Global Biomedical Refrigerators,Freezers Market is expected to grow at a CAGR of 5% to reach US$ 5.4 billion in 2024. The growth is coupled with increasing demand for blood transfusions, custom-made medicines and vaccines, and cellular therapies. In addition, rising research and development activities in the field of medical science are driving the acceptance of biomedical refrigerators and freezers in research and educational institutes. Also, with increased funding from various sources and R&D activities in the pharmaceutical sector up-surged the use of biomedical refrigerators and freezers. With rapid technological advancement and with augmentation of various technological and infrastructural up gradation of clinics, hospitals and research laboratories, the Global Biomedical Refrigerators, Freezers Market is expected to have a substantial growth in the forecast period North America accounts for the largest share of the global biomedical refrigerators and freezers market and is expected to dominate the market in the forecast period.
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Factors contributing to the growth of Global Biomedical Refrigerators, Freezers Market in North America are the presence of a considerable number of healthcare facilities and the rising demand for this equipment. Asia-Pacific is expected to be the fastest growing region for the biomedical refrigerators and freezers market. This growth is attributed to the rising number of blood banks, an increasing number of healthcare facilities, rising initiatives of blood donation programs and the presence of market growth-oriented regulatory policies. Increasing tourism in emerging countries further promotes healthcare spending into biomedical refrigerators and freezers market. Blood bank refrigerators had the highest Global Biomedical Refrigerators, Freezers Market due to rising government expenditure, the growing number of surgical procedures and rising demand for blood bank refrigerators in scientific, medical and research sectors. Laboratory refrigerators, freezers, and ultra-low temperature freezers should also witness substantial growth over the forecast period.
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