The global biomedical refrigerators and freezers market was valued at USD 2.85 billion in 2015 and is expected to grow with a CAGR of 4.9% over the forecast period. Key factors driving the growth include the growing prevalence of chronic diseases, rising demand for storing biological products, blood samples, blood reagents, vaccines, DNA samples and other chemicals. In addition, the need to provide thermal insulation and avoid product degradation is a critical factor boosting the usage rates.
These biomedical freezers are available in different specifications to suit the specific commercial needs. For instance, the plasma once are used for storage of blood and plasma products at -30°C to 40°C and the ultra-low temperature freezers are used for long term storage of DNA and RNA samples products at a range of 70°C to 80 °C.
Based on the estimates of the American Society of Health System Pharmacists, hospitals spend nearly 70-75% of their budget on their pharmacy department. Moreover, as per the Institutes for Safety Medication Practices, more than 20% of the healthcare practitioners have reported adverse patient effects due to deficiencies in storage and inventory management practices
Increasing support from government and industry participants to provide technical and financial assistance in improvement of healthcare infrastructure, procurement of biomedical refrigerators and freezers is a positive trend witnessed in the market.
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Based on the product type, the market is segmented as blood bank refrigerators, shock, plasma, ultra-low temperature freezers and laboratory/pharmacy refrigerators and freezers The plasma freezers segment accounted for the maximum share of over 28% in 2015, mainly on account of rising demand for collection and storage of several blood components such as platelets, plasma and others.
The laboratory/pharmacy freezers are expected to emerge as the fastest growing segment with a CAGR of nearly 5.4% over the forecast period. High wastage of laboratory chemicals, vaccines, and other biological products due to improper storage conditions is key factor impacting the profitability and operational efficiency of laboratories and pharmacies. Moreover, increasing government scrutiny in implementation of quality management and GLP practices is also a key factor boosting the segments growth.
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The risk of blood transfusion errors is increasing rapidly due to unscientific inventory management practices. The presence of stringent regulations for storage of blood components is a key factor driving the segments growth. For instance, in the U.S., the Center for biologics evaluation and research (CBER) actively regulates the collection and storage of blood and blood components, which may be used for blood transfusion or for the manufacturing of pharmaceutical products.
However, the pharmacies are expected to emerge as the fastest growing category over the forecast period. Growing number of adverse reactions and increasing wastage of vaccines due to thermal shock is a major factor boosting the growth
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