How Has The Medical Refrigerators Market Size Evolved In Recent Years?
The medical refrigerators market has seen considerable growth due to a variety of factors.
• In recent years, the market size for medical refrigerators has seen significant growth. The market is projected to expand from $4.76 billion in 2024 to $5.12 billion in 2025, experiencing a compound annual growth rate (CAGR) of 7.5%.
Factors causing this growth during the historic period include the need for vaccine storage, expansion of blood banks, growth in the pharmaceutical industry, regulatory compliance, and medical research.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Medical Refrigerators Market?
The medical refrigerators market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated robust growth is on the horizon for the medical refrigerators market, which is projected to expand to a whopping $7.47 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 9.9%.
The surge in growth during the prediction period can be accredited to various factors including patient safety, point-of-care testing, biologics storage, pharmaceutical cold chain, and sustainable refrigeration. The forthcoming period will also witness several key trends such as energy-efficient technologies, tailored refrigeration solutions, cutting-edge pharmaceuticals, remote temperature monitoring, and progress in biotechnology.
What Are The Essential Drivers Behind The Growth Of The Medical Refrigerators Market?
The medical refrigerator market is growing due to the increasing need to store biological products, blood samples, blood reagents, vaccines, DNA samples, and various chemicals. This surge in demand for biologic items is prompted by an increase in the need for donated blood, a rise in the number of blood donors globally, as well as a surge in the prevalence of infectious illnesses. These items demand a stable temperature for preservation and an extended shelf life. This requirement is met by medical refrigerators, which can store these products at temperatures as low as minus 80 degrees Celsius. For instance, The National Blood Service, a healthcare organization based in Ghana, reported in March 2022 that they collected a total of 173,938 units of blood in 2021, a notable growth from the 156,453 units gathered in 2020. Therefore, the heightened demand for biological materials such as blood samples, DNA samples, and vaccines is predicted to bolster the expansion of the medical refrigerators market in the forecast period.
How Is The Global Medical Refrigerators Market Divided Into Key Segments?
The medical refrigerators market covered in this report is segmented –
1) By Product Type: Blood Bank Refrigerator And Plasma Freezer, Laboratory Refrigerator And Freezer, Pharmacy Refrigerator And Freezer, Chromatography Refrigerator And Freezer, Enzyme Refrigerator And Freezer, Ultra-Low-Temperature freezers, Cryogenic Storage Systems
2) By Design Type: Explosive-Proof Refrigerators, Undercounter Medical Refrigerators, Countertop Medical Refrigerators, Flammable Material Storage Refrigerators
3) By Temperature Control Range: Between 2 °C and 8 °C, Between 0 °C and -40 °C, and Under -40 °C
4) By Volume: Below 50 Liters, 50-200 Liters, 200-400 Liters, 400-600 Liters, More Than 600 Liters
5) By End-User: Blood Banks, Pharmaceutical Companies, Hospital and Pharmacies, Research Institutes, Medical And Diagnostic Centers
Subsegments:
1) By Blood Bank Refrigerator And Plasma Freezer: Blood Bank Refrigerator, Plasma Freezer
2) By Laboratory Refrigerator And Freezer: Laboratory Refrigerator, Laboratory Freezer
3) By Pharmacy Refrigerator And Freezer: Pharmacy Refrigerator, Pharmacy Freezer
4) By Chromatography Refrigerator And Freezer: Chromatography Refrigerator, Chromatography Freezer
5) By Enzyme Refrigerator And Freezer: Enzyme Refrigerator, Enzyme Freezer
6) By Ultra-Low-Temperature Freezers: -80°C Freezers, -40°C Freezers
7) By Cryogenic Storage Systems: Liquid Nitrogen Tanks, Cryogenic Freezers
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What Trends Are Reshaping The Future Of The Strategies Market?
Innovations in technology are paving the way for progress in the medical refrigerator market. Numerous companies are pursuing the development of cutting-edge technologies for medical refrigeration that enables an improved storage system for medicines and blood, aiding the healthcare industry in extending the usability of their products. For example, Thermo Fisher Scientific, an American biotechnology firm, in April 2024, released the TSX Universal Series ultra-low temperature (ULT) freezers. These freezers are specially designed for enhanced cold storage performance and energy efficiency. The state-of-the-art freezers can hold temperatures ranged between -40°C to -86°C, ideal for storing delicate items such as biological specimens and vaccines. The latest series boasts upgraded cooling technology, a user-friendly interface, and considerable energy savings up to 33%. These technological progressions are aimed at assisting labs in achieving their environmental sustainability objectives, while guaranteeing the high reliability and quality of the stored items.
Who Are the Key Players in the Medical Refrigerators Market?
Major companies operating in the medical refrigerators market include:
• Thermo Fisher Scientific Inc.
• Blue Star Limited
• Qingdao Haier Biomedical Co.Ltd.
• Helmer Scientific Inc.
• Vestfrost Solutions A/S
• Zhongke Meiling Cryogenics Company Limited
• Philips Kirsch GmbH
• LEC Medical Ltd.
• Panasonic Corporation
• Froilabo SAS
• LabRepCo LLC
• Aucma Company Limited
• Standex International Corporation
• Godrej Industries Ltd.
• Fiochetti SRL
• PHC Holdings Corporation
• Follett LLC
• Labcold Ltd.
• Dulas Ltd.
• HMG India Pvt. Ltd.
• Felix Storch Inc.
• SO-LOW Environmental Equipment Co. Inc.
• Indrel d.o.o.
• Eppendorf AG
• Migali Scientific
• Liebherr-International Deutschland GmbH
• Global Cooling Inc.
• Thalheimer Kühlung GmbH
• Bionics Scientific Technologies Ltd.
• Desmon S.p.A.
What are the Regional Insights into the Medical Refrigerators Market?
North America was the largest region in the medical refrigerators market in 2024. The regions covered in the medical refrigerators market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
