Market Trends of Biomedical Refrigerator and Freezer Industry
This section covers the major market trends shaping the Biomedical Refrigerator & Freezer Market according to our research experts:
Laboratory Refrigerators Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Factors such as increasing clinical trials and product launches are critical factors in market growth. As per clinicaltrials.gov, around 15,316 clinical trials are presently registered in the US involving biopharmaceuticals in 2022. In addition, the Center for Drug Evaluation and Research (CDER) and Food and Drug Administration (FDA) approved 50 drugs worldwide in 2021. The use of biomedical freezers in the laboratory for maintaining pharmaceuticals at the ideal temperature is one of the essential areas to preserve the viability of the drug at maximum. This increasing number of drug developments and clinical trials studied in the country is anticipated to drive market growth.
Moreover, the COVID-19 pandemic is one of the major factors that drove the segment's growth, as extensive research activities were carried out to treat this disease. Furthermore, product launches are another factor in market growth. For instance, in February 2021, the Cincinnati Children's Hospital Medical Center in the US collaborated with DownSyndrome Achieves (DSA) to launch a research biobank. It serves as a central repository for biospecimens donated by individuals with Down Syndrome and their immediate families. Similarly, in January 2022, the chest range of biomedical freezers was revised as part of Haier Biomedical's commitment to ongoing innovation in manufacturing and product design to give end users a freezer with better functionality, cooling efficiency, and performance. The company also launched new products. For instance, in June 2021, Haier Biomedical launched the Haier Biomedical mini ULT freezer, which is suitable for biobanks, vaccination storage, and transportation users.
Thus, the segment will witness growth over the forecast period due to the above factors.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
With the increasing vaccine production, North America is expected to hold a significant market share in the global biomedical refrigerator and freezer market, which might increase the demand for drug storage. As of April 2021, according to ClinicalTrial.gov, Canadian pharmaceutical companies and research institutions have robust R&D pipelines. The pipeline contained 5,659 new studies in various stages of evaluation. 1,397 (24%) were in phase III clinical trials, approved through the FDA or EMA, representing a wide range of therapeutic areas. Thus, an increasing number of vaccines require biomedical freezers to store. People use biobanks for various applications related to research studies in the country. For instance, in April 2021, CanPath, with a total specimen of over 150,000 participants from across Canada, started genome sequencing of more than 41,000 participants in the Ontario Health Study (OHS). It was carried out by the Canadian Data Integration Centre using its genome technology platform, located at the Ontario Institute for Cancer Research (OICR). Such initiatives provide suitable studies to support many broad health research applications where scientists are interested in identifying genetic factors. These factors might be associated with disease development, healthy aging, or enhancing our understanding of how the genome interacts with the environment in terms of disease development. Such applications and the abovementioned factors will require the utilization of biobanks to increase market growth during the forecast period.
