Medical Refrigerators Market Forecasts to 2028 – Global Analysis By Product Type (Pharmacy Refrigerator & Freezer, Ultra-Low-Temperature Freezer and other product types), End User (Research Institutes, Diagnostic Centre and Other End Users), and By Geogra

Medical Refrigerators Market Forecasts to 2028 – Global Analysis By Product Type (Pharmacy Refrigerator & Freezer, Ultra-Low-Temperature Freezer and other product types), End User (Research Institutes, Diagnostic Centre and Other End Users), and By Geography

According to Stratistics MRC, the Global Medical Refrigerators Market is accounted for $3.8 billion in 2022 and is expected to reach $6.2 billion by 2028 growing at a CAGR of 8.5% during the forecast period. Medical refrigerators are refrigerators used in hospitals, blood banks, diagnostic facilities, pharmacies, academic institutions, analytical laboratories, and clinics to store blood plasma, derivatives, laboratory samples, biological reagents, vaccinations, medications, and equipment at ideal temperatures. The ideal conditions for the secure storage of those products are provided by medical refrigerators. The drivers include rising R&D efforts to develop new medicinal molecules, expanding demand for blood and blood components, and technical developments in medical refrigerators.

According to the Centers for Disease Control and Prevention (CDC), more than 1.6 Mn people have cancer and related ailments, and the cost of care is anticipated to rise to USD 174 Bn. According to the Centers for Disease Control and Prevention (CDC), there were 1,708,921 new cancer cases and 599,265 cancer deaths in the U.S.

Market Dynamics

Driver:

Increasing demand for blood storage centers and blood banks

Blood transfusion treatments are expanding as a result of the rising number of surgeries and the rising prevalence of illnesses. The right temperature and level of cleanliness must be maintained while transporting and storing blood and blood components. Blood banks and storage facilities are in demand due to the rising demand for blood transfusions, which is fueling the market's expansion.

Restraint

Drawbacks associated with medical refrigerators

They are environmentally unfriendly and dangerous if not disposed of properly. The low temperature maintained in freezers and refrigerators helps medical samples protect from vulnerable and fluctuating temperatures, that otherwise hamper their viability. The biggest disadvantage of the refrigerator is the cost to run it. Energy requirements, common repairs are the factors hindering the market growth.

Opportunity

Rising prevalence of chronic diseases

The growing prevalence of chronic conditions such as infectious diseases is driving up demand for medical refrigerators. A reliable cold chain for biologics is made feasible by improving ventilation, monitoring exact temperature and warning systems, and encouraging these actions. Hospitals, pharmacies, clinics, and diagnostic facilities are increasingly in need of secure blood and blood derivative storage, which is driving the market's expansion.

Threat

High cost of equipment

Medical refrigerators are utilised in the pharmaceutical business and are made to keep biomedical samples at low temperatures. Medical refrigerators are highly expensive. Also, these freezers must only be operated by health professionals. Both of these elements contribute to the pricey nature of refrigerators and freezers. As a result, the consumption of such refrigerators is essentially non-existent, which is a major impediment to market expansion.

Covid-19 Impact

The epidemic has resulted in a sharp increase in demand for medical refrigerators. Most hospitals and healthcare organisations are actively working to extend patient monitoring to home care settings or other temporary setups in order to give the best possible care. Medical equipment, such as medical freezers, are in high demand both in hospitals and at home as a result of COVID-19. Manufacturers are placing more and more emphasis on broadening their portfolios in order to meet the rising demand for these devices.

The ultra-low-temperature freezer segment is expected to be the largest during the forecast period

The ultra-low-temperature freezer segment is estimated to have a lucrative growth, due to the rising demand for storing biological products. For long-term storage, laboratories, universities, hospitals, and scientific research facilities use ultra-low temperature freezers. Temperature consistency is the main condition for blood bag storage. Advancements in drug discovery and development and increasing genomics research activities are expected to be the major drivers for the market.

The blood bank segment is expected to have the highest CAGR during the forecast period

The blood bank segment is anticipated to witness the fastest CAGR growth during the forecast period, due to increasing demand for safe blood and rising elderly population. In research laboratories, this equipment is widely used to cool samples for preservation. They comprise refrigeration units to store blood plasma and other blood products, vaccines, and other medical supplies. Hence, these are propelling the segment growth.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing technological development and awareness of people’s health and hygiene. Due to the affordable and skilled labour available in the region. Government programmes to collect more blood units are becoming more prevalent. As funds and investments for improving healthcare infrastructures and facilities increase, the sector is going to expand.

Region with highest CAGR

North America is projected to have the highest CAGR over the forecast period, owing to increased R&D spending and developments. The number of blood banks, pharmacies, and diagnostic labs nationwide is steadily increasing. The presence of prominent market players is another advantage for the biomedical refrigerators and freezers industry. The market will advance due to rising cancer incidence and a rise in the use of refrigerators.

Key players in the market

Some of the key players profiled in the Medical Refrigerators Market include Philips Kirsch GmbH, PHC Holdings Corporation, Standex International Corporation, Vestfrost Solutions, Panasonic, Haier Biomedical, HMG India, LEC Medical, Godrej Group, Thermo Fisher Scientific Inc., Fiochetti, Blue Star Limited, Helmer Scientific Inc., Eppendorf AG, LabRepCo LLC, Migali Scientific, Dulas Ltd., Froilabo SAS, Felix Storch Inc. and Carelab Technology.

Key Developments

In June 2021, Thermo Scientific TSX Series Ultra-Low Temperature (ULT) Freezers were improved in many ways to include additional functionality to provide safeguards for materials such as vaccines, cell culture media, biologics, and reagents in research, pharmaceutical manufacturing, clinical, biorepository, and industrial laboratories.

In March 2021, Helmer Scientific announced its launch of GX Solutions Laboratory and Plasma Freezers for vaccines, blood therapies and medicines. It is powered by Opticool technology and are 1st professional medical grade feezers that are specially developed for applications related to clinical healthcare via tempratue control, less energy usage and noise reduction.

Product Types Covered:
• Pharmacy Refrigerator & Freezer
• Ultra-Low-Temperature Freezers
• Blood Bank Refrigerator & Plasma Freezer
• Laboratory Refrigerator & Freezer
• Cryogenic Refrigerator & Freezer
• Enzyme Refrigerator & Freezer
• Chromatography Refrigerator & Freezer

End Users Covered:
• Research Institutes
• Diagnostic Centre
• Medical Labroratories
• Blood Banks
• Pharmaceutical Companies
• Hospital & Pharmacies

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements