Medical Refrigerators Market Size, Share, And Growth Rate Analysis 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s medical refrigerators market report forecasts the medical refrigerators market size to grow to $5.8 Billion by 2027, with a CAGR (compound annual growth rate) of 7%.
Learn More On The Medical Refrigerators Market Report 2023 – https://www.thebusinessresearchcompany.com/report/medical-refrigerators-global-market-report
Medical Refrigerators Market Size Forecast
The global medical refrigerators market is expected to grow from $4.14 billion in 2022 to $4.43 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical refrigerators market size is expected to grow to $5.8 billion in 2027 at a CAGR of 7.0%.
North America held the largest medical refrigerators market share.
Key Medical Refrigerators Market Driver – Rise In Demand For Storing Biological Products, Blood Samples, Blood Reagents, Vaccines, DNA Samples, And Other Chemicals
According to the report published by the World Health Organization, a specialized agency of the United Nations responsible for international public health, in 2020, 118.5 million blood donations were obtained globally. In low-income nations, children under the age of five account for up to 54% of all blood transfusions, but in high-income countries, the most frequently transfused patient group is over 60 years old, accounting for up to 75% of all transfusions. Thus, the high demand for biological materials such as blood samples, DNA samples, and vaccines, among others is expected to support the growth of medical refrigerators during the forecast period.
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Key Medical Refrigerators Market Trend – Technological Advancement
Many companies are developing new technologies for medical refrigerators for storing medicines and blood to help the medical industry enhance their storing ability and use products in long run. In February 2021, Godrej Appliances, an India-based home appliance company, launched ultra-low temperature technology freezers. These cutting-edge medical freezers are intended to improve the Indian and international medical cold chains and can maintain life-saving medical supplies, including essential vaccinations, below -80 °C.
Medical Refrigerators Market Segment
1) By Product Type: Blood Bank Refrigerator And Plasma Freezer, Laboratory Refrigerator And Freezer, Pharmacy Refrigerator And Freezer, Chromatography Refrigerator And Freezer, Enzyme Refrigerator And Freezer, Ultra-Low-Temperature freezers, Cryogenic Storage Systems
2) By Design Type: Explosive-Proof Refirgerators, Undercounter Medical Refrigerators, Countertop Medical Refrigerators, Flammable Material Storage Refrigerators
3) By Temperature Control Range: Between 2 °C and 8 °C, Between 0 °C and -40 °C, and Under -40 °C
4) By Volume: Below 50 Litres, 50-200 Litres, 200-400 Litres, 400-600 Litres, More Than 600 Litres
5) By End-User: Blood Banks, Pharmaceutical Companies, Hospital and Pharmacies, Research Institutes, Medical And Diagnostic Centres
Medical Refrigerators Market Major Players and Strategies
Major players in the medical refrigerators market are Thermo Fisher Scientific Inc., Blue Star Limited, Haier Biomedical, Helmer Scientific Inc., Vestfrost Solutions, Zhongke Meiling Cyrogenics Company Limited, Philips Kirsch GmbH, LEC Medical, Panasonic, Froilabo SAS, LabRepCo LLC, Aucma, Standex International Corporation, Godrej Group, Fiochetti, PHC Holdings Corporation, Follett LLC, Labcold, Dulas Ltd., HMG India, Felix Storch Inc., SO-LOW, Indrel, Eppendorf AG, and Migali Scientific.
In June 2020, Dulas a UK-based company that pioneered the innovative use of solar, hydro, wind renewable energy, and cutting-edge health care refrigerators for vaccine storage acquired Polestar for an undisclosed amount. The acquisition aimed to strengthen Dulas’ product portfolios in the refrigeration sector. Polestar is a UK-based industrial and medical refrigeration manufacturing company.
The Medical Refrigerators Global Market Report 2023 covers regional data on medical refrigerators market size, medical refrigerators market trends and drivers, opportunities, strategies, and medical refrigerators market competitor analysis. The countries covered in the medical refrigerators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Medical refrigerators are electronic equipment that are used for storing a variety of samples cool safe. These are used to store vaccines and biological samples including blood, blood derivatives, biological reagents, vaccines, pharmaceuticals, flammable chemicals, ribonucleic acid (RBA), and deoxyribonucleic acid (DRA) (DNA).
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