Asia Pacific Medical Refrigerators Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Laboratory Refrigerators and Freezers, Chromatography Refrigerators and Freezers, Ultra-Low-Temperature Freezers, Blood Bank Refrigerators and Plasma Freezers, Cryogenic Storage Systems, Pharmacy Refrigerators and Freezers, Enzyme Refrigerators and Freezers, Hospital Refrigerators and Freezers, Shock Freezers, and Other), Design Type (Explosion-Proof Refrigerators, Undercounter Medical Refrigerators, Countertop Medical Refrigerators, and Flammable Material Storage Refrigerators), Door Type (Single Door and Double Door), Temperature Control Range (Between 2 and 8, Between 0 and -40, and Under -40), and End User (Hospitals and Pharmacies, Medical Laboratories, Blood Banks, Pharmaceutical Companies, Research Institutes, Diagnostic Centers, and Others)
The Asia Pacific medical refrigerators market is expected to reach US$ 1,135.45 million by 2028 from US$ 729.10 million in 2021; it is estimated to grow at a CAGR of 5.8% from 2021 to 2028.
The market growth is attributed to factors such as increasing demand for blood and blood components, technological advancements in medical refrigerators, and growing R&D activities to introduce new drug compounds. However, growing use of refurbished equipment and high costs associated with ultralow-temperature freezers restrict the market growth.
The healthcare sector is currently witnessing massive developments that accelerate the adoption and acceptance of medical refrigerators. As a result, the companies focus on manufacturing energy-efficient natural refrigerants and inverter compressors to effectively reduce power consumption through slow-speed rotation control. For instance, in July 2018, PHC Corporation launched the VIP ECO series of new -85°C ultralow-temperature freezers in the Japanese market. These freezers, including models MDF-DU702VHS1-PJ and DU502VHS1-PJ (single-phase 100V), use natural refrigerants and new inverter compressors, and they are mainly designed for pharmaceutical companies, research, and medical institutions. Similarly, other technologies such as unique default passwords for smart freezers, shared freezers, solid-state cooling, 2D barcode systems, and mobile lab freezers are gathering significant attention. Pharmaceutical companies are focussing on R&D to introduce new molecules for various therapeutic applications with enhanced medical and commercial potential. Moreover, significant investments in R&D activities enable them to deliver high-quality and innovative products. Thus, the growing R&D efforts to introduce new drug compounds are highlighting the need of reliable storage facilities, which drives the medical refrigerators market growth.
Countries in the Asia Pacific are facing challenges due to failure to control the spread of COVID-19 for long terms. As a result, researchers have shifted their focus toward exploring possible treatment options along with determining the potential of existing treatment options. In addition, the COVID-19 vaccination drives have been started in the region, which is demanding an efficient cold storage infrastructure for the proper management of these programs. The ultralow-temperature freezers are suitable for the storage and handling of mRNA-based vaccines that are being administered in the region. To meet the surge in demands, manufacturers have scaled up the production of medical refrigerators.
The Asia Pacific medical refrigerators market, by product type, is segmented into laboratory refrigerators and freezers, chromatography refrigerators and freezers, ultralow-temperature freezers, blood bank refrigerators and plasma freezers, cryogenic storage systems, pharmacy refrigerators and freezers, enzyme refrigerators and freezers, hospital refrigerators and freezers, shock freezers, and others. The blood bank refrigerators and plasma freezers segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period.
The Asia Pacific medical refrigerators market, by design type, is segmented into explosion-proof refrigerators, undercounter medical refrigerators, countertop medical refrigerators, and flammable material storage refrigerators. The countertop medical refrigerators segment held the largest share of the market in 2020. However, the undercounter medical refrigerators segment is anticipated to register the highest CAGR in the market during the forecast period.
The Asia Pacific medical refrigerators market, by door type, is segmented into single door and double door. The double door segment held a larger market share in 2020. However, the market for single-door medical refrigerators is anticipated to grow at a higher CAGR during the forecast period.
The Asia Pacific medical refrigerators market, by temperature control range, is segmented into between 2 and 8, between 0 and -40, and under -40. The between 2 and 8 segments held the largest share of the market in 2020. However, the under -40 segment is anticipated to register the highest CAGR in the market during the forecast period.
The Asia Pacific medical refrigerators market, by end user, is segmented into hospitals and pharmacies, medical laboratories, blood banks, pharmaceutical companies, research institutes, diagnostic centers, and others. The blood banks segment held the largest share of the market in 2020, and it is further expected to register the highest CAGR during the forecast period.
A few of the primary and secondary sources associated with this report on the Asia Pacific medical refrigerators market are the Occupational Safety and Health Administration (OSHA), International Stem Cell Corporation (ISCC), and Global Stem Cell & Regenerative Medicine Acceleration Center (GSRAC).
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