Biomedical Refrigerator Market Size, Material Cost & Supply Chain

Biomedical Refrigerator Market Companies, Shares and Growth

The biomedical refrigerator market was estimated at US$ 2.02 billion in 2023 and is projected to grow to US$ 3.64 billion by 2034, rising at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2034. The increasing demand for vaccines and antibiotics, rising demand for blood banks, and growing research & development activities like proteomics and genomics drive the market.

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Biomedical Refrigerator Market: Preserving Biologicals

A biomedical refrigerator is a specialized refrigerator that stores biological temperature-sensitive products such as blood, blood components, biological reagents, vaccines, medicines, flammable chemicals, RNA, and DNA. These refrigerators differ from conventional household refrigerators in offering precise temperature control, uniform cooling, and often specialized compartments for organizing samples. They have a microprocessor-based system that accurately measures and monitors interior temperatures using digital sensors such as thermocouples, resistance temperature detectors (RTD), and thermistors. A biomedical refrigerator is commonly used in hospitals, blood banks, diagnostic centers, pharmacies, educational institutes, and research laboratories.

The increasing prevalence of chronic disorders, such as viral diseases, potentiates the development and use of vaccines. Vaccines must be stored in cold temperatures to prevent their degradation, and some antibiotics and biological therapeutics also need to be stored in refrigerators. The rising awareness for blood donation and the prevalence of hematological disorders promote blood banks, increasing the requirement for a biomedical refrigerator. The growing proteomics and genomics research augment the use of biomedical refrigerators for storing proteins, DNA, and RNA.

Biomedical Refrigerator Market Trends

• In July 2024, a newly renovated Guba Community Hospital was opened in Cebu City. The Department of Health (DOH) funded the entire renovation, and the City Councilor also announced the donation of biomedical refrigerators to the hospital by DOH to store various biological samples.
• In February 2024, PHC Corporation of North America announced the launch of a new model of a PHCbi brand VIP ECO SMART ultra-low temperature freezer series for medical institutions, universities, and pharmaceutical companies. The series was designed to minimize power consumption while maintaining preservation capability.
• In August 2022, Azenta, Inc. announced the acquisition of B Medical Systems and its subsidiaries, a global leader in manufacturing and distributing medical refrigeration, including ultra-low freezers. The acquisition complements Azenta’s cold chain capabilities, adding differentiated solutions for reliable and traceable transport of temperature-sensitive specimens.

Rising Demand for Cell and Gene Therapy: Opportunity for the Biomedical Refrigerator Market

Cell and gene therapy products such as stem cells, skin grafts, expanded autologous cells, cancer vaccines, cellular immunotherapies, bacterial/viral vectors, plasmid DNA, etc., require cold storage conditions. Stem cells require storage temperatures from -80oC to -196oC, while RNA and DNA require storage temperatures from -70oC to -80oC. The increasing demand for such products and regulatory approvals potentiate the requirement for biomedical refrigerators in various research laboratories and clinical settings. The increasing investments in cell & gene therapy research potentiate their development. According to the DealForma data, cell and gene therapy developers raised $3.5 billion across 65 deals in 2023. The therapy is used to treat several disorders like cancer, cystic fibrosis, diabetes, immunological disorders, heart disease, and hemophilia. Additionally, the latest innovations and the increasing number of clinical trials boost cell and gene therapy while simultaneously increasing the demand for biomedical refrigerators.

High Upfront Costs Hinder the Biomedical Refrigerator Market

The major challenge in the biomedical refrigerator market is the high upfront cost. New biomedical refrigerators generally range from $2,000 to $15,000, depending on the unit’s size, capacity, and features. The latest advancements in the product, such as ultra-low temperature capabilities and explosion-proof construction, increase the product’s price, restricting its use by small and medium enterprises.

Regional Insights

Rising Incidences of Chronic Disorders Dominated North America

North America held the largest share of the biomedical refrigerator market in 2023. The presence of key players, technological advancements, favorable infrastructure, state-of-the-art research and development facilities, and rising incidences of chronic disorders drive the market. The U.S. Government organizations such as the Food and Drug Administration and the US Agency for International Development impose guidelines about the use and selection of refrigerators for biomedical products. According to the American Red Cross, nearly 16 million blood components are transfused annually in the U.S.

Also, around 29,000 units of RBCs are needed every day in the U.S. Additionally, the growing research on cell and gene therapy and increasing clinical trials potentiate the use of biomedical refrigerators. As of March 2024, a total of 36 gene therapies have been approved by the US FDA. Furthermore, several organs are needed to be stored in cold temperatures. According to the United Network for Organ Sharing, more than 46,000 organ transplants were performed in the U.S. in 2023.

Increasing Manufacturing of Biomedical Products Drives Asia-Pacific

Asia-Pacific is anticipated to grow at the fastest rate in the biomedical refrigerator market during the forecast period. The rising incidences of chronic disorders, technological advancements, favorable government policies, increasing investments, and growing research & development activities. The rising population in the region increases the demand for huge amounts of biomedical products, resulting in more manufacturing and storage of products to meet consumer needs. Countries like China, India, and Japan have favorable infrastructure for manufacturing and storing biomedical products. India dominates the production of vaccines for diseases like measles, BCG, and DPT. The WHO sources 65% to 70% of its vaccine requirements from India. China is the leading manufacturer of antibiotics globally. It was found that around 248,000 tons of antibiotics are produced in China, out of which 160,600 tons were utilized domestically and 88,000 tons were exported. These products require refrigerators for their storage.

Segmental Insights

By type, the under -400C segment held a dominant presence in the biomedical refrigerator market in 2023. Several biological products such as cell and gene therapy products such as stem cells, DNA and RNA, human heart valve allografts, etc. require freezing conditions for their storage. Such ultra-low temperatures are needed for many biosamples like proteins and antibodies to slow down the rate of molecular degradation. The rising demand for such biological products promotes the market. Many organizations are continuously evolving and innovating novel products to maintain ultra-low temperatures.

By application, the pharmacy segment led the biomedical refrigerator market in 2023. Biomedical refrigerators are a primary requirement for several pharmaceutical companies and pharmacy stores. Pharmacy refrigerators are required for the safe storage of pharmaceuticals such as medications and live vaccines. They usually require a temperature between 2oC to 15oC. The increasing demand for antibiotics, cancer therapeutics, and vaccines fosters market growth.

Recent Developments in the Biomedical Refrigerator Market

• In September 2024, Haier Biomedical launched an HYC-461GD/FD pharmacy refrigerator to provide a stable storage environment for medicines that are essential for laboratory operations. The model maintains an internal temperature from 2-8oC.
• In August 2023, Arctiko announced the launch of 22 all-new Flexaline series models, including 15 new pharmaceutical refrigerators and seven new biomedical freezers. The models comprise glass doors or solid doors with a digital controller to offer superior features and reliability needed for pharmaceutical & biomedical applications.

Top Companies in the Biomedical Refrigerator Market

• Angelantoni Life Sciences
• Arctiko
• B Medical Systems
• Biomedical Solutions, Inc.
• Eppendorf AG
• Haier Biomedical
• NuAire
• PHC Holdings Corporation
• Philips Kirsch GmBH
• SKSurgitech
• Terumo Corporation
• Vestfrost Solutions

Segments Covered in the Report

By Type

• Under -40oC
• Between -40oC to 0oC
• Between 2oC to 8oC
• Between 80C to 200C

By Application

• Pharmacy
• Hospital
• Blood Bank
• Others

By Region

• North America
  • US
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Norway
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa (MEA)
  • South Africa
  • UAE
  • Saudi Arabia
  • Kuwait