Medical refrigerators are electronic equipment that is used for storing a variety of samples cool-safe. These are used to store vaccines and biological samples, including blood, blood derivatives, biological reagents, vaccines, pharmaceuticals, flammable chemicals, ribonucleic acid (RBA), and deoxyribonucleic acid (DRA).
Market Size Growth Rate
According to the DataM market research report, the global medical refrigerators market reached USD 4,708.3 million in 2022 and is projected to witness lucrative growth by reaching up to USD 7,445.5 million by 2030. The medical refrigerators market is expected to exhibit a CAGR of 6.0% during the forecast period (2023-2030). The rise in the application of medical refrigerators for maintaining the integrity of blood and plasm products could be a key growth driver for the Medical Refrigerators Market.
Strides in transfusion medication have propelled clinicians’ and attention practitioners’ awareness regarding GMP for contemporary frozen plasmas extending the horizon for players within the Medical Refrigerators Market. The introduction is additionally used for hypovolemic and hemorrhagic shock. The growing incidence of medical disorders and the increasing range of traumatic and road accidents have propelled the demand for blood products. In recent years, the role of medical refrigeration in preserving vaccines has earned a groundswell of attention among manufacturers and customers alike.
The increased incidence of chronic disorders, such as infectious diseases, is driving the medical refrigerators industry forward. Biological products are shielded from temperature swings caused by power failures, improved ventilation is encouraged, accurate temperature and alarm systems are monitored, and a dependable cold chain for biologics is enabled.
They may also utilize digital locks to limit access to authorized employees. Hospitals, pharmacies, clinics, and diagnostic centers are increasing their need for safe blood and blood derivatives storage, which is boosting the global medical and lab refrigerators market.
The high cost of these medical refrigerators is the primary factor restraining the market, as their production costs are high and medical professionals are required to operate and maintain them. Consequently, these are potential market growth restraints during the forecast period.
The demand for blood and blood products is increasing globally due to the rising incidence of chronic diseases and surgeries. Medical refrigerators are essential for storing blood and other biological samples, which creates an opportunity for growth in the market.
For more details on this report – Request for Sample
COVID-19 Impact Analysis:
The pandemic has increased the demand for medical refrigerators significantly. Currently, the majority of hospitals and healthcare facilities are attempting to expand patient monitoring to home care settings and other transient environments in order to provide optimal care.
COVID-19 has caused a significant increase in demand for hospital and personal care medical apparatus, such as medical refrigerators. Manufacturers are placing a greater emphasis on diversifying their product lines to satisfy the rising demand for these devices. In response to COVID-19, the market experienced an increase in demand for medical refrigerators during the first quarter of 2020. Nonetheless, demand and adoption of medical refrigerators have remained consistent throughout the year, and the trend has persisted strongly in the first half of 2021.
Russia-Ukraine Conflict Analysis:
The war has negatively impacted the global vaccine refrigerators market to a slight extent, as the WHO has recorded 703 attacks on health infrastructure since Russia’s attack started. Moreover, as Russian armed forces progress deeper into the heart of neighboring Ukraine, costs of key raw materials such as aluminum, copper, steel, and plastic, separated from general inflation, are currently threatening additional cost escalation for white goods commodities. However, despite the War, Ukraine continues to provide necessary health services to patients.
Recent Developments in the Industry:
- In April 2022, Blue Star, an Indian multinational home appliances company, launched its indigenously designed novel medical deep freezers range and doubled its deep medical freezers’ production capacity with its novel manufacturing facility at Wada.
- In November 2022, Voltas, an Indian multinational home appliances company, announced its Technology License Agreement with Vestfrost Solutions, a global developer and manufacturer of innovative and efficient refrigerators and freezers for the professional market to develop, produce, market, and service vaccine storage equipment and medical refrigeration including vaccine freezers, ice-lined refrigerators, and ultra-low temperature freezers in the Indian market.
- In August 2022, Meling Biomedical, a multinational leader dedicated to life science research and development, providing cryogenic solutions and equipment, such as ultra-low temperature freezers, and lab / medical refrigerators, announced its ultra-low temperature freezer introduction by The Royal Commission Hospital, located in Jubail, Saudi Arabia. The hospital has JCI accreditation. Royal Commission Hospital, for COVID-19 vaccine storage, is utilizing Meling Biomedical -86℃ Ultra Low-Temperature Freezer.
