Medical Refrigerators Market

SKU: DMMD2416 | Last Updated On: Sep 22 2022 | Available Formats

Medical Refrigerators Market Expected to reach at a high CAGR of 6.9% by 2029

Medical Refrigerators Market is segmented By Product Type (Blood Bank Refrigerators & Plasma Freezers, Laboratory Refrigerators & Freezers, Pharmacy Refrigerators & Freezers, Pharmacy Refrigerators & Freezers, Chromatography Refrigerators & Freezers, Enzyme Refrigerators & Freezers, Ultra-Low Temperature Freezers, Cryogenic Storage Systems), By Design Type (Countertop Medical Refrigerator, Undercounter Medical Refrigerator, Flammable Material Storage Refrigerator, Explosion-Proof Refrigerator), By Door Type (Single Door, Double Door), By End-Users (Blood Banks, Pharmaceutical Companies, Hospitals & Pharmacies, Research Institutes, Medical Laboratories, Diagnostic Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

 

Medical Refrigerators Market size was valued US$ 4.01 billion in 2021 and is estimated to reach US$ 7.31 billion by 2029, growing at a CAGR of 6.9% during the forecast period (2022-2029).

Medical Refrigerators Market Scope

Metrics

Details

Market CAGR

6.9%

Segments Covered

By Product Type, By Design Type, By Door Type, By End-user, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America


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Medical refrigerators are refrigerators used for storing blood supply, its derivatives, laboratory samples, biological reagents, vaccines, medicines, and equipment at ideal temperatures in hospitals, blood banks, diagnostic centers, pharmacies, educational institutions, research laboratories, and clinics. Significantly, medical refrigerators are also used for vaccine storage. Medical refrigerators provide optimal conditions for the safe storage of these products.

The global medical refrigerators market is growing due to several factors such as rising demand for medical refrigerators or the safe storage of blood & blood derivatives, vaccines, specimens, and medications in hospitals, pharmacies, clinics, and diagnostic centers. There is a growing demand for refurbishing the medical equipment and novel technological advanced launches.

Rising demand for safe storage of vaccines, medications etc. and various new innovative launces are expected to drive market growth.

The market is driven by the rising demand for medical refrigerators or the safe storage of blood & blood derivatives, vaccines, specimens, and medications in hospitals, pharmacies, clinics, and diagnostic centers. There is a growing demand for refurbishing the medical equipment.

The rise in the novel and innovative medical refrigerator shall stimulate the medical refrigerators market growth. For instance, in Mar 2021, Helmer Scientific announced its launch of GX Solutions Laboratory and Plasma Freezers for vaccines, blood therapies and medicines. It is powered by Opticool technology and are 1st professional medical grade feezers that are specially developed for applications related to clinical healthcare via tempratue control, less energy usage and noise reduction.  

In 2019, Lec Medical 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, with 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.

Several companies are working with organizations, institutes, and associations on the development of medical refrigerators. For instance, Lec Medical is working with National Health Service (NHS) to provide them with the highest quality medical refrigeration and continues to be at the forefront of developing easy-to-use safe, and reliable refrigeration solutions.

There are rising government initiatives for raising the investment and funding to the major players for the development of medical refrigerators. For instance, in Hungary, the Minister of Foreign Affairs and Trade provided the HUF 1.05 billion government grant to the Vestfrost for the development of medical refrigerators.

High cost associated with these medical refrigerators are expected to hamper the market growth.

High cost of these medical refrigerators are the key factors for restraining the market as their making cost is high and medical experts are required to handle and use these refrigerators hence, making it more expensive. So, these can be the factors that may restraint the growth of market during the forecast period.

Industry Analysis

The global medical refrigerators market provides in-depth analysis of the market based on various industry factors such as Porter’s Five Forces, Regulatory Analysis, Supply Chain Analysis, Pricing Analysis.

Segment Analysis

Product type segment is expected to hold the largest market share in global medical refrigerators market

The medical refrigerators market is segmented based on product type as blood bank refrigerators & plasma freezers, laboratory refrigerators & freezers, pharmacy refrigerators & freezers, chromatography refrigerators & freezers, enzyme refrigerators & freezers, ultra-low-temperature freezers, and cryogenic storage systems. The blood bank refrigerators & plasma freezers segment accounts for the highest market share and is expected to grow at the highest CAGR during the forecasted period as the blood bank refrigerators & plasma freezers are widely used for the storage of fresh frozen plasmas, red blood cells, cryoprecipitate, and platelet concentrates, whole blood, and blood components and reagents.

There is a rising demand for the safe storage of blood units and plasma from hospitals, pharmacies, clinics, and diagnostic centers. Blood plasma is processed into a variety of components and requires stringent preparation and storage requirements for preserving the clotting factors. The plasma is placed in a specially designed blast freezer to rapidly freeze the plasma to −18 °C or colder. It is then placed in a plasma freezer where it is typically stored at −30 °C for up to one year. 

