Medical Refrigerators Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Temperature Control Range (Between -2°C and -8°C, Between -1°C and -50°C, Between -51°C and -150°C, and Below -151°C), Product Type (Laboratory Refrigerators and Freeze

Medical Refrigerators Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Temperature Control Range (Between −2°C and −8°C, Between −1°C and −50°C, Between −51°C and −150°C, and Below −151°C), Product Type (Laboratory Refrigerators and Freezers, Blood Bank Refrigerators and Plasma Freezers, Pharmacy Refrigerators and Freezers, Cryogenic Storage Systems, Vaccine Refrigerators, and Others), Design Type (Explosion-Proof Refrigerators, Undercounter Medical Refrigerators, Countertop Medical Refrigerators, and Flammable Material Storage Refrigerators), and End User (Hospitals and Pharmacies, Blood Banks, Pharmaceutical Companies, Research Institutes, Diagnostic Centers, and Others)             

The medical refrigerators market is expected to grow from US$ 4,665.97 million in 2022 to US$ 6,499.18 million by 2028; it is estimated to register a CAGR of 5.8% from 2022 to 2028. The market growth is attributed to the increasing demand for blood and blood components, technological advancements in medical refrigerators, and growing R&D activities to introduce new drug compounds. However, growing use of refurbished equipment and high costs associated with ultra-low temperature freezers restrain the medical refrigerators market growth.

Several players operating in the medical refrigerators market are developing and launching new products. The strategic expansion of geographic presence and manufacturing capacities, along with the launch of new products, helps companies cater to a broad customer base. A few of the recent developments contributing to the medical refrigerators market growth are mentioned below.

In February 2023, PHC Corporation of North America, the supplier of the PHCbi brand of cell preservation and growth products in North American and Latin American markets, launched the PHCbi brand VIP ECO SMART ultra-low temperature freezer series for use in facilities including medical institutions, universities, and pharmaceutical companies.
In February 2022, Haier Biomedical vaccine refrigerators launched the CCEOP Phase III program in Uganda, and the training seminar was held simultaneously. Beyond Logistics Ltd (BLL), a local partner of Haier Biomedical, will be responsible for the warehousing, distribution, installation, and commissioning of the 1,435 vaccine refrigerators in over 130 districts across the country.
In August 2022, Lec Medical launched a cloud-connected refrigeration range to enhance safe storage and remove time-consuming paper-based recording for pharmacy staff. Lec’s new Pharmacy Connect range enables remote appliance diagnostics to protect vaccine stocks and other temperature-sensitive medicines.
In February 2021, Blue Star Limited launched a new range of commercial refrigeration products and solutions, which are said to be ideal for storing vaccines.
In April 2020, Thermo Fisher Scientific signed a partnership agreement with DKSH to distribute its Revco RDE Series Ultra Low Temperature (ULT) freezers. This agreement mainly focuses on the clinical sector.

Growing Emphasis on Temperature Uniformity and Energy Efficiency is Anticipated to Affect Medical Refrigerators Market Growth Positively.

The energy intensity of laboratories has come into focus in recent years due to increased electricity costs and widespread awareness regarding the massive carbon footprint associated with their operations. Most cascade (compressor-based) ULT freezers consume as much power as a typical household. Moreover, they generate heat and noise, need a significant amount of electricity, and require frequent maintenance. The end users of ULT freezers such as biobanks and research laboratories demand uniformity of temperature, along with precision and efficient storage facilities. The medical refrigerator market vendors focus on providing temperature uniformity in their products to attract more consumers. These refrigerators also have an extremely low global warming potential, helping organizations meet environmental objectives. However, new energy-efficient units that facilitate 50% reduction in energy consumption, as well as less heat and noise production, are now available in the market. For instance, ECO ULT freezers manufactured by PHC Corporation use natural hydrocarbon (HC) refrigerants to ensure minimal energy consumption, reduced environmental impact, and substantially lower running costs. HC refrigerants have a high latent heat of evaporation; thus, they exhibit greater efficiency in removing heat from the freezer chamber than conventional refrigerants, resulting in up to a 55% reduction in energy consumption and costs. Thermo Fisher Scientific unveiled a new range of hydrocarbon-based ULT freezers, offering laboratories a greener solution marked by less power consumption, less noise, and higher efficiency without compromising the integrity of samples.

Thus, the growing emphasis on temperature uniformity and energy efficiency is emerging as a prevalent trend in the market.

The Report Segments the Medical Refrigerators Market as Follows.

The medical refrigerators market is segmented based on temperature control range, product type, design type, and end user. The medical refrigerators market, by product type, is segmented into laboratory refrigerators and freezers, blood bank refrigerators and plasma freezers, pharmacy refrigerators and freezers, cryogenic freezers and storage systems (including LN2 cryogenic storage system), vaccine refrigerator/freezer, and others. The medical refrigerators market, based on design type, is segmented into countertop medical refrigerators, undercounter medical refrigerators, explosion-proof refrigerators, and flammable material storage refrigerators.

The medical refrigerators market, by temperature control range, is categorized into between −1°C and −50°C, between 2°C and 8°C, between −51°C and −150°C, and below −151°C. The medical refrigerators market, based on end user, is segmented into hospitals and pharmacies, blood banks, pharmaceutical companies, diagnostic centers, research institutes, and others.

International Journal of Drug Regulatory Affairs, American National Red Cross, International Institute for Sustainable Laboratories, Immunization Action Coalition, Public Services and Procurement Canada, UK Advanced Therapy Medical Products (ATMP) Clinical Trials Report, World Health Organization (WHO), World Cancer Research funds, World Bank, Voice of America (VOA), , The Economist, United Nations Children's Fund (UNICEF), and Reuters are among the major primary and secondary sources referred to while preparing the report on the medical refrigerators market.

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