Biomedical Refrigerators and Freezers Market to Hit $3.5 Billion by 2025: Global Market Insights, Inc.
Asia Pacific biomedical refrigerators and freezers market is expected to register 5.4% CAGR over the forecast period.
SELLBYVILLE, Del., February 14, 2019 (Newswire.com) - UK biomedical refrigerators and freezers market is estimated to witness significant CAGR of 3.5% during the coming years. The growth is attributable to rising geriatric population prone to several chronic diseases leading to increasing demand for surgical procedures thereby escalating the industry growth. Moreover, the focus of industry players on R&D activities to enable modifications in the biomedical refrigerators and freezers to sustain competition will stimulate business growth.
Global Biomedical Refrigerators And Freezers Market will surpass USD 3.5 billion by 2025; according to a new research report by Global Market Insights, Inc. Extended use of biomedical refrigerators in the process of drug discovery is one of the major factor driving the biomedical refrigerators and freezers market growth in the coming years. Development of new drug and its introduction into the market is a lengthy procedure involving numerous clinical trials and studies. Biomedical refrigerators and freezers play a significant role in the storage and protecting these drugs, and sensitive ingredients for continuity of research. Growing disease burden and rising demand for advanced treatment will positively influence biomedical refrigerators and freezers industry growth over the forthcoming years.
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Furthermore, the high demand for organ transplants, blood transfusions, biopharmaceuticals, and cellular therapies will favor industry growth. The rise in the number of blood banks, research laboratories, hospitals, diagnostic centers, and educational institutes should further escalate the adoption of biomedical refrigerators and freezers thereby boosting business growth. However, the high cost of equipment coupled with the growing use of refurbished equipment may hinder biomedical refrigerators and freezers business growth during the analysis period.
Browse key industry insights spread across 175 pages with 258 market data tables & 7 figures & charts from the report, “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 Centers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Ukraine, Poland, China, Japan, India, Australia, Malaysia, Indonesia, Thailand, Brazil, Mexico, Argentina, South Africa, UAE, Saudi Arabia, Qatar, Kuwait, Egypt), Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Plasma freezers segment held the largest revenue share of 31.0% owing to substantial wide-ranging applications of plasma and its products. Faster cooling and storage benefits offered by plasma freezers will propel segmental growth over the forecast timeframe. Moreover, increasing demand for this equipment in the clinical laboratories should augment business growth.
Blood banks segment is estimated to show lucrative CAGR of 4.5% over the forecast timeline due to a surge in demand for blood and blood components. The increasing number of accident cases demand large amounts of blood supply, thus augmenting the blood banks segmental growth. The growing adoption of biomedical refrigerators and freezers for storage of blood at optimal conditions in blood banks thereby will escalate segmental growth.
U.S. market size accounted for USD 1.0 million in 2018 and will witness similar growth over the analysis period. An increasing prevalence of chronic diseases such as cancer, cardiac disease, and respiratory disease increases the demand for personalized medicines. should further drive regional business growth. Furthermore, favorable government initiatives in the region coupled with advancements in technology and the presence of well-developed healthcare infrastructure will prove beneficial for the regional business growth.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: Global Market Insights, Inc.