The Medical Refrigerators Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Medical Refrigerators Global Market Report 2024, The medical refrigerators market size has grown strongly in recent years. It will grow from $4.51 billion in 2023 to $4.89 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to vaccine storage, blood bank expansion, pharmaceutical industry growth, regulatory compliance, medical research.
The medical refrigerators market size is expected to see strong growth in the next few years. It will grow to $6.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to patient safety, point-of-care testing, biologics storage, pharmaceutical cold chain, sustainable refrigeration. Major trends in the forecast period include energy-efficient technologies, customized refrigeration solutions, advanced pharmaceuticals, remote temperature monitoring, biotechnology advancements.
The rising demand for storing biological products, blood samples, blood reagents, vaccines, DNA samples, and other chemicals is propelling the growth of the medical refrigerator market. The increased demand for biologic products is driven by an increase in the demand for donated blood, an increase in the number of blood donors worldwide, and an increase in the prevalence of infectious illnesses. These products require a constant temperature to preserve and increase their life span to keep them long-lasting. This requirement is fulfilled by the medical refrigerators that can store these products at as low as minus 80-degree Celsius. For instance, in March 2022, according to National Blood Service, a Ghana-based blood transfusion services healthcare organization, in 2021, a total of 173,938 units of blood were collected, marking an increase from the 156,453 units collected in 2020. 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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The medical refrigerators market covered in this report is segmented –
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 System
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
Technological advancements are shaping the medical refrigerator market. 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.
The medical refrigerators market report table of contents includes:
1. Executive Summary
2. Medical Refrigerators Market Characteristics
3. Medical Refrigerators Market Trends And Strategies
4. Medical Refrigerators Market – Macro Economic Scenario
5. Global Medical Refrigerators Market Size and Growth
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26. South America Medical Refrigerators Market
27. Brazil Medical Refrigerators Market
28. Middle East Medical Refrigerators Market
29. Africa Medical Refrigerators Market
30. Medical Refrigerators Market Competitive Landscape And Company Profiles
Top Major Players:
- Thermo Fisher Scientific Inc
- Blue Star Limited
- Qingdao Haier Biomedical Co.Ltd
- Helmer Scientific Inc
- Vestfrost Solutions A/S
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