The value of the global medical refrigerator market was estimated at USD 3.62 billion in 2021 and is expected to increase at a compound annual growth rate (CAGR) of 6.2% to reach USD 6.32 billion by 2030.
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"The Global medical refrigerator Market 2020-2030 (USD Billion)")
The global medical refrigerators market is anticipated to grow at 5.1% CAGR during the forecast period. Increase in demand for safe storage of sensitive biological materials such as vaccine, blood and blood components along with rapid technological advancements are key factors driving the global medical refrigerators market.
Medical refrigerators are designed specifically to meet the temperature requirements for safe storage of drugs. Vaccines, medications, chemotherapeutics, blood, plasma, and other samples that require precise temperature control are stored in medical refrigerators. Due to an ageing population and a shortage of donor organs in medical treatment, the demand for medical refrigerators has skyrocketed recently. All these factors are expected to boost the growth of medical refrigerators market in the next few years.
The global medical refrigerators market has been segmented based on product type, end-user, and region. Based on product type, the global medical refrigerators market is categorized into blood bank refrigerators, plasma freezers, laboratory refrigerators & freezers, cryogenic storage systems, ultra-low temperature freezers, and shock freezers. Plasma freezers segment held the substantial share of global market in 2020. On the basis of end-user, the global medical refrigerators market is segmented into blood banks, pharmaceutical companies, hospital & pharmacies, diagnostic centers, research institutes, and medical laboratories. Blood banks segment dominated the global medical refrigerators market in 2020. Geographically, North America dominated the global medical refrigerators market in 2020, however, Asia Pacific is expected to be the fastest growing region by 2028.
Key players operating in the global medical refrigerators market include Helmer Scientific, Eppendorf, Aegis Scientific, Arctiko, Follett LLC, Liebherr-International, Azbil Corporation, Binder, Migali Scientific, B Medical Systems, Panasonic Healthcare Corporation of North America, Vestfrost Solutions, and Thermo Fisher Scientific among others.
Medical Refrigerators Market Scope
| Metrics | Details |
| Base Year | 2022 |
| Historic Data | 2020-2021 |
| Forecast Period | 2022-2030 |
| Study Period | 2020-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 6.32 billion |
| Growth Rate | CAGR of 6.2% during 2021-2030 |
| Segment Covered | Product Type, End-use, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Helmer Scientific, Eppendorf, Aegis Scientific, Arctiko, Follett LLC, Liebherr-International, Azbil Corporation, Binder, Migali Scientific, B Medical Systems, Panasonic Healthcare Corporation of North America, Vestfrost Solutions, and Thermo Fisher Scientific among others. |
Key Segments of the Global Medical Refrigerators Market
Product Type Overview, (USD Million)
- Blood Bank Refrigerators
- Plasma Freezers
- Laboratory Refrigerators & Freezers
- Cryogenic Storage Systems
- Ultra-low Temperature Freezers
- Shock Freezers
End-use Overview, (USD Million)
- Blood Banks
- Pharmaceutical Companies
- Hospital & Pharmacies
- Diagnostic Centers
- Research Institutes
- Medical Laboratories
Regional Overview, (USD Million)
- North America
- U.S.
- Canada
- Europe
- Germany
- United Kingdom
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Reasons for the study
- Growing demand for storage of sensitive biological samples
- Surging geriatric population across the globe
- Technological advancements in medical refrigerators
What does the report include?
- The study on the global medical refrigerators market includes qualitative insights such as drivers, restraints, challenges and opportunities
- Additionally, the market has been evaluated using the Porter’s Five Forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of product type, end-use, and region.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players operating in the market
Who should buy this report?
- The report on the global medical refrigerators market is suitable for all the players across the value chain including raw material suppliers, hospitals & clinics, medical device manufacturers, healthcare organizations, distributors, suppliers and technology geeks
- Venture capitalists and investors looking for more information on the future outlook of the global medical refrigerators market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global medical refrigerators market
Frequently Asked Questions (FAQ) :
The Type of the medical refrigerators marketBlood Bank Refrigerators, Plasma Freezers, Laboratory Refrigerators & Freezers, Cryogenic Storage Systems, Ultra-low Temperature Freezers, Shock Freezers.
The medical refrigerators market is growing at a CAGR of 6.2 % during the forecast period..
The base year for the report is 2022 in medical refrigerators market.
Medical refrigerators have been used to store biological samples such as vaccines, chemicals, blood and blood components, and plasma that require clinical-grade storage. Developing a dependable technique to assure vaccine cold storage over the long voyage from the manufacturer to end-use, was a critical concern in the early days. Thus, the need for appropriate equipment to transport and preserve biological samples in tropical developing countries led to refrigeration equipment inventions and advances. In recent years, there has been a growth in the introduction and broad acceptance of unique and high-performance refrigerators and freezers for the preservation of biological samples such as blood and blood components, tissues, and organs. Moreover, technological advancements in medical refrigerators manufacturing industry offer significant growth opportunities in the future.
The global medical refrigerators market has been segmented based on product type, end-use, and region. Based on product type, the global medical refrigerators market is categorized into blood bank refrigerators, plasma freezers, laboratory refrigerators & freezers, cryogenic storage systems, ultra-low temperature freezers, and shock freezers. Plasma freezers segment is expected to witness lucrative growth over the forecast period. Rise in demand for safe storage of plasma from hospitals, clinics, and diagnostic centers is likely to boost the expansion of the plasma freezers market.
Based on end-use, the global the global medical refrigerators market is segmented into blood banks, pharmaceutical companies, hospital & pharmacies, diagnostic centers, research institutes, and medical laboratories. Blood banks segment grabbed majority of the market share in 2020. The expansion of the blood banks segment is being driven by an increase in the elderly population and a high need for safe blood owing to the high incidence of transfusion transmissible illnesses such as HIV and hepatitis B throughout the world.
The global medical refrigerators market is cumulative to North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America dominated the global medical refrigerators market in 2020, however Asia Pacific is expected to grow at a rapid pace through 2028.
.png "Global Medical refrigerators Market Share by Region (2019)")
Wide adoption of biomedical refrigerators and freezers for safe storage of biological samples along with presence of large end-use industries in the U.S. are major factor expected to drive the growth of the market in the region. The replacement of outdated medical refrigerators with newer and more modern energy-efficient cold storage equipment, as well as increased research efforts for the treatment of illnesses are further driving the growth of the medical refrigerators market in North America. Furthermore, strong foothold of key industry players is other major factors likely to boost the growth of the market in the region.
However, Asia Pacific is expected to grow at a rapid pace over the next few years. There is a strong growth potential in the emerging economies such as India, and China. The rapidly rising incidence of hematological disorders along with increase in blood banks, hospitals and diagnostic centers in countries such as India and China will provide large market for medical refrigerators.