Medical Refrigerators Market by Type, End Use (Blood Banks, Pharmaceutical Companies, Hospital & Pharmacies, Research Institutes, Medical Laboratories, Diagnostic Centre), & Region(North America, Europe, APAC, MEA, South America) - Global Forecast to 2026

Medical Refrigerators Market by Type, End Use (Blood Banks, Pharmaceutical Companies, Hospital & Pharmacies, Research Institutes, Medical Laboratories, Diagnostic Centre), & Region(North America, Europe, APAC, MEA, South America) - Global Forecast to 2026

The medical refrigerators market was valued at USD 3.5 Billion in 2020 and is projected to reach USD 4.9 Billion by 2026, at a CAGR of 6.0% during the forecast period. The medical refrigerators market is on course for intense growth across different end use industries such as blood banks, pharmaceutical companies, hospitals, & pharmacies, research institutes, medical laboratories, and diagnostic centers.

“The ultra-low temperature freezers segment, by value, is projected to grow at the highest CAGR during the forecast period”

By product type, ultra-low temperature freezers segment is expected to grow at the highest CAGR during 2021to 2026, by value. Ultra-low temperature freezers (ULT freezers) are used for the storage of drugs, enzymes, chemicals, bacteria, viruses, cell preparations, and tissue samples, among others. Advancements in drug discovery and development and increasing genomics research activities are expected to be the major drivers for the ultra-low temperature freezers market.

“The blood banks segment, by value, is projected to grow at the highest CAGR during the forecast period”

By end-use, blood banks segment is expected to grow at the highest CAGR during 2021 to 2026, by value. The rise in accidental cases resulting in a high demand for blood and plasma for blood transfusion procedures is driving the use of blood bank refrigerators & plasma freezers in the blood bank end-use segment.

“Middle East & Africa, by value, is projected to grow at the highest CAGR during the forecast period”

By region, Middle East & Africa is expected to grow at the highest CAGR during 2021 to 2026, by value. Investments by major pharmaceutical companies, coupled with the availability of government funds for the promotion of R&D activities in this region, are responsible for the growth of the laboratory freezers market in the Middle East & Africa.

Profile break-up of primary participants for the report:
By Company Type: Tier 1 – 65%, Tier 2 – 20%, and Tier 3 – 15%
By Designation: C-level – 25%, Director Level – 30%, and Others– 45%
By Region: Asia Pacific – 40%, North America – 30%, Europe – 20%, South America – 3%, Middle East & Africa – 7%

Some of the key market players in the medical refrigerators market include Thermo Fisher Scientific Inc. (US), Blue Star Limited (India), Haier Biomedical (China), Aucma (China), Standex International Corporation (US), Godrej & Boyce Manufacturing Co Ltd. (India), Helmer Scientific Inc. (US), Vestfrost Solutions (Denmark), Zhongke Meiling Cryogenics Company Limited (China), Fiochetti (Italy), PHC Holdings Corporation (Japan), Follett LLC (US), Labcold (UK), Dulas Ltd. (UK), HMG India (India). These players have adopted product launches, expansions, contracts, partnerships, and agreements as their growth strategies.

Research Coverage:

The report defines, segments, and projects the medical refrigerators market based on product type, end use, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It analyzes competitive developments, such product launches, expansions, contract, partnerships, and agreements, undertaken by the players in the market.

Reasons to Buy the Report:

The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the medical refrigerators market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.