Market Overview
Medical refrigerators are the refrigerators used for storing the blood supply, its derivatives, laboratory samples, biological reagents, vaccines, medicines, and equipment at ideal temperatures in the hospitals, blood banks, diagnostic centres, pharmacies, educational institutions, research laboratories, and clinics. Medical refrigerators provide the optimal conditions for the safe storage of these products. The market is driven by the rising demand for medical refrigerators or the safe storage of blood & blood derivatives, vaccines, specimens, and medications in the hospitals, pharmacies, clinics, and diagnostic centers. There is a growing demand for refurbishing the medical equipment. There are rising government initiatives for raising the investment and funding to the major players for the development of medical refrigerators. For instance, Hungary, Minister of Foreign Affairs and Trade had provided the HUF 1.05 billion government grant to the Vestfrost for the development of the medical refrigerators. In December 2018, Vestfrost had spent HUF 4.4 billion to expand the capacity to make and store refrigerators in Csongrád.
Market Dynamics
Drivers
- Growing demand for storage of DNA samples, vaccines
- Rising prevalence of chronic diseases such as cancer and diabetes
- Increasing development in medical refrigerator
Restraints
- High Cost of Medical Refrigerators
- Use of refurbished products
Growing demand for storage of DNA samples, vaccines
There is a rising demand for medical refrigerators or the safe storage of blood & blood derivatives, vaccines, specimens, and medications in the hospitals, pharmacies, clinics, and diagnostic centers.
The rise in the novel and innovative medical refrigerator shall stimulate market growth. For instance, in September 2019, Helmer Scientific had launched professional medical-grade refrigerators with OptiCool cooling systems. The OptiCool cooling technology pairs a variable-capacity compressor (VCC) and hydrocarbons (HC) to achieve performance characteristics that offer a superior storage environment, save on energy usage and support environmental sustainability. This product is 50% more energy-efficient in comparison to the conventional medical-grade refrigerators. It combats the high noise levels in hospitals and healthcare settings.
In November 2018, Lec Medical had launched the launch of Control Plus – a new range of medical refrigeration that measures both the core temperature of the fridge, as well as the vaccine itself. Control Plus is an improved controller, larger internal capacities, and a flat door to save valuable space. It features an external digital controller and temperature display that has a simple operation at its heart. It is designed for a variety of locations, from pharmacies and hospitals to laboratories and general practice.
Geographical Analysis
The North America Medical Refrigerators Market is valued at US$ 1,217.5 Million in 2019 and is estimated to grow at a CAGR of 6.6% during the forecast period(2020-2027).
North America has multiple factors, which support the growth of this market, better than other geographic regions. Some factors include increase in R&D activities in the pharmaceutical & biotechnology industries, advanced health care infrastructure and rising organ transplant procedures. The U.S. is the most important sector and has captured a majority share of North America. The increase in the prevalence of various chronic disorders among both the pediatric and elderly population is one of the factors indicating the growing number of patients being admitted, which is thereby increasing pressure on the traditional pharmaceutical system. The awareness regarding the presently available, technologically-advanced systems gaining prominence, and lack of low-cost skilled professionals are some of the crucial factors expected to boost the market. The U.S. spends nearly 17.1% of its GDP toward healthcare, and it is a priority to improve patient care, reduce the wastage of pharmaceutical and biological components. The growing prevalence of chronic diseases coupled with rise in geriatric population is significantly driving the number of blood transfusion procedures, consumption of various pharmaceutical products. This factor is boosting the demand for use of the medical refrigerators.
High regional growth is attributed to increasing prevalence of chronic and infectious diseases, growing demand for personalized medicines and favorable government initiatives should drive business growth. Moreover, favorable reimbursement policies developed by medical insurance providing companies such as Medicare and Medicaid help to minimize affordability issues faced by geriatric population. Aforementioned factors should flourish the regional revenue growth over the forecast period.
Some of the key industry players operational in the region are Aegis Scientific, Migali Scientific, Arctiko, Follett, Azbil Corporation, Binder, B Medical Systems, Eppendorf, Helmer Scientific, Liebherr-International, Panasonic Healthcare Corporation. The industry players focus on various strategic alliances such as mergers, acquisitions and new product launches that help them in maintaining their market position. For instance, in February 2017, Follett announced expansion of features offered in all its medical grade refrigerators and freezers used in healthcare industries. The company introduced advanced touch screen user interfaces for enhanced data management and product protection along with data recording and electronic locking systems. Integration of advanced technology within the medical refrigerators and freezers monitors will increase its adoption among the doctors and clinicians that will render companies with sustainable profits. Introduction and widespread adoption of novel and high performance refrigerators and freezers for storage of biological samples such as blood and blood components, tissues and organs has increased in recent years. Moreover, focus of industry players on innovative product development and growing disease burden across the globe will surge the adoption of medical refrigerators in the region.
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