Medical Refrigerators Market Trends, On-going Demand, Opportunities, Segmentation, and Forecast till 2031
Wilmington, Delaware, United States, Transparency Market Research Inc. – The refrigeration technology has come a long way to meet the requirements in the medical and healthcare industry. Advancements in technologies have led to increased energy efficiency, improved acoustic properties of the machinery, and boost the outcomes in regulating the temperature. The drive for the medical refrigerators market stems from the growing demand for the technology to preserve range of blood and plasma products to ascertain their timely availability in acute and emergency care settings. They are used to store drugs between the range of +2˚C and +8˚C, and ideally at +5˚C.
In recent years, the role of medical refrigeration for preserving vaccines has earned groundswell of attention among manufacturers and customers alike. Particularly, the medical refrigerators market has witnessed a new avenue in on the back of global need to ensure an adequate supply of COVID-19 vaccines all through the logistics to the storage at the dispensing center. New under-top and countertop designs have come to attract customers and boost the demand of these over the past few years. Notably in blood banks, the demand for these has risen in emerging economies, anchored in the advancement in patient care and medical infrastructure for hospital settings. These trends are boosting the medical refrigerators market.
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Medical Refrigerators Market: Drivers, Current Growth Dynamics, Lucrative Avenues
Rise in application of medical refrigerators for maintaining the integrity of blood and plasm products is a key growth driver for the medical refrigerators market. Strides in transfusion medicine has propelled clinicians’ and healthcare practitioners’ awareness about GMP for fresh frozen plasmas extending the horizon for players in the medical refrigeration market. Blood transfusion is also used for hypovolemic/hemorrhagic shock. The growing incidence of hematological disorders and increasing number of traumatic and road accidents have propelled the demand for blood products.
The growing use of medical refrigerators for preserving insulin, chemotherapy drugs, and a range of topical preparations has fueled the revenues streams for medical refrigerators market. The growing use of these in managing severe hypoglycaemia has also boosted the demand. Developing economies are keen on adopting new medical refrigeration technologies for cold chain to ensure the safe storage of medicines.
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Medical Refrigerators Market: Competition Landscape and Key Developments
Biotech manufacturers are constantly innovating in materials used, sensors, and storage capacities to unveil technologically-advanced products in the medical refrigerators market. State-of-the art technologies help players to meet the stringent regulations for maintaining the integrity of products in the pharmaceutical and medical industries. Top players are focusing on cutting-edge innovation to meet the changing regulatory environments.
Several players are incorporating intuitive web-based interfaces and offering graphic displays. Many manufacturers are also devising low and ultra-low temperature settings and data recording and management systems to boost the functionality.
Some of the players at the forefront of innovations in this regard are Thermo Fisher Scientific, B Medical Systems, and Helmer Scientific, and Blue Star. Some other players in the medical refrigerators market are Lec Medical, FOLLETT LLC, PHC Holdings Corporation, Vestfrost Solutions, Godrej & Boyce Manufacturing Company Limited, and Philipp Kirsch GmbH.
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Medical Refrigerators Market: Regional Landscape
The global medical refrigerators market has witnessed growth in revenues from North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Asia Pacific is projected to be a lucrative region with vast potential opportunities. The growth is propelled by the rise in demand for blood and plasma products in meeting the needs of the target population. Strides in the production of vaccines and various types of pharmaceutical products are propelling the prospects of the regional market. The opportunities in the North America and Europe medical refrigeration markets are expected to be fueled by the continuous launched of product innovation.
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