The market is dominated by the availability of several blood bank refrigerators & plasma freezers. For instance, KIRSCH's blood plasma freezers provide thick housing insulation and innovations as standard equipment. It is comprised of robust housing and high-quality components. It provides reliability and a long economic lifetime. It is comprised of the include an electronic switching, monitoring, and warning device, and a minimum/maximum temperature memory. Follett Healthcare’s High-performance double-door blood bank refrigerator provides precise temperature control. It is a powerful forced-air refrigeration system with centre plenum air distribution that delivers cold air to six different levels within each side of the storage chamber, ensuring consistent cabinet-wide cooling. It is comprised of an intuitive alarming and display interface that provides security for maintaining sensitive blood products.
Further, the medical refrigerators market is also classified based on end-users as blood banks, pharmaceutical companies, hospitals & pharmacies, research institutes, medical laboratories, and diagnostic centers. The blood bank segment accounts for the highest market share owing to the high adoption of medical refrigerators in the blood banks for the storage of plasma and its components.

The increasing number of people suffering from several hematological diseases such as hemophilia, blood clots, bleeding disorders, and blood cancers has resulted in an increasing demand for plasma for use in plasma fractionation procedures. The rising number of accidents and sports injuries has led to an increase in the usage of blood, plasma & its components which are stored in the medical refrigerators in blood banks. The increasing number of people undergoing surgeries that require the use of donor blood for replacing the blood loss of patients shall further stimulate market growth.

Geographical Analysis

North America region holds the largest market share in the global medical refrigerators market

By region, the medical refrigerators market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the medical refrigerators market due to the higher penetration of advanced medical refrigerators with microprocessor-based control, dual-cooling technology, and other technologies. The older medical refrigerators are been replaced by advanced medical refrigerators. The United States accounts for the highest market share of owing to the high usage of medical refrigerators. The increasing prevalence of chronic and infectious diseases shall boost the demand for medical refrigerators. The rise in the research and development activities for the therapies has increased the usage of medical refrigerators for safe storage of medical equipment, vaccines, specimens, and otheothersoptimum conditions. The North American region is expected to maintain its dominant market position over the forecasted period.

The Asia-Pacific region is expected to have positive market growth due to the increase in the number of companies developing medical refrigerators. Several companies are shifting their manufacturing facilities to the Asia-Pacific region due to the availability of cheap and skilled labor. The drastic market growth is expected to be observed in developing countries such as India and China due to the increasing usage of medical refrigerators. There are rising government initiatives for increasing the number of units of blood collected. For instance, the National AIDS Control Organization (NACO) and the National Blood Transfusion Council (NBTC) are promoting voluntary blood donation in India. The increasing number of units of blood collected shall boost the demand for medical refrigerators. The growing investments and funding for improving healthcare facilities and infrastructures shall stimulate market growth. 

Competitive Landscape

The medical refrigerators market is highly competitive with the presence of several international and local market players. Product diversification, technological advancement, revenue generation, and opportunities intensify the market competition. Helmer Scientific, Vestfrost Solutions, Thermo Fisher Scientific Inc., Felix Storch, Inc., Philipp Kirsch GmbH, LEC Medical, and Zhongke Meiling Cryogenics Company Limited are the leading Market players with significant market share. Let Medical has won the ‘Most Valuable Equipment & Support’ Category at the 2017 Pharmacy MVP Awards.

Companies are using novel product launches, capacity utilization, technology advancement, new product development, and market expansion strategies for holding their position in the market. For instance, in Jan 2022, B medical System announced its huge investment for freezers and vaccine refrigerators and opening of a manufacturing facility in India.

In Jun 2021, Thermo Fisher Scientific launched the advanced TSX Series ULT Freezers that is the only system till now that offer exterior illumination option. It has frost management capability, in which a cabinet heater is provided that reduces the frost and increased wireless monitoring functionality that maintains optimal conditions.

In 2019, Lec Medical launched Control Plus, new range of medical refrigeration which calculates core temperature of fridge as well as vaccines. It provides large internal capacity, improved controller, and flat door to save space. It can be used in hospitals, pharmacies and laboratories etc.  

The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for Medical Refrigerators Market and their expansion across the globe. For instance, Godrej Appliances had signed a technology transfer agreement with The Sure Chill Company Ltd. (UK) for the development and manufacturing of these products, for sale in India and select overseas markets. This agreement would bring together Godrej’s decades of expertise in refrigeration technology, and Sure Chill’s in-depth technical know-how in the medical refrigeration space.

Global Medical Refrigerators Market – Key Companies to Watch

Thermo Fisher Scientific:

Overview: Thermo Fisher Scientific was founded in 1956 that is based in Walttham, Massacgusetts. It is a scientific instrumentation, consumables, reagents and software services company based in the United States.

Product Type Portfolio:

Forma Plasma Freezers: It manages various demanding blood bank applications along with Thermo Scientific Forma Plasma Freezers that are microprocessor controlled provides higher accuracy with simple and easy operation. These freezers provide temperature around -30°C and meet ANRC and FDA standards for performance and safety in plasma storage.

Key Developments: In Jun 2021, Thermo Fisher Scientific launched the advanced TSX Series ULT Freezers that is the only system till now that offer exterior illumination option. It has frost management capability, in which a cabinet heater is provided that reduces the frost and increased wireless monitoring functionality that maintains optimal conditions.

The global medical refrigerators market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.

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