Biomedical Refrigerator and Freezer Market Size

Biomedical Refrigerator & Freezer Market Analysis

The biomedical refrigerator and freezer market is expected to register a CAGR of 4.2% over the forecast period.

The COVID-19 pandemic disrupted the research and development activities of companies. Also, it impacted the treatment procedures and supply chain of pharmaceuticals and medical devices worldwide, further impacting the studied market. In January 2021, a paper published in the National Library of Medicine stated that there was a reduction in the total vaccination coverage along with a decline in the total number of vaccines administered (including tetanus vaccines), which led to children missing out on their vaccine doses. The same source stated the pandemic had affected immunization on three different levels. Impact on routine immunization (including immunization coverage; and pediatric clinic visits); impact on mass immunizations or supplementary immunization activities; and factors affecting immunization coverage. Hence, the overall market has been adversely affected by the COVID-19 pandemic. However, the market is expected to recover in the post-pandemic era due to vaccination programs.

Biomedical refrigerators and freezers are storage containers mainly used to store biological samples such as blood, DNA samples, vaccines, etc. Major factors expected to drive the growth of the biomedical refrigerator and freezer market are the growing disease burden, increasing organ transplantation demand, and the development of technology into products. The rising burden and increased risk factors of diseases will be significant factors driving the growth of the studied segment over the forecast period. For instance, according to the December 2021 report of the International Diabetes Federation (IDF), about 537 million adults of age 20-79 years were living with diabetes in 2021, and more than 90% of this population have Type 2 diabetes. Since the diabetes insulin drug requires to be contained for long periods as the patient requires constant dosage, the increase in diabetes is likely to increase the demand for biomedical freezers. The report 'Human Papillomavirus (HPV) and Related Diseases Report France' published in October 2021, suggested HPV 16 and 18 prevalence among adult women. Women with normal cytology are 4.7%, with low-grade cervical lesions is 26.3%, with high-grade cervical lesions is 60.6% and with cervical cancer is 75.6%. HPV is the common cause of cervical cancer among women. Therefore there is a need for early diagnosis of the disease, which will boost the infectious disease diagnostic market during the study period. Thus, the increasing prevalence of the disease will also increase the market growth.

However, biomedical refrigerators and freezers are expensive, which is expected to hamper its market growth.