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Medical Refrigerators Market

Medical Refrigerators Market Size, Share & Segment 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), by Regions and Global Forecast 2022-2028

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.

Medical Refrigerators Market Revenue Graph

MARKET DYNAMICS

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

OPPORTUNITIES

  • Government organisations should invest more in medical research and development.

  • Life expectancy is high.

CHALLENGES

  • 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. 

COMPETITIVE LANDSCAPE

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.

MARKET SEGMENTATION:

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 Segment Pie Chart

REGIONAL 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.

REGIONAL COVERAGE:

  • 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 2021 US$ 3.7 Billion
Market Size by 2028 US$ 5.7 Billion
CAGR CAGR of 6.3% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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. 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 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

10.1 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

 

13.Conclusion

 

 

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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

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