Biomedical Refrigerator Market Companies, Shares and Growth
The biomedical refrigerator market was estimated at US$ 2.02 billion in 2023 and is projected to grow to US$ 3.64 billion by 2034, rising at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2034. The increasing demand for vaccines and antibiotics, rising demand for blood banks, and growing research & development activities like proteomics and genomics drive the market.
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Biomedical Refrigerator Market: Ensuring the Safe Storage of Biologicals
A biomedical refrigerator is a specialized cooling system designed to store temperature-sensitive biological materials, such as blood, vaccines, biological reagents, medications, and genetic materials like RNA and DNA. Unlike regular household refrigerators, these units offer precise temperature control, consistent cooling, and often come with dedicated compartments to organize different types of samples. They typically feature a microprocessor-based system that accurately monitors and controls the internal temperature using sensors like thermocouples, resistance temperature detectors (RTDs), and thermistors.
Biomedical refrigerators are widely used in hospitals, blood banks, diagnostic centers, pharmacies, educational institutions, and research labs. The growing prevalence of chronic diseases, including viral infections, has spurred the demand for vaccines, which require cold storage to maintain their effectiveness. Additionally, certain antibiotics and biological therapies also need refrigeration. The increasing awareness around blood donation and the rise in blood-related disorders have further boosted the demand for biomedical refrigerators in blood banks. Furthermore, the expansion of research in proteomics and genomics has contributed to the growing need for these refrigerators to store critical biological samples like proteins, DNA, and RNA.
Biomedical Refrigerator Market Trends
In July 2024, the newly renovated Guba Community Hospital in Cebu City was unveiled, with funding from the Department of Health (DOH). As part of the renovation, the DOH also donated biomedical refrigerators to the hospital to safely store various biological samples.
In February 2024, PHC Corporation of North America launched a new model of its PHCbi brand VIP ECO SMART ultra-low temperature freezers, designed for medical institutions, universities, and pharmaceutical companies. This new series aims to reduce power consumption while still offering reliable preservation capabilities.
In August 2022, Azenta, Inc. acquired B Medical Systems, a global leader in medical refrigeration, including ultra-low freezers. This acquisition enhances Azenta’s cold chain solutions, providing more advanced options for the safe and traceable transportation of temperature-sensitive biological samples.
Rising Demand for Cell and Gene Therapy: A Growing Opportunity for the Biomedical Refrigerator Market
Cell and gene therapy products, including stem cells, cancer vaccines, RNA, DNA, and other biological therapies, require strict cold storage conditions. For example, stem cells need temperatures between -80°C and -196°C, while RNA and DNA must be stored at -70°C to -80°C. As the demand for these therapies increases, especially with more regulatory approvals, the need for biomedical refrigerators in research and clinical settings is growing. In 2023 alone, cell and gene therapy developers raised $3.5 billion across 65 deals, highlighting the sector’s rapid expansion. This growth in research and the number of clinical trials is fueling demand for biomedical refrigerators.
High Upfront Costs: A Challenge for the Biomedical Refrigerator Market
A significant challenge for the biomedical refrigerator market is the high upfront cost. New biomedical refrigerators typically range from $2,000 to $15,000, depending on the size, capacity, and features of the unit. Advanced models, such as those with ultra-low temperature capabilities or explosion-proof designs, can be even more expensive. This high cost can limit access to these units, especially for smaller businesses or institutions with tighter budgets.
Top Companies in the Biomedical Refrigerator Market
- Angelantoni Life Sciences
- Arctiko
- B Medical Systems
- Biomedical Solutions, Inc.
- Eppendorf AG
- Haier Biomedical
- NuAire
- PHC Holdings Corporation
- Philips Kirsch GmBH
- SKSurgitech
- Terumo Corporation
- Vestfrost Solutions
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