As per the research analysis, the global medical refrigerators market is segmented by product type into blood bank refrigerators & plasma freezers, laboratory refrigerators & freezers, pharmacy refrigerators & freezers, chromatography refrigerators & freezers, enzyme refrigerators & freezers, ultra-low temperature freezers, cryogenic storage systems; by design type into countertop medical refrigerator, undercounter medical refrigerator, flammable material storage refrigerator, explosion-proof refrigerator; and by door type into single door and double door; by end-user into blood banks, pharmaceutical companies, hospitals & pharmacies, research institutes, medical laboratories, diagnostic centers, and others.
- Based on the product type, the blood bank refrigerators segment is expected to grow at a faster rate during the forecast period. Blood Banks are a place where blood or blood plasma is collected, stored, and processed for storage under refrigeration for future use in blood transfusion procedures. The demand for blood bank refrigerators is driven by the increasing demand for blood and blood products, rising awareness about the importance of blood donation, and the growing number of blood banks and transfusion centers. Blood bank refrigerators are also used for research purposes in the fields of biotechnology, pharmaceuticals, and life sciences.
The global medical refrigerators market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Medical Refrigerators Market
North America dominated the medical refrigerators market due to the higher penetration of advanced medical refrigerators with microprocessor-based control, dual-cooling technology, and other technologies. The older medical refrigerators have been replaced by advanced medical refrigerators. The United States accounts for the highest market share owing to the high usage of medical refrigerators.
The increasing prevalence of chronic and infectious diseases shall boost the demand for medical refrigerators. The rise in the research and development activities for therapies has increased the usage of medical refrigerators for the safe storage of medical equipment, vaccines, and specimen conditions. The North American region is expected to maintain its dominant market position over the forecasted period.
Asia Pacific Medical Refrigerators Market
The Asia-Pacific region is expected to have positive market growth due to the increase in the number of companies developing medical refrigerators. Several companies are shifting their manufacturing facilities to the Asia-Pacific region due to the availability of cheap and skilled labor. The drastic market growth is expected to be observed in developing countries such as India and China due to the increasing usage of medical refrigerators.
Medical Refrigerators Manufacturers
The major global players in the market include Thermo Fisher Scientific, Helmer Scientific Inc., Haier Biomedical, LABCOLD, Philipp Kirsch GmbH., LEC Medical, Zhongke Meiling Cryogenics Company Limited, Vestfrost Solutions, Blue Star Limited, and PHC Holding Corporation among others.
Suggestions for Related Report
For more Lifesciences and Healthcare-related reports, please click here.
Additional Benefits Post Purchase:
1) Unlimited Analyst support for a period of 1 year.
2) Any query with regard to the scope offered will be addressed within 24- 48 hours.
3) An Excel sheet with market numbers will be provided separately.
The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
- Visualize the composition of the global medical refrigerators market segmentation by product type, design type, door, end user, and region, highlighting the key commercial assets and players.
- By Product Type: Blood Bank Refrigerators & Plasma Freezers, Laboratory Refrigerators & Freezers, Pharmacy Refrigerators & Freezers, Chromatography Refrigerators & Freezers, Enzyme Refrigerators & Freezers, Ultra-low Temperature Freezers, Cryogenic Storage Systems
- By Design Type: Countertop Medical Refrigerator, Undercounter Medical Refrigerator, Flammable Material Storage Refrigerator, Explosion-Proof Refrigerator
- By Door: Single Door, Double Door
- By End-User: Blood Banks, Pharmaceutical Companies, Hospitals & Pharmacies, Research institutes, medical laboratories, Diagnostic centers, others.
- By Region: North America, South America, Europe, Asia Pacific, Middle East & Africa
- Identify commercial opportunities in the global medical refrigerators market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as Porter’s five forces analysis, supply chain analysis, pricing analysis, regulatory analysis.
- Excel data sheet with thousands of data points of global medical refrigerators market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in Excel for the key product of all major market players
- The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages.
DataM Intelligence 4Market Research is a Market Research firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you.
We encompass a multitude of Syndicate Reports & Customized Reports with a robust methodology. Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele.