Medical Refrigerators Market Trend & Forecast | 2022-28

Market Insights

The medical refrigerators market is likely to grow from USD 3.66 billion in 2021 to reach USD 5.5 billion by 2028 at a healthy CAGR of 5.95 % during the forecast period.

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What are medical refrigerators?

Medical refrigerators are medical equipment that are used to store a variety of samples of biological origin such as blood, derivatives of blood, biological reagents, vaccines, medicines, flammable chemicals, ribonucleic acid (RBA), and deoxyribonucleic acid (DNA).

Medical refrigerators are of different types, such as blood bank refrigerators & plasma freezers, laboratory refrigerators & freezers, pharmacy refrigerators & freezers, chromatography refrigerators & freezers, enzyme refrigerators & freezers, ultra-low-temperature freezers, and cryogenic storage systems, that are used in various end-use industries such as blood banks, pharmaceutical companies, hospitals & pharmacies, research institutes, and medical laboratories, and diagnostic centres.

Market dynamics

These factors are expected to boost the demand for the market in the coming year:

• The surge in demand for safe storage of blood and blood derivatives from hospitals, pharmacies, clinics, and diagnostic centers.
• The market for medical refrigerators is to see new demands due to the rising prevalence of chronic disorders such as infectious diseases.
• An increase in the use of medical refrigerators to preserve the quality of blood and plasma products.

Key Players

Some of the major manufacturers are-

• Blue Star Limited
• Felix Storch Inc
• Follett LLC
• Helmer Scientific
• Haier Biomedical
• LEC Medical
• Philipp Kirsch GmbH
• PHC Holdings Corporation
• Thermo Fisher Scientific Inc.
• Vestfrost Solutions.

Segment Analysis

By Product Type

The market is segmented as blood bank refrigerators & plasma freezers, laboratory refrigerators & freezers, pharmacy refrigerators & freezers, chromatography refrigerators & freezers, enzyme refrigerators & freezers, ultra-low-temperature freezers, and cryogenic storage systems. 

The blood bank refrigerators & plasma freezers product segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period. The extensive use of blood bank refrigerators & plasma freezers in blood banks, pharmaceutical companies, hospitals, & pharmacies, research institutes, and medical laboratories is driving the growth of this segment.

By End-Use Type

The medical refrigerators market is segmented into blood banks, pharmaceutical companies, hospitals & pharmacies, research institutes, and medical laboratories, and diagnostic centers. The blood banks industry segment dominates the market, as there is an increase in the prevalence of hematological diseases and a rise in the number of accidents, which have raised the demand for plasma for use in plasma fractionation procedures.

By Region

North America is estimated to be the largest as well as fastest-growing medical refrigerators market during the forecast period, with the USA, Canada, and Mexico being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as blood banks, pharmaceutical companies, hospitals & pharmacies, research institutes, and medical laboratories, and diagnostic centers, which are generating huge demand for medical refrigerators. Asia-Pacific and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

 The market is segmented into the following categories. 

By Product Type:

• Blood Bank Refrigerators & Plasma Freezers
• Laboratory Refrigerators & Freezers 
• Pharmacy Refrigerators & Freezers 
• Chromatography Refrigerators & Freezers 
• Enzyme Refrigerators & Freezers 
• Ultra-Low-Temperature Freezers 
• Cryogenic Storage Systems 

By End-Use Type:

• Blood Banks
• Pharmaceutical Companies 
• Hospitals & Pharmacies 
• Research Institutes 
• Medical Laboratories 
• Diagnostic Centers 

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle, and supply chain analysis
• Report environment analysis: Growth drivers and constraints, Porter’s five forces, and SWOT analysis
• Trend and forecast analysis.
• Segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors. 

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by end-use type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.