Report Scope & Overview:

Medical Refrigerators Market Size was evaluated at USD 3.93 billion in 2022, and is predicted to increase at a CAGR of 6.3% between 2023 and 2030, to reach USD 6.41 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.

Medical Refrigerators Market Revenue Analysis



  • 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.


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

  • Laboratory Refrigerator

  • Pharmacy Refrigerator

  • Chromatography Refrigerator

  • Enzyme Refrigerator

  • Ultra-Low-Temperature freezers

  • Cryogenic Storage Systems

By End Use

  • Blood Banks

  • Pharmaceutical Companies

  • Hospital & Pharmacies

  • Research Institutes

  • Medical Labroratories

  • Diagnostic Centre

Medical Refrigerators Market Segmentation Analysis


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.


  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The 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

Medical Refrigerators Market Report Scope:
Report Attributes Details
Market Size in 2022 US$ 3.93 Billion
Market Size by 2030 US$ 5.7 Billion
CAGR CAGR of 6.3% From 2023 to 2030
Base Year 2022
Forecast Period 2023-2030
Historical Data 2020-2021
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

The market size for the Medical Refrigerators Market was valued at USD 3.93 billion in 2022.

The expected CAGR of the Medical Refrigerators Market is 6.3% during the forecast period 2023-2030.

The leading players in the Medical Refrigerators Market include 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.

High equipment costs and underutilized medical equipment due to a lack of knowledge are the challenges of the Medical Refrigerators Market.

Medical Refrigerators Market is segmented into 2 types: By Product Type and By End-user.

Table of Contents


1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions


2. Research Methodology


3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges


4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World


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 User

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

10.1 Introduction

10.2 North America

10.2.1 USA

10.2.2 Canada

10.2.3 Mexico

10.3 Europe

10.3.1 Germany

10.3.2 UK

10.3.3 France

10.3.4 Italy

10.3.5 Spain

10.3.6 The Netherlands

10.3.7 Rest of Europe

10.4 Asia-Pacific

10.4.1 Japan

10.4.2 South Korea

10.4.3 China

10.4.4 India

10.4.5 Australia

10.4.6 Rest of Asia-Pacific

10.5 The Middle East & Africa

10.5.1 Israel

10.5.2 UAE

10.5.3 South Africa

10.5.4 Rest

10.6 Latin America

10.6.1 Brazil

10.6.2 Argentina

10.6.3 Rest of Latin America


11.Company Profiles

11.1 Blue Star Limited           

11.1.1 Financial

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

11.9LEC Medical

11.10 Follett LLC


12.Competitive Landscape

12.1 Competitive Benchmark

12.2 Market Share analysis

12.3 Recent Developments



An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.


The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.

Share Page
Start a Conversation

Hi! Click one of our member below to chat on Phone