Medical Refrigerators Market by Product Type, End Use (Blood Banks, Pharmaceutical Companies, Hospitals, & Pharmacies, Research Institutes, Medical Laboratories, and Diagnostic Centers), Region - Global Forecast to 2024
“The medical refrigerators market is projected to grow at a CAGR of 5.3% from 2019 to 2024, in terms of value”
The medical refrigerators market is projected to grow from USD 3.3 billion in 2019 to USD 4.2 billion by 2024, at a CAGR of 5.3% from 2019 to 2024. The increasing demand for medical refrigerators from end-users, such as blood banks and pharmaceutical companies, drives the global medical refrigerators market. Factors such as extra cost required in the usage of medical refrigerators as well as the rising demand for refurbished medical equipment around the world are restraining the growth of the medical equipment & freezers market.
“The blood banks segment is projected to lead the medical refrigerators market, in terms of both value and volume during the forecast period”
Based on end use, the blood banks segment led the medical refrigerators market in 2018, in terms of both value and volume. The growth of this segment can be attributed to an increase in the number of geriatric population and the high demand for safe blood due to the prevalence of transfusion transmissible infections, such as HIV and hepatitis B, across the globe. Furthermore, the surge in prevalence of hematological diseases and a rise in the number of accidents are raising the demand for plasma for use in plasma fractionation procedures, resulting in the hike in demand for plasma freezers in blood banks.
“The blood bank refrigerators & plasma freezers type segment is projected to lead the medical refrigerators market, in terms of both value and volume, from 2019 to 2024”
Based on product type, the blood bank refrigerators & plasma freezers segment accounted for the largest share of the medical refrigerators market in 2018. This segment is projected to lead the market, in terms of both value and volume, during the forecast period as well. Blood bank refrigerators are specially designed for safe storage of whole blood, blood components, and reagents at a temperature ranging from 2°C to 6°C. These refrigerators are used in blood bank centers, hospitals, and laboratories. Plasma freezers are used for safe storage of fresh frozen plasma, red blood cells, and cryoprecipitate and platelet concentrates at a temperature as low as -30°C and -40°C. These special freezers are typically used in blood banks and research centers for the conservation of plasma and blood derivatives.
“North America is projected to lead the medical refrigerators market during the forecast period, in terms of both value and volume”
The North America region is projected to lead the medical refrigerators market from 2019 to 2024, in terms of both value and volume. The demand for medical refrigerators is increasing in North America owing to the significant rise in life science research activities for disease treatment from academic & research institutes. Also, the increasing occurrence of chronic and infectious diseases and rising demand for personalized medical care drive the market growth in this region. Replacement of older medical refrigerators with newer and more advanced energy-efficient cold storage devices is also contributing to the growth of the North American medical refrigerator & freezers market.
Profile break-up of primary participants for the report:
By Company Type: Tier 1 - 40%, Tier 2 - 35%, and Tier 3 - 25%
By Designation: C-level Executives - 25%, Directors - 25%, and Others - 50%
By Region: Asia Pacific - 40%, Europe - 25%, North America - 25%, the Middle East & Africa- 5%, and South America - 5%
Furthermore, as a part of the qualitative analysis of the medical refrigerators market, the research provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the growth of the market across the globe. It also discusses competitive strategies adopted by the leading market players, such as Thermo Fisher Scientific Inc. (US), Blue Star Limited (India), Helmer Scientific (US), Vestfrost Solutions (Denmark), Felix Storch, Inc. (US), Philipp Kirsch GmbH (Germany), Haier Biomedical (China), Follett LLC (US), PHC Holdings Corporation (Japan), LEC Medical (United Kingdom), and Zhongke Meiling Cryogenics Company Limited (China).
The report defines, segments, and projects the size of the medical refrigerators market based on product type, end use, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments, such as acquisitions, expansions, partnerships, and new product launches, undertaken by them in the market.
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the medical refrigerators market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
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