Medical Refrigerators Market

Medical Refrigerators Market Size (2023-2028):

The medical refrigerators market is foreseen to develop from USD 5.2 billion in 2022 to USD 8.5 billion by 2028, at an annual rate of 8.4% from 2023-2028

The medical refrigerators market is competitive and has a fragmented landscape with growing innovation and sophistication in healthcare. The opportunities for growth of players in the medical refrigerators market are growing demand to secure blood supply, because of rising chronic illnesses, amidst a growing elderly population.

Since 2017, regions like the United States also in numerous regions have faced various challenges regarding the supply of vaccines, which continues to date. The result in major policy formations and subsequent procurement by large epidemics of hepatitis are leading to a sufficiently great shortage of vaccines in the country. To the growing demand for national supply, the Centre for Disease Control and Prevention acted quickly to grow the supply of vaccinations for hepatitis. The growth of the medical refrigerators market during the outlook period is due to the rising need for immunization, and growing concern about the outbreak of various illnesses.

The key driver of growth in the medical refrigerators market is the rising cases of chronic illnesses like cancer, Human Immunodeficiency Virus, Diabetes, and Cardiovascular disease. The numerous opportunities for players in the medical refrigerators market by changing demographics in major countries like the United States, European Union, and China. Chronic illnesses have driven or key opportunities for the potent need for plasma, and its derivatives in hospitals.

Drivers & Restraints in the Medical Refrigerators Market:

The safe storage of blood & blood derivatives, vaccines, specimens, and medications in hospitals, pharmacies, clinics, and diagnostic centers is driven by the rising demand for medical refrigerators and the need for refurbishing medical equipment.

Many companies for the development of medical refrigerators are working with organizations, institutes, and associations. Lec Medical is working with the National Health Service to give them the highest quality medical refrigeration and continues to be at the forefront of developing easy-to-use safe and reliable refrigeration solutions.

There are rising government initiatives for raising or increasing the investment and funding to the major market players for the development of medical refrigerators. In December 2018, Vestfrost had spent HUF 4.4 billion to more extensive the capacity to make and store refrigerators.

MEDICAL REFRIGERATORS MARKET REPORT COVERAGE:

Medical Refrigerators Market - Segmentation:

 Medical Refrigerators Market - By End Use:

• Blood Banks

• Pharmaceutical Companies

• Hospitals & Pharmacies

• Research Institutes

• Medical Laboratories

• Diagnostic Centers

By end-use, the blood bank segment of medical refrigerators is estimated to witness the highest compound annual growth rate during the forecast period. Increasing the condition of being the prevalence of hematological diseases and a rising number of accidents have raised the demand for plasma for use in plasma fractionation procedures.

Medical Refrigerators Market - 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

Medical Refrigerators Market - By Region:

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• Middle East and Africa 

Among all the regions, 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 rise in the research and development activities for therapies has increased the usage of medical refrigerators for the safe storage of medical equipment, vaccines, specimens, and others at optimum conditions. The North American region is expected during the forecast period to maintain its dominant market position.

Asia-Pacific region is estimated during the outlook period to have positive market growth with an increase in the number of companies developing medical refrigerators. Many companies are shifting their manufacturing facilities to the APAC region because of the availability of cheap and skilled labor. The far-reaching effect on market growth is expected during the forecast period to be observed in developing countries like India and China because of the rising usage of medical refrigerators.

The medical refrigerators Market is dominated by the below key players.

1. Thermo Fisher Scientific Inc. (US)

2. Blue Star Limited (India)

3. Helmer Scientific (US)

4. Vestfrost Solutions (Denmark)

5. Felix Storch, Inc. (US)

6. Philipp Kirsch GmbH (Germany)

7. Haier Biomedical (China)

8. Follett LLC (US)

9. PHC Holdings Corporation (Japan)

10. LEC Medical (United Kingdom)

11. Zhongke Meiling Cryogenics Company Limited (China)