Medical refrigerator market size was estimated at USD _43.7 million in 2020 and is forecast to reach USD _87.9 million by 2027, growing at a CAGR of _9.6%.
A medical refrigerator is a refrigerator that stores medical products and vaccines at a very low temperature. These refrigerators are mainly used by doctors, nurses, as well as hospitals, and clinics and, is also frequently used in laboratories.
There has recently been a huge increase in the demand for medical refrigerators due to the fact that there has been a rise of hematological diseases as well as an increase in the number of accidents that happen each year meaning more blood needs to be stored. Also considering the fact due to coronavirus many scientists are trying to look for a cure and are therefore in need of more medical refrigerators than in previous years.
This sudden increase has a few negative consequences as suppliers are not able to meet this growing demand leading to some hospitals and medical centers without this important resource. This could mean that blood storage as well as certain treatments may not be able to be stored correctly and therefore there will be limited stock of these products to treat patients. Taking into account how many patients may need blood, especially considering how many are affected by the coronavirus, this limitation of stock could put many patients at risk and may not receive the treatments they need.
Medical Refrigerator Market Growth and Trends
Going by end use, the blood bank segment of the medical refrigerators market is expected to witness the highest CAGR, in terms of value as well as volume. Rising prevalence of haematological diseases and an increase in the number of accidents have boosted the demand for plasma to be used in plasma fractionation procedures. This demand has consequently led to a hike in demand for blood bank refrigerators and plasma freezers, thus are driving the growth of the blood banks market segment of medical refrigerators market on a global basis. The increasing demand for safely preserving blood units and plasma from hospitals, pharmacies, clinics, and diagnostic centres is certain to drive the growth of the blood bank refrigerators and plasma freezers segment. Key factors driving the market growth include increasing demand for storing biological products, vaccines, blood samples, blood reagents, DNA samples, and other chemicals. Moreover, the necessity to provide thermal insulation and prevent product degradation is a critical in boosting the usage rates of medical refrigerators that are available in varied specifications to suit specific commercial needs. For instance, they are used for the storage of blood and plasma products at -30°C to 40°C and ultra-low temperature freezers are used for long-term storage of DNA and RNA sample products at a range between 70°C and 80 °C. A great amount of investment is made by respective governments in developed and developing countries which further fosters market growth.
Medical refrigerators are highly costly equipment with high power consumption, therefore going against the trending objective of being environment-friendly, which could be a deterring factor causing hindrance to market growth. However, their high utility and necessity in hospitals and other healthcare facilities outweigh the challenges and keeps their demand sustained at a high rate, in turn bolstering market growth at significant levels.
Medical Refrigerator Market Competition
Key companies operating in this industry are Godrej, Haier, Panasonic, Blue Star, Thermo Fisher, HelmerPhilipp Kirsch, and Vestfrost Solution.
• Medical Refrigerator Market Revenue Estimation and Forecast (2020 – 2027)
• Production Estimation and Forecast (2020 – 2027)
• Sales/Consumption Volume Estimation and Forecast (2020 – 2027)
• Breakdown of Revenue by Segments (2020 – 2027)
• Breakdown of Production by Segments (2020 – 2027)
• Breakdown of Sales Volume by Segments (2020 – 2027)
• Gross Margin and Profitability Analysis of Companies
• Business Trend and Expansion Analysis
• Import and Export Analysis
Medical Refrigerator Market Segmentation
Product Outlook (Revenue, USD Million, 2020 - 2027)
• Between 2°and 8°
• Between 0°and -40°
• Under -40°
Application Outlook (Revenue, USD Million, 2020 - 2027)
• Blood Bank
Country (Revenue, USD Million, 2020 - 2027)
• United States
• South Korea
• Rest of Asia Pacific
• Rest of Europe
• Rest of South America
The Middle East and Africa
• Saudi Arabia
Medical Refrigerator Market Companies
• Blue Star
• Thermo Fisher
• Philipp Kirsch
• Vestfrost Solution
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