Global Medical Refrigerators for Vaccine Storage Market - 2022-2029

Global Medical Refrigerators for Vaccine Storage Market - 2022-2029

Market Overview

Medical Refrigerators for Vaccine Storage Market is expected to grow at a high CAGR of 9.8% during the forecasting period (2022-2029).

Medical refrigerators are mainly designed to meet the challenging temperature requirements for the safe storage of vaccines. These refrigerators can safely store a range of vaccines, such as rotavirus, influenza, and MMRV, at temperatures ranging from 35 °F to 46 °F. Such instruments have a microprocessor-based system that tests temperatures precisely. Digital sensors (such as resistance temperature detectors [RTDs, thermocouples and thermistors]) are also used to track the interior's temperature. The major factors propelling medical refrigerators' growth for the vaccine Storage market are the increase in the number of government initiatives regarding medical refrigeration. Moreover, growing chronic diseases across the globe are the major factor driving the market's growth over the forthcoming period.

Market Dynamics

The rising number of chronic diseases such as diabetes, cardiovascular diseases, neurological diseases, and others is expected to stimulate the production of a large number of new vaccines and medications. Therefore, demand for a medical refrigerator with a standardized temperature facility to efficiently store the vaccines and medications safe & contamination-free for a longer period. For instance: According to the World Health Organization (WHO), it is projected that by the end of 2020, Chronic disease will account for three-quarter of all deaths worldwide, including 75% of death due to stroke, 71% of deaths due to ischemic heart disease and 70% of deaths due to diabetes in developing countries. Since, for medicinal, pharmaceutical, and biomedical storage and processing, refrigerators deliver safe and efficient temperature control. Door openings and closures have a quick recovery time for stable and uniform temperatures with a focus on precise temperature regulation.

On the other hand, the high cost associated with the medical refrigerators for vaccine storage is a key factor expected to curtail the growth of the market over the forecast period. Moreover, consumer preference for refurbished devices over new medical refrigerators is another factor that may hamper the growth of the market in the near future.

Market Segmentation: The blood bank refrigerators segment is projected to be the dominant segment in the market during the forecast period

Blood bank refrigerators dominated the global market in 2021, whereas plasma freezers are expected to present considerable growth in the near future. In the immunohematology department, blood bank refrigerators are beneficial and provide safe and adequate storage of whole blood and components (e.g., plasma, blood cells) and reagents.

Based on application, blood banks held the dominant position in the global market during the forecast period. Factors anticipated towards the largest share of blood bank is increased demand for safe blood due to the high incidence of transmissible transfusion diseases, such as hepatitis B, HIV, and awareness of safe blood and an increasingly elderly population. Such equipment is typically used in research laboratories to cool samples/samples for storage. They have cooling systems for storing blood plasma and other blood products, vaccines, and other medical supplies.

Geographical Penetration: North America is the dominating region during the forecast period

North America is holding a dominant position in the global medical refrigerators for vaccine storage market in 2021. In North America, the U.S. is expected to represent considerable growth during the forecast period. Factors anticipated towards the growth of the region is the rise in technological advancements and growing awareness about safe blood storage. On the other hand, medical refrigerators for vaccine storage market for the Asia Pacific is expected to observe rapid growth over the forecast period, backed by the increasing technological development and awareness of people's health and hygiene. Additionally, Europe is estimated to grow at a significant pace in the market due to the growing government initiatives for developing technological products and the existence of major companies in the Region such as Thermo fisher scientific, and Migali scientific.

Competitive Landscape:

The Medical Refrigerators for Vaccine Storage market is highly competitive, owing to the presence of big market players in the industry. The key Medical Refrigerators for Vaccine Storage players which are contributing to the growth of the global market include Standex (ABS), Fiocchetti, SO-LOW, Zhongke Duling, Aucma, Labcold, TEMPSTABLE, INDREL, HAIER, Panasonic, and HELMER, among others. The major players are adopting new product launch and expansion strategies for global growth in the medical refrigerators for vaccine storage market. Leading medical refrigerator makers such as Godrej Appliances, Voltas and Blue Star are gearing up to cater to needs of Covid vaccine manufacturers by enhancing their cooling technologies in view of the requirement to store vaccines at ultra-low temperatures. In February 2021, Blue Star Limited launched a new range of commercial refrigeration products and solutions which are ideal for storing vaccines.

COVID-19 Impact: Positive impact on the global medical refrigerators for vaccine storage market

The outbreak of COVID-19 has positively impacted the growth of the medical refrigerators for the vaccine storage market globally. The government and various other health organization has taken favourable initiatives regarding the production of vaccines of Novel coronavirus and therefore leverages the demand for medical refrigerators for vaccine storage across the globe. For instance, on March 23rd, 2020, scientists in the United Kingdom-based Oxford University have developed rapid antibody detection kits which hold the ability to detect whether the individual is infected by Covid-19 in just about 30 minutes and specifically recognize RNA and RNA fragments.

The global medical refrigerators for vaccine storage market report would provide an access to approximately 51 market data tables, 45 figures and 190 pages