Medical Refrigerators Market is expected to reach US$ 6,499.18 million by 2028

Publisher: The Insight Partners

According to our new research study on “Medical Refrigerators Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Temperature Control Range, Product Type, Design Type, End User, and Geography,” the medical refrigerators market is expected to grow from US$ 4,665.97 million in 2022 to US$ 6,499.18 million by 2028; it is estimated to record a CAGR of 5.8% during 2023–2028. The medical refrigerators market growth is attributed to key driving 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 ultra-low temperature freezers are restricting the medical refrigerators market growth.

Laboratory Refrigerators and Freezers Segment is Dominating Medical Refrigerators Market 

The medical refrigerators market, by product type, is segmented into laboratory refrigerators and freezers, blood bank refrigerators and plasma freezers, pharmacy refrigerators and freezers, cryogenic freezers, and storage systems (including LN2 cryogenic storage system), vaccine refrigerator/freezer, and others. The laboratory refrigerators and freezers segment held the largest share of the market in 2022. The blood bank refrigerators and plasma freezers segment is anticipated to register the highest CAGR in the medical refrigerators market during the forecast period.

Medical Refrigerators Market, by Segment (%)

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Source: The Insight Partners Analysis

Laboratory refrigerators are used to store blood, plasma & other blood products, vaccines, and other medical or pharmaceutical supplies. High wastage of laboratory chemicals, vaccines, and other biological products due to improper storage conditions is a key factor in increasing the adoption of medical refrigerators. Every laboratory across the world is in significant need of refrigeration. Almost all reagents required in chemistry analysis need refrigeration, and several of them should be kept at a specific temperature to remain steady. For this purpose, laboratory refrigerators are needed, as a regular household refrigerator might not have the constant temperature required by the products used in the laboratory. In addition, most of the laboratory products requiring refrigeration are highly temperature sensitive. Further, certain materials require a very close and precise range of temperatures, thus keeping them safe throughout is critical for the cost-effectiveness of the laboratory. Therefore, a precision refrigerator for laboratory use is necessary. Moreover, these cooling units should have a temperature monitoring system to consider any deviance if a material fails in its performance. A digital monitoring device, such as a microchip with an alarm system, is also a great way to assure the quality of service. In the present market scenario, laboratory refrigerators with a digital monitoring and alarm system are standard. Computer-controlled cooling and an interface can be accomplished for the laboratory information management system to avoid manual checking of temperatures regularly. Furthermore, in high-end refrigerators, a mobile alarm signal can be programmed, enabling prompt notifications to the laboratory supervisor in the event of erroneous reading. Several players operating in the medical refrigerators market offer customized refrigerators as per the requirement of laboratories.

Thermo Fisher Scientific Inc., Philipp Kirsch GmbH, Godrej & Boyce Manufacturing Company Limited, Haier Group Corporation, Blue Star Limited, Helmer Scientific Inc., Vestfrost Solutions, PHC Holdings Corporation, FOLLETT LLC, and Lec Medical are among the key companies operating in the medical refrigerators market.

Companies are launching new and innovative products and services to sustain their position in the medical refrigerators market. In July 2021, Thermo Fisher Scientific launched new general-purpose laboratory refrigerators and freezers. Thermo Scientific TSG Series General Purpose Laboratory Refrigerators and Freezers have been designed to consistently protect general research and clinical materials, with temperatures that address short- and long-term storage requirements, including COVID-19 vaccines.

The report segments the global medical refrigerators market as follows:

The medical refrigerators market, by product type, is segmented into laboratory refrigerators and freezers, blood bank refrigerators and plasma freezers, pharmacy refrigerators and freezers, cryogenic freezers and storage systems (including LN2 cryogenic storage system), vaccine refrigerator/freezer, and others. The medical refrigerators market, by design type, is divided into countertop medical refrigerators, undercounter medical refrigerators, explosion-proof refrigerators, and flammable material storage refrigerators. The medical refrigerators market, by temperature control range, is categorized into between −1°C and −50°C, between 2°C and 8°C, between −51°C and −150°C, and below −151°C. The medical refrigerators market, by end user, is segmented into hospitals and pharmacies, blood banks, pharmaceutical companies, diagnostic centers, research institutes, and others. By geography, the medical refrigerators market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East (the UAE, Saudi Arabia, Kuwait, Egypt, and the Rest of Middle East), South & Central America (Brazil, Argentina, and the Rest of South & Central America), and Africa (South Africa, Nigeria, Kenya, and Rest of Africa).