The global biomedical refrigerators and freezers market is scheduled to amplify at a robust CAGR of 4.2% over the period amidst 2016 and 2024. The market, which was valued at US $2.91 billion in 2015, is foretold to upturn to US$4.28 billion by 2024.
The global biomedical refrigerators and freezers market has responded assertively to the upcoming technically advanced and environmentally safe products. The rising sternness in government strategies because of increasing level of injurious emissions from mediocre refrigeration systems has forced companies to shift significant focus towards ecological products. Furthermore, the development of eco-friendly fridges and freezers will be driven by the worldwide bans on manufacturing and use of refrigerants like hydrofluorocarbons (HFCs). Furthermore, manufacturers are also evolving revolutionary biomedical refrigerators and freezers using trailblazing sensors. These features have augmented the consumer interest in the biomedical refrigerators and freezers, thus propelling the development of the international market.
The global biomedical refrigerators and freezers market is focused by features such as bulging requests for custom-made medicines and vaccines, blood transfusions, and cellular cures. Additionally, growing research and development endeavours in the field of medical science are inspiring the acknowledgment of biomedical refrigerators and freezers in research and educational organizations. Likewise, improved backings from numerous sources and R&D activities in the pharmaceutical sector have heightened the use of biomedical refrigerators and freezers. However, there are few preventive aspects to the growth of the global refrigerator and freezers market. The presence of massive number of indigenous players offering reasonable products than branded products, and growing trend of using modernized gear because of its inexpensive price is slowing the market down globally.
Lately, the development seen in the growth of the global biomedical refrigerators and freezers market can be attributed to government initiatives. The government drivers envisioned at increasing awareness about blood and organ donation have validated to be beneficial for the evolvement of the global biomedical refrigerators and freezers market. Similarly, a number of organizations approve clinical trials and research activities. Accordingly, the imploration for biomedical refrigerators and freezers is rising so as to store the samples associated to these activities. An added element stirring the market is prompt expansion in the healthcare system, therefore, leading to the great approval of biomedical refrigerators and freezers.
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