U.S. Biomedical Refrigerators and Freezers Market Size By Product (Plasma Freezers, Blood Bank Refrigerators, Lab Refrigerators, Lab Freezers, Ultra-low Temperature Freezers, Shock Freezers), By End-use (Blood Banks, Pharmacies, Hospitals, Research Labs, Diagnostic Centres), Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 - 2026
U.S. biomedical refrigerators and freezers market is poised to gain substantial traction in the near future. This can be mainly attributed to strong demand for the product across hospitals, diagnostic centers, pharmacies, research labs and blood banks. Biomedical refrigerators and freezers offer optimal conditions for efficient storage of biological samples.
These refrigerators and freezers are prominently used in healthcare facilities for the storage of biological samples and chemicals such as blood, derivatives of blood, medicines, vaccines, biological reagents, flammable chemicals, deoxyribonucleic acid (DNA), and ribonucleic acid (RBA). Rapid expansion of the healthcare sector along with rising occurrence of various health conditions among the global population will foster the business growth.
On the basis of product, the industry share is segmented into plasma freezers, lab refrigerators, lab freezers, blood bank refrigerators, shock freezers, and ultra-low temperature freezers. U.S. plasma freezers market size was estimated to be worth more than US$315 million in 2019 and is projected to witness exponential growth during the analysis timeframe. This can be attributed to rapid adoption of plasma freezers in the U.S. for safe and efficient storage of whole blood, vaccines, and plasma products.
Lab freezers segment is estimated to experience robust demand in the coming years. These freezers are mainly used to cool and store samples and specimens for preservation. Lab freezers include refrigeration units for the storage of blood plasma and other blood derivatives, as well as pharmaceuticals, vaccines, and other medical supplies.
To minimize the risk of bacterial contamination and explosion of volatile materials, these freezers are designed in order to maintain constant temperatures and monitor the temperature using digital displays. Laboratory freezers generally feature separate compartments to eliminate the risk of cross contamination and are equipped to hold specific medical supplies, such as vaccines, blood, and blood components.
Considering the end-user landscape, U.S. biomedical refrigerators and freezers industry is classified into hospitals, diagnostic centers, pharmacies, research labs and blood banks. Pharmacy segment accounts for a major revenue share and is estimated to record a CAGR of 2.6% during the forecast period. This can be majorly linked with extensive application of medical-grade refrigerators in hospitals, retail establishments, and community pharmacies for efficient storage of pharmaceuticals, vaccines, and compound sterile preparations.
Diagnostic centers segment is anticipated to capture a significant revenue share of U.S. biomedical refrigerators and freezers market in the near future. Ongoing investments in the development of new drugs across diagnostic centers have consequently propelled the demand for biomedical refrigerators and freezers for reliable and efficient storage of biological specimens.
In addition, technological advancements in medical grade refrigeration systems is fueling the demand for industry demand. Manufacturers are focusing on the incorporation of advanced technological features into these refrigeration systems to make them best-suited for different biomedical applications in diagnostic centers.
The integration of cutting-edge technology, along with sophisticated healthcare infrastructure in diagnostic centers across the country is anticipated to complement U.S. biomedical refrigerators and freezers industry outlook.
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