The report highlights the key factors driving the market growth and prominent players with their developments in the market.
Medical Refrigerators Market: Insight
According to our latest study on “Medical Refrigerators Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Design Type, Door Type, Temperature Control Range, and End User,” the market is projected to reach US$ 5,050.93 million by 2028 from US$ 3,397.48 million in 2021; it is expected to grow at a CAGR of 5.8% from 2021 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
The major factors driving to the growth of the market are increasing demand for blood and blood components, technological advancements in medical refrigerators, and growing R&D activities to introduce new drug compounds. However, use of refurbished equipment and high costs associated with ultralow-temperature freezers restrain the market growth. Medical refrigerators are designed to meet the temperature requirements for safe and effective drug storage. They are used to store vaccines, pharmaceuticals, chemotherapeutics, blood, plasma, and other samples that require tight temperature control. Their ability to emit less heat and work without creating noise make them more reliable products for the storage of medicinal products. The rising occurrence of hematological disorders and an increment in the number of accidents propel the requirement of blood and blood components, such as plasma, which eventually triggers the need for freezers and refrigerators for storing these products at the blood bank. These conditions are encouraging infrastructural and technological developments in blood banks worldwide, thereby boosting the demand for refrigerators for medical and laboratory use.
Download sample PDF Copy of Medical Refrigerators Market study at: https://www.theinsightpartners.com/sample/TIPRE00006857/
Medical Refrigerators Market: Competitive Landscape
The growth of the medical refrigerators market is primarily attributed to the factors such as increasing demand for blood and blood components, technological advancements in medical refrigerators, and growing R&D activities to introduce new drug compounds. However, the use of refurbished equipment and high costs associated with ultralow-temperature freezers hinder the market growth. THERMO FISHER SCIENTIFIC INC., Philipp Kirsch GmbH, Godrej & Boyce Manufacturing Company Limited, Haier Group Corporation, Blue Star Limited, Helmer Scientific Inc., Vestfrost Solutions, PHC Holdings Corporation, FOLLETT LLC, and Lec Medical are among the leading companies operating in the market.
Europe witnesses an exponential growth in the number of COVID-19 confirmed cases, especially in 2020. Spain, Germany, France, Italy, and the UK are the most affected countries in the region. As part of its short-term impact, the COVID-19 pandemic has underlined the need to revise regulatory process and bring changes in the research and development processes. Moreover, the launch of vaccination programs in different countries is expected to propel the demand for medical refrigerators. For instance, in March 2021, CoolMed had to move a warehouse to accommodate accelerated growth in demand for medical refrigerators.
Increasing Demand for Blood and Blood Components Fuels Medical Refrigerators Market Growth
Blood and blood components perform many vital functions in the body. Consequently, severe blood loss could result in life-threatening conditions such as hypovolemic/hemorrhagic shock, which require immediate blood transfusion to prevent organ failure and death. Blood transfusion is one of the important steps in many surgical procedures, as well as in chemotherapy, stem cell therapy, and organ transplantation procedures; it is also employed in the treatment of acute and chronic diseases caused by deficiencies or defects in plasma proteins or cellular blood components, to avoid complications such as life-threatening hemorrhage or to improve the quality of life. For instance, as per the data provided by WHO, anemia affects ~25% of the population, i.e., ~1.6 billion people, worldwide; the prevalence of the condition is highest, i.e., 47.4%, among toddlers and children of preschool age. As per the estimates of the National Hemophilia Foundation, more than 400,000 people in the world are affected by the hemophilia. According to the American National Red Cross 2018 data findings, ~7,000 units of platelets and 10,000 units of plasma are required daily in the US, and ~21 million blood components are transfused each year in the US. The increasing demand for safe blood and blood components for transfusion has encouraged the manufacturing or development of various types of blood bank freezers; it has also triggered the adoption of ULT freezers for secure storage due to the strict guidelines imposed by the WHO for the storage of blood samples, which is contributing to the medical refrigerators market growth.
Medical Refrigerators Market: Segmentation
Based on product type, the medical refrigerators market is segmented into laboratory refrigerators and freezers, chromatography refrigerators and freezers, ultra-low-temperature freezers, blood bank refrigerators and plasma freezers, cryogenic storage systems, pharmacy refrigerators and freezers, enzyme refrigerators and freezers, hospital refrigerators and freezers, shock freezers, and others. The blood bank refrigerators and plasma freezers segment held the largest share of the market in 2020. The increasing prevalence of different diseases and rise in number of road accidents, underlining the need to maintain adequate stock in blood banks and organizing blood donation camps, is boosting the market growth of the segment. Further, the same segment is expected to grow at the highest CAGR during 2021–2028.
Based on design type, the medical refrigerators market is segmented into explosion-proof refrigerators, undercounter medical refrigerators, countertop medical refrigerators, and flammable material storage refrigerators. The countertop medical refrigerators segment held the largest share of the market in 2020. However, the undercounter medical refrigerators segment is estimated to register the highest CAGR in the market during the forecast period. The market growth for the countertop medical refrigerators segment can be attributed to its compact size and ability to fit in smaller spaces such as small reperch labs, clinics, and remotely located healthcare facilities.
Based on by door type, the medical refrigerators market is segmented into single door and double door. The double door segment held a larger share of the market in 2020. However, the single door segment is anticipated to register a higher CAGR in the market during the forecast period. The growth of the market for double-door medical refrigerators is mainly attributed to the growing biotechnology and pharmaceutical industry and increasing demand from large healthcare institutions for the storage of a large volume of samples and products.
Buy Complete Report of Medical Refrigerators Market Study at: https://www.theinsightpartners.com/buy/TIPRE00006857/
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
We are committed to provide highest quality research and consulting services to our customers. We help our clients understand the key market trends, identify opportunities, and make informed decisions with our market research offerings at an affordable cost.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
E-mail: sam@theinsightpartners.com