Published on : Dec 06, 2016
The global market for biomedical refrigerators and freezers is treading along a healthy growth path as research activities in the field of biomedicine continue to rise at an incremental pace. The vast rise in prevalence of chronic diseases such as diabetes, cancer, and several cardiovascular conditions, and the resultant rise in demand for personalized medicines have primarily fuelled research activities in the field.
In the next few years, the biomedicine industry will continue to drive research activities owing to the rapidly rising geriatric population and rising government initiatives to improve healthcare infrastructure across emerging economies. The rise in the number of blood transfusions globally and the resultant increase in the need for effective storage devices for blood and blood components will also continue to fuel the global demand for biomedical refrigerators and freezers globally in the next few years.
Emerging Markets Key to Sustainable Future Growth
The market for biomedical freezers and refrigerators is presently dominated by developed regions such as North America and Europe owing to the advanced healthcare infrastructure, higher spending on healthcare and wellness, and the presence of leading market players. North America, especially, holds over half of the overall market and is expected to remain the dominant regional market for biomedical refrigerators and freezers in the next few years as well.
Nevertheless, the market for biomedical refrigerators and freezers holds the most promise and is expected to lead to highly lucrative returns in emerging economies in APAC. The flourishing medical tourism industry of the region, rising population of geriatrics, government initiatives aimed at the improvement of healthcare infrastructure, and rising expenditure on healthcare will be the chief factors aiding the growth of the APAC market for biomedical refrigerators and freezers.
Several Companies in Market, Few Holding Dominant Share
The global market for biomedical refrigerators and freezers features the presence of a large number of regional players but few international players. Regional players present stiff competition for international players by virtue of their economical products. Nevertheless, brand identity and promise of excellent product quality have helped international companies such as Eppendorf AG, Panasonic Healthcare Co., Ltd., and Thermo-Fisher Scientific, Inc. gain top positions in the global market. Collectively, these three firms held a nearly 60% share in the global market.