The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

1. Introduction

The medical refrigerators market has witnessed robust growth, evolving from $4.51 billion in 2023 to a projected $4.89 billion in 2024, showcasing a Compound Annual Growth Rate (CAGR) of 8.3%. This surge is attributed to various factors, such as vaccine storage, blood bank expansion, pharmaceutical industry growth, regulatory compliance, and advancements in medical research.

1. Projected Growth and Key Drivers
2. Forecasted Expansion

The market is poised for continued expansion, with a projected growth to $6.84 billion in 2028, at a higher CAGR of 8.8%. This growth is anticipated due to factors like patient safety, point-of-care testing, biologics storage, pharmaceutical cold chain, and the increasing emphasis on sustainable refrigeration practices.

1. Influential Factors

1. Patient Safety: Ensuring the integrity of medical samples and products.
2. Point-of-Care Testing: Growing emphasis on immediate and on-site medical diagnostics.
3. Biologics Storage: Demand for specialized storage solutions for biological products.
4. Pharmaceutical Cold Chain: Maintaining the integrity of temperature-sensitive pharmaceuticals.
5. Sustainable Refrigeration: Adoption of eco-friendly refrigeration solutions.

III. Growing Demand For Medical Refrigerators

1. Biological Product Storage

The escalating demand for storing biological products, including blood samples, vaccines, and DNA samples, is a driving force behind the market’s growth. This surge is fueled by the increased need for donated blood, a rise in blood donors globally, and an upswing in infectious illnesses.

1. Noteworthy Statistics

• In 2021, Ghana’s National Blood Service collected 173,938 units of blood, a significant increase from the 156,453 units collected in 2020.
• Major companies in the market include Thermo Fisher Scientific Inc., Blue Star Limited, and Qingdao Haier Biomedical Co. Ltd.

View More On The Medical Refrigerators Market Report 2024 – https://www.thebusinessresearchcompany.com/report/medical-refrigerators-global-market-report

1. Technological Advancements
2. Shaping the Market

Technological advancements are reshaping the landscape of medical refrigerators. Companies are actively developing new technologies to enhance the storing ability of medicines and blood, ensuring their longevity.

1. Exemplary Innovations

1. In February 2021, Godrej Appliances introduced ultra-low-temperature technology freezers to improve medical cold chains.
2. Azenta Inc.’s acquisition of B Medical Systems S.à R.L. in October 2022 for $468.7 million enhances cold chain expertise and introduces secure transport solutions for temperature-sensitive samples.

1. Market Segmentation

The medical refrigerators market is segmented based on various criteria, providing a comprehensive overview of the industry.

1. By Product Type

1. Blood Bank Refrigerator And Plasma Freezer
2. Laboratory Refrigerator And Freezer
3. Pharmacy Refrigerator And Freezer
4. Chromatography Refrigerator And Freezer
5. Enzyme Refrigerator And Freezer
6. Ultra-Low-Temperature Freezers
7. Cryogenic Storage Systems

1. By Design Type

1. Explosive-Proof Refrigerators
2. Undercounter Medical Refrigerators
3. Countertop Medical Refrigerators
4. Flammable Material Storage Refrigerators

1. By Temperature Control Range

1. Between 2 °C and 8 °C
2. Between 0 °C and -40 °C
3. Under -40 °C

1. By Volume

1. Below 50 Liters
2. 50-200 Liters
3. 200-400 Liters
4. 400-600 Liters
5. More Than 600 Liters

1. By End-User

1. Blood Banks
2. Pharmaceutical Companies
3. Hospital and Pharmacies
4. Research Institutes
5. Medical And Diagnostic Centers

1. Regional Dominance

North America emerged as the largest region in the medical refrigerators market in 2023, underscoring the region’s pivotal role in the industry’s growth.

VII. Conclusion

The medical refrigerators market is experiencing a transformative phase, driven by the increasing demand for biological products and fueled by technological advancements. As the industry gears up for sustained growth, innovative solutions, and a comprehensive approach to diverse market segments will be pivotal in meeting evolving healthcare needs.

Request A Sample Of The Global Medical Refrigerators Market Report 2024:
https://www.thebusinessresearchcompany.com/sample_request?id=6407&type=smp