drive the growth of the global biomedical refrigerator and freezer market.

Technological advancements:

Technological advancements in medical grade freezers and refrigerators will drive the biomedical refrigerators and freezers market growth during the forecast period. Technological advancements in biomedical refrigerators and freezers such as advanced temperature control mechanisms, protection against accidents and explosions, vacuum insulation panel technology should favor industry growth. Moreover, improved circulation system, compressor system and auto cascade cooling system will render positive impact on business growth over the forecast period. Focus of companies on development of novel and advanced devices will boost industry growth. Government support for development of innovative products will further accelerate the business growth. For instance, European Commission’s Medical Device Directive has employed certain requirements and regulations for the biomedical freezers and refrigerators to safeguard storage of blood and blood components. Growing demand for biomedical refrigerators amongst the research labs and pharmaceutical companies operating in drug discovery process will foster biomedical refrigerators and freezers market size over the forecast period.

Key benefits of the report:

  • This study presents the analytical depiction of the global biomedical refrigerator and freezers industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global biomedical refrigerator and freezers market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global biomedical refrigerator and freezers market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global biomedical refrigerators and freezers market analysis based on competitive intensity and how the competition will take shape in coming years.

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