It is anticipated that rising illness prevalence would increase demand for vaccines in medical facilities around the world. Furthermore, it is anticipated that growing developments in biobanking methods will favorably affect the expansion of the worldwide market. Fact.According to MR, the biomedical refrigerator and freezer market is expected to grow at a compound annual growth rate (CAGR) of 5.7% between 2017 and 2026.
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The global biomedical refrigerators and freezers market, valued at US$ 3.3 billion in 2020, is experiencing rapid growth driven by the increasing need to store biomedical samples and rising investments in research and development. As the prevalence of various diseases increases, the demand for biomedical products, vaccines, and personalized therapies is also growing. Additionally, healthcare organizations are prioritizing precise and accurate storage conditions, further boosting the adoption of biomedical refrigerators and freezers.
Key market drivers include the rising demand for cellular therapy, the growth of biobanks, and the technological advancements in refrigeration systems. The increasing need for specialized storage, including plasma freezers, is also contributing to the market’s growth. From 2021 to 2031, the market is projected to grow at a 6% CAGR, with North America holding the largest market share due to its well-established healthcare systems and research facilities.
However, challenges remain, including the high cost of equipment, which can be a barrier for smaller hospitals and clinics. The growing preference for reconditioned refrigerators and the presence of local competitors offering lower-cost products are additional challenges.
Overall, with the rise in demand for efficient medical storage solutions, the market for biomedical refrigerators and freezers is set to expand significantly over the next decade.
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