Pune, India, Sept. 06, 2022 (GLOBE NEWSWIRE) --
The global biomedical refrigerators and freezers market size is projected to expand at substantial CAGR during the forecast period, due to increased focus on drug discovery and medical R&D during the COVID-19 pandemic. Listed below are the 6 factors driving global market trends over 2022-2028:
- Lab freezers see healthy demand in Asia Pacific
With steady expansion of integrated labs in the region, Asia Pacific biomedical refrigerators and lab freezers market revenue is expected to surpass the valuation of $80 million by 2028. To capture the large population pool of customers in the region, leading companies across the globe have been aiming to expand their businesses in Asia Pacific.
For instance, in November 2021, Labcorp opened an integrated bioanalytical lab in Singapore. This new lab expansion was intended to deliver a substantial array of bioanalytical services to meet the burgeoning demand from biotech and pharma companies.
With strong emphasis on supporting the development of large and small molecule studies, the demand for biomedical lab freezers is likely to see significant upheaval through 2028.
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- Research labs in APAC address diverse patient needs amidst global health crises
The increased threat of infectious and chronic illness emergence across the globe have ushered technological advancements and drug discovery efforts in Asia Pacific. For the long-term preservation of biological reagents and materials, a variety of laboratory freezers and refrigerators are used in drug development.
With growing investment in pharmaceutical R&D, Asia Pacific is emerging as a valuable income source for the industry. Pfizer, for example, committed about $18.9 million in a 61,000-square-foot research and technology facility at the IIT Madras Research Park in May 2022.
This new drug development center was constructed to help the regional and global pharmaceutical markets with vital drug development. The growing geriatric population of the region that is susceptible to chronic and infectious diseases has been boosting the rate of drug discoveries, plasma collections, and blood transfusions.
- Canada plasma freezers industry works on addressing rising plasma requirements
Canada has a well-established network of blood banks, facilitating easy collection of platelet, plasma, and blood donations throughout the country. According to the Canadian Blood Services, there are over 35 permanent donor centers, coupled with more than 4,000 mobile donor centers across the nation.
According to the Canadian Blood Services, the national organization ensuring plasma sufficiency in the country, the demand for immune globulin (Ig) is among the highest among plasma protein products. Since the country has been meeting only around 13-14% of the demand, it will adopt strategies to increase regional plasma collections, influencing the demand for medical freezers over the next few years.
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- Rising disease prevalence steers U.S. blood bank market demand
The U.S. Blood Supply Facts published by the American Red Cross reveal that over 29,000 units of red blood cells, as well as 6,500 units of plasma are required across the U.S. on a day-to-day basis. With the number of sickle cell patients growing across the region, the need for blood transfusion has surged by a significant degree over the last few years.
To address increased chronic disease prevalence, the region has been investing in boosting its blood collection activities. This move is likely to drive the demand for various critical medical equipment across blood banks and hospital storage facilities.
It is estimated that North America biomedical refrigerators and freezers market share from blood bank end-users is expected to register a more than 5% CAGR between 2022-2028.
- R&D efforts on the rise in Germany
Germany is expected to emerge as a leading investment hub in the life sciences sector. Several top drugmakers in the region have been ramping up their research facilities to address diverse patient needs. In April 2022, for instance, Germany-based drugmaker Boehringer Ingelheim announced that it will allocate over $7.6 billion toward the adoption of innovative technologies.
As private and public entities in the healthcare ecosystem continue to make significant investments toward the delivery of high-quality refrigeration services for hospitals, the industry size will steadily gain momentum.
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- Significant investment in healthcare drives France biomedical refrigerators and freezers market growth
France market size was valued at nearly $130 million during 2021 and will continue to see noteworthy expansion through the next few years. The country has a strong network of medical facilities with advanced equipment. As part of the “Innovative Medical Devices” plan of the French government, the regional medical devices industry is anticipated to receive a fund worth over $8.35 billion for supporting the life sciences sector.
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