Report Id: SNS/C&M/1891 | June 2022 | Region: Global | 125 Pages
Report Scope & Overview:
Medical Refrigerators Market Size was evaluated at USD 3.7 billion in 2021, and is predicted to increase at a CAGR of 6.3% between 2022 and 2028, to reach USD 5.7 billion.
Medical refrigerators are devices that are used to preserve biological materials which including blood, blood derivatives, biological reagents, vaccines, pharmaceuticals, flammable compounds, ribonucleic acid (RBA), and deoxyribonucleic acid (DNA) (DNA). These items provide ideal conditions and ensure that biological samples are stored efficiently. In hospitals, clinics, surgery centers, research laboratories, pharmacies, and other medical institutions, medical experts employ medical refrigerators are used.
Demand for blood storage facilities and blood banks is on the rise.
Medical refrigerators have advanced in terms of technology.
Expanding R&D Activities to Bring New Drug Compounds to Market
Equipment that has been refurbished
Extremely High Costs of Ultralow-Temperature Freezers
Government organisations should invest more in medical research and development.
Life expectancy is high.
High equipment costs
Medical equipment is underutilized due to a lack of knowledge.
IMPACT OF COVID-19
The pandemic is projected to have an impact on several aspects of the medical refrigerators value chain, which will be reflected over the forecast period. COVID-19 has the following effects:
Medical refrigerator demand has risen dramatically as a result of the pandemic. To provide optimal treatment, most hospitals and healthcare organisations are actively attempting to expand patient monitoring to home care settings or other temporary setups.
COVID-19 has resulted in a large increase in demand for medical equipment, such as medical freezers, both in hospitals and at home. To accommodate the growing demand for these gadgets, manufacturers are increasingly focusing on diversifying their portfolios. In reaction to COVID-19, the market for medical refrigerators saw a surge in demand during the first quarter of 2020. Clinical cooler interest and reception, then again, have been predictable over time, and this pattern has continued well into 2021.
By Product Type
During the projected period, the fraction of freezers at very low temperatures is expected to rise rapidly. Long-term storage is done in refrigerators with very low temperatures in laboratories, universities, hospitals, and scientific research institutes. The market for low-temperature refrigerators is likely to be fueled by drug discovery and development, as well as an increase in genomics research activities.
By End Use
During speculation, part of the blood banks is predicted to increase rapidly. A blood bank is a place where blood or blood plasma is collected, stored, and processed for future use in refrigeration procedures. The need for safe blood is increasing due to the increasing availability of transfusion cases.
Some of the major key players are as follows: Blue Star Limited, Felix Storch, Inc., Thermo Fisher Scientific Inc., Helmer Scientific, PHC Holdings Corporation, Philipp Kirsch GmbH, Haier Biomedical, Vestfrost Solutions, LEC Medical, Follett LLC, and Zhongke Meiling Cryogenics Company Limited.
By Product Type
Blood Bank Refrigerator & Plasma
Cryogenic Storage Systems
By End Use
Hospital & Pharmacies
During the predicted period, the Middle East and Africa are expected to increase at a quicker pace. When compared to other geographic locations, the Middle East and Africa has a lesser market for medical refrigerators. Nevertheless, the overall picture is positive due to forecasts of strong expansion in the region's pharmaceutical business. The demand for healthcare services in this region has increased as a result of factors besides an ageing population, increasing medical awareness, higher prevalence of chronic diseases, and rising discretionary budgets.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 3.7 Billion|
|Market Size by 2028||US$ 5.7 Billion|
|CAGR||CAGR of 6.3% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Product Type (Blood Bank Refrigerator & Plasma, Laboratory Refrigerator, Pharmacy Refrigerator, Chromatography Refrigerator, Enzyme Refrigerator, Ultra-Low-Temperature freezers, Cryogenic Storage Systems)
• By End Uses (Blood Banks, Pharmaceutical Companies, Hospital & Pharmacies, Research Institutes, Medical Labroratories, Diagnostic Centre)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Blue Star Limited, Felix Storch, Inc., Thermo Fisher Scientific Inc., Helmer Scientific, PHC Holdings Corporation, Philipp Kirsch GmbH, Haier Biomedical, Vestfrost Solutions, LEC Medical, Follett LLC, and Zhongke Meiling Cryogenics Company Limited.|
|DRIVERS||• Demand for blood storage facilities and blood banks is on the rise.
• Medical refrigerators have advanced in terms of technology.
• Expanding R&D Activities to Bring New Drug Compounds to Market
|Restraints||• Equipment that has been refurbished
• Extremely High Costs of Ultralow-Temperature Freezers
Frequently Asked Questions (FAQ) :
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine ware
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Medical Refrigerators Market Segmentation, By Product Type
8.1 Blood Bank Refrigerator & Plasma
8.2 Laboratory Refrigerator
8.3 Pharmacy Refrigerator
8.4 Chromatography Refrigerator
8.5 Enzyme Refrigerator
8.6 Ultra-Low-Temperature freezers
8.7 Cryogenic Storage Systems
9. Medical Refrigerators Market Segmentation, By End Use
9.1 Blood Banks
9.2 Pharmaceutical Companies
9.3 Hospital & Pharmacies
9.4 Research Institutes
9.5 Medical Laboratories
9.6 Diagnostic Centre
10. Regional Analysis
10.2 North America
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4.2 South Korea
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.3 South Africa
10.6 Latin America
10.6.3 Rest of Latin America
11.1 Blue Star Limited
11.1.2 Products/ Services Offered
11.1.3 SWOT Analysis
11.1.4 The SNS view
11.2 Felix Storch, Inc.
11.3 Thermo Fisher Scientific Inc.
11.4 Helmer Scientific
11.5 PHC Holdings Corporation
11.6 Philipp Kirsch GmbH
11.7 Haier Biomedical
11.8 Vestfrost Solutions
11.10 Follett LLC
12.1 Competitive Benchmark
12.2 Market Share analysis
12.3 Recent Developments
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