Ocean View, DE -- (SBWIRE) -- 05/07/2020 -- Biomedical Refrigerators and Freezers Market will exceed USD 3.5 billion by 2025; as per a new research report. Rising government support for research activities and clinical trials is the key impact rendering factor that will drive biomedical refrigerators and freezers business growth over the forecast period. According to Department of Health Research, government initiatives such as improvements in healthcare infrastructure, support for start-ups and funding for health research technologies will increase the demand for research activities. Establishment of research policies, ethical norms for experiments on animals, mapping of health research institutes may further surge demand for clinical research activities. Additionally, will thereby increase the demand for biomedical refrigerators and freezers for storage of biological samples.

Furthermore, 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. However, high cost of refrigerators would impel customers to switch their intent towards purchasing refurbished devices that may impede biomedical refrigerators and freezers industry growth over the coming years.

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Blood bank refrigerators segment was valued at USD 796.5 million in 2018 and is projected to grow significantly during the forecast period. Constant technological improvements and innovations in blood bank refrigerators will foster industry growth. Increasing focus of companies such as Panasonic Healthcare on development of advanced devices such as CDC suitable freezers and refrigerators to improve vaccine storage will positively impact segmental growth.

Blood bank end-use segment dominated biomedical refrigerator and freezer market with highest share and is expected to grow at robust CAGR of 4.5% during forecast period. Increasing number of blood banks in developed and developing economies coupled with several government initiatives for spreading awareness about blood donation has increased the usage of biomedical refrigerators and freezers. Rising prevalence of cancer, heart disease and other chronic diseases will surge the demand for cellular therapies, blood transfusion, customized vaccines and medicines thereby fostering segmental growth over the coming years.

Europe biomedical refrigerators and freezers market is estimated to show lucrative CAGR of 4.1% over the forecast period. Rising geriatric population in European countries that is more prone to suffer from chronic diseases will increase the demand for surgical procedures thus escalating the industry growth. Well-established healthcare infrastructure and improved medical facilities will further boost regional growth during the forthcoming years.

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North America biomedical refrigerators and freezers market dominated the global market with more than 40% revenue share in 2018 and is estimated to witness robust growth over the forecast period. Huge patient base prone to infectious and chronic diseases, increasing demand for medicines and various government initiatives in the region will drive the business growth. Strong foothold of key market players in the region will favor regional growth during the forthcoming years.

Some of the prominent business players operating in biomedical refrigerators and freezers market include Panasonic Healthcare of North America, Haier Biomedical, Thermo Fisher Scientific, Eppendorf, Liebherr- International, Helmer Scientific, Aegis Scientific, Azbil Corporation, Binder, Arctiko, Follett, Powers Scientific, Migali Scientific and B Medical Systems. Companies focus on strategic alliances to strengthen their market position and capitalize on market opportunities.