Global Medical Refrigerator Market is expected to foresee significant growth. APAC to lead the growth!

The medical refrigerator market is expected to witness a CAGR of around 6% during the forecast period. The medical refrigerator in a laboratory is one of the most important pieces of equipment. Its function is to maintain, in a controlled environment and it is used to store various types of samples of biological components such as blood, derivatives of blood, biological reagents, vaccines, medicines, flammable chemicals, RNA, and DNA. The rising utilization of these in treating serious hypoglycemia has likewise expanded market interest. To ensure the safe storage of drugs, developing economies are anxious to take on new clinical refrigeration advances for the cold chain. Furthermore, the rising number of laboratories is also the main factor in the development of the medical refrigerator market. For instance, according to ILAC MRA (International Laboratory Accreditation Cooperation) and Signatories, in 2021, almost 85,000 laboratories, almost 13,000 inspection bodies, over 600 proficiency testing providers, and 250 reference material producers were accredited globally.

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Based on product type, the market is segmented into blood bank refrigerator & plasma freezer, laboratory refrigerator & freezer, pharmacy refrigerator & freezer, chromatography refrigerator & freezer, enzyme refrigerator & freezer, and others. Among these, the blood bank refrigerator & plasma freezer category is to witness lucrative growth during the forecast period owing to its bag capacity, shelf count, safety features, construction material, and, most importantly, standards and certifications such as ISO and CE.

On the basis of end-use, the market is categorized into blood banks, pharmaceutical companies, hospital & pharmacies, research institutes, and others. Among these, the blood banks category holds significant growth during the forecast period. This is mainly due to the rising blood donation globally, as well as vaccines and other medical or pharmaceutical supplies. Moreover, the rising demand for safe blood due to the high prevalence of blood transfusion cases is driving the growth of this market.

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For a better understanding of the market adoption of the medical refrigerator industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the rising R&D projects in the pharmaceutical industry or universities, blood donation, drug & vaccine development, and rising government funding are the factors which will drive the market growth in the region. For instance, according to the Federally Funded Research and Development Centers (FFRDC), in 2019, R&D expenditures totaled USD 22.7 billion, with the federal government funding USD 22.3 billion.

Some of the major players operating in the market include Thermo Fisher Scientific Inc., Haier Biomedical, Helmer Scientific Inc., PHC Holdings Corporation, Follett LLC, Blue Star Ltd, AUCMA Co. Ltd., Standex International Corporation, Godrej & Boyce Mfg. Co. Ltd., Vestfrost Solutions.

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Global Medical Refrigerator Market Segmentation

Market Insight, by Product Type