Globally, the medical refrigerators and freezer Market is expected to expand at a significant CAGR over the next few years due to its growing scope and applications. Key factors such as technological advancements in medical refrigerators and freezers, increasing incidence of chronic and infectious diseases, rising demand for advanced refrigerators and freezers to store vaccines, and rising geriatric population are expected to drive global market growth during the forecast period.
Medical refrigerators and freezers are one of the most essential equipment designed to meet the recommended CDC temperature requirements for storing vaccines, medications, drugs, plasma, and plasma products at respective optimum temperatures. Medical-grade refrigerators and freezers are high-quality products that are widely used in hospitals, research centers, pharmacies, and blood banks to protect frozen vaccines, samples, and drugs from fluctuating temperatures. Increasing incidence of medical disorders, trauma, and road accidents has resulted in rising adoption of medical refrigerators and freezers.
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However, high costs associated with medical refrigerators and freezers, lack of sufficient infrastructure and budget constraints to deploy high-quality medical refrigerators and freezers, and dearth of skilled medical experts and physicians to operate these freezers are expected to hamper overall market growth to a certain extent going ahead.
Between 2°C and 8°C Segment To Register Rapid Revenue CAGR:
Between 2°C and 8°C is expected to register rapid revenue CAGR over the forecast period. This can be due increasing use of medical refrigerators and freezers for storing various types of vaccines and blood samples at a temperature between 2°C and 8°C, increasing production of these refrigerators amidst the COVID-19 pandemic, growing demand for between 2°C and 8°C refrigerators in hospitals, blood banks, and pharmacies.
Blood Bank Segment to Account for Largest Revenue Share:
The blood bank segment is expected to account for largest revenue share between 2022 and 2028. Factors such as increasing need for medical refrigerators and freezers to store blood and blood derivatives, rising requirement of blood due to blood loss during accidents, operations, or chronic ailments, increasing blood donation camps and drives, and rising number of blood storage centers and blood banks are expected to drive segment revenue growth.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period owing to increasing prevalence of viral diseases, availability of medical refrigerators and freezers with advanced features, growing demand for these medical equipment amidst the COVID-19 pandemic, and rising investments for developing advanced devices.
Medical Refrigerators and Freezer Industry Recent Developments:
In February 2021, Godrej Appliances announced the launch of ultra-low temperature freezers to cater to vaccine cold chain storage. The medical refrigerators can be used for storing vaccine vials at an optimum temperature for effective disease control.
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Medical Refrigerators and Freezer Market By Company:
Thermo Fisher Scientific Inc.
Blue Star Limited
Felix Storch, Inc.
Philipp Kirsch GmbH
PHC Holdings Corporation
Zhongke Meiling Cryogenics Company Limited
The global medical refrigerators and freezer market has been segmented based on type, application, and region:
Medical Refrigerators and Freezer Market Segment by Type:
Between 2°C and 8°C
Between 0°C and -40°C
Medical Refrigerators and Freezer Market Segment by Application:
Medical Refrigerators and Freezer Market Segment by Region:
North America (USA, Canada, Mexico)
Europe (Germany, France, UK, Italy, Russia, Rest of Europe)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
South America (Brazil, Argentina, Columbia, Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Key Reasons to Purchase:
Estimates 2022 to 2028 medical refrigerators and freezer market current market trends and development trends
Market dynamics along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the medical refrigerators and freezer market
Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
Brief about impact of COVID-19 on the global medical refrigerators and freezer market
Key Questions Addressed:
What revenue CAGR is the global market expected to register during the forecast period?
Which key players are leading in the global medical refrigerators and freezer market?
What is the expected market size of the global medical refrigerators and freezer market between 2022 and 2028?
What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
What are some of the key challenges that the global market is expected to face during the forecast period?
Which region is expected to account for largest revenue share over the forecast period?
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