Number of pages: 100 | Report Format: PDF | Published date: March 07, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global medical refrigerators market was valued at US$ 3.9 billion in 2022 and is expected to register a revenue CAGR of 6.6% to reach US$ 6.9 billion by 2031.
Medical Refrigerators Market Fundamentals
Medical refrigerators are specialized refrigeration units that store vaccines, medications, and other medical supplies requiring strict temperature control. These refrigerators are designed to maintain a consistent temperature range that is typically between 2°C to 8°C, which is critical for the effectiveness and safety of the stored medical products. Medical refrigerators are typically equipped with advanced temperature control systems that monitor the internal temperature and adjust cooling to maintain a consistent range. Many models also feature alarms to alert staff if the temperature falls outside the acceptable range.
In addition to temperature control, medical refrigerators are designed with features that support the safe storage of medical products. For instance, many models have lockable doors to prevent unauthorized access and multiple compartments and shelves to help keep items organized. Medical refrigerators come in different types, including units for storing vaccines, blood products, and pharmaceuticals. These refrigerators are designed to maintain precise temperatures and ensure the integrity of the stored materials. The capacity, temperature range, power consumption, and features, such as alarms and data logging, are key factors checked while selecting a medical refrigerator.
Medical Refrigerators Market Dynamics
The growing demand for vaccines and biologics drives the global medical refrigerators market. As the demand for vaccines and biologics increases, the need for medical refrigerators to store and preserve these products also grows. This is particularly important in developing countries, where the need for safe and effective storage of these products is critical.
Increasing focus on personalized medicine, which involves the usage of individualized therapies and treatments for patients, is expected to propel revenue growth in the global market. The personalized medicine approach requires the usage of specialized drugs and biologics that must be stored and preserved at specific temperatures. Medical refrigerators are essential for maintaining the quality and efficacy of these products. The medical refrigerators market constantly evolves, with new technologies and features being introduced regularly. For instance, newer models may offer enhanced temperature control and monitoring, improved energy efficiency, and greater storage capacity. The market for medical refrigerators is projected to develop as unique and inventive models become more widespread. For instance, Helmer Scientific announced the introduction of its GX Solutions Laboratory and Plasma Freezers for vaccines, blood treatments, and medications in March 2021. It is powered by Opticool technology and is 1st professional medical-grade freezer specially developed for clinical healthcare applications via temperature control, with less energy usage and noise reduction.
Medical refrigerators are essential for storing and preserving blood and blood products. As the demand for these products increases, so does the need for reliable and effective storage solutions, driving revenue growth in the global medical refrigerators market.
Chronic diseases, such as diabetes, cancer, and heart disease, require specialized drugs and biologics. Medical refrigerators are essential for storing and preserving these products, which must be kept at specific temperatures to maintain efficacy. Thus, the increasing prevalence of chronic diseases leads to the revenue growth of the global medical refrigerators market. Growing government initiatives for raising investments and funding are helping major players to develop medical refrigerators. For instance, Hungary’s Minister of Foreign Affairs and Trade provided the HUF 1.05 billion government grant to Vestfrost to develop medical refrigerators.
The high cost of these medical refrigerators is restraining the global medical refrigerators market. Moreover, trained medical professionals are needed to handle and operate this equipment, retraining the market development.
Medical Refrigerators Market Ecosystem
The global medical refrigerators market has been analyzed from three perspectives: product type, end user, and region.
Medical Refrigerators Market by Product Type
Based on product type, the global medical refrigerators market has been segmented into ultra-low-temperature freezers, blood bank refrigerators & plasma freezers, pharmacy refrigerators & freezers, and others.
The blood bank refrigerators & plasma freezers segment accounts for the highest revenue share in the global medical refrigerators market. Fresh frozen plasmas, red blood cells, cryoprecipitate, platelet concentrates, whole blood, and blood components and reagents are generally stored in blood banks’ plasma freezers and refrigerators. Hospitals, pharmacies, clinics, and diagnostic facilities are experiencing an increase in demand for the secure storage of blood components and plasma. There are strict preparation and storage requirements to preserve the clotting factors in blood plasma, which is processed into various components. The plasma is put in a specially made blast freezer to cool it to 18°C or less. Once there, it is normally kept at 30°C for up to a year in a plasma freezer.
The ultra-low temperature freezer segment has been growing steadily in recent years due to the growing need for these freezers across various industries, including biotechnology, pharmaceuticals, and medical research. The increased need for biologics, which must be stored at extremely low temperatures to retain their efficacy, is one of the key drivers fueling the market’s expansion. The need for ultra-low temperature freezers is anticipated to rise along with the need for biologics. The revenue growth of the market has also been fueled by the development of more environmentally friendly and energy-efficient ultra-low temperature freezers due to technological developments.
Medical Refrigerators Market by End User
Based on end user, the global medical refrigerators market has been segmented into hospitals, blood banks, pharmaceutical companies, and others.
The blood banks segment accounts for the highest revenue share in the global medical refrigerators market. Blood banks routinely use medical refrigerators to store plasma and its constituent parts. The need for plasma for plasma fractionation operations is rising as more people become afflicted with various hematological diseases, including hemophilia, blood clots, bleeding disorders, and blood malignancies. The usage of blood, plasma, and its components, kept in medical refrigerators in blood banks, has increased due to the increased number of accidents and sports injuries. The rise in the number of patients having surgeries that need the replacement of patient blood loss with donor blood is expected to fuel market expansion further.
Medical Refrigerators Market by Region
Based on region, the global medical refrigerators market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America accounts for the largest revenue share in the medical refrigerators market. This is attributed to increased R&D spending and advancements in the pharmaceutical and biotechnology industries. The market is projected to advance due to rising cancer rates in the United States and a rise in the use of biomedical refrigerators and freezers. According to the Centers for Disease Control and Prevention (CDC) estimates, the United States was expected to experience 1.9 million new cancer cases and 609,360 cancer-related deaths in 2022. Also, the number of blood banks, pharmacies, and diagnostic labs nationwide is continuously expanding. Moreover, the market for biomedical refrigerators and freezers benefits from the presence of major market participants in the United States.
The market in Asia Pacific is expected to register a high revenue CAGR during the forecast period. This is attributed to the growth in technological advancements and the awareness of hygiene and health among individuals. Due to the readily available, inexpensive, and skilled labor, many businesses are moving their manufacturing operations to the Asia Pacific region, making it the segment with the fastest revenue growth. Rapid market expansion is anticipated in developing nations, such as India and China, due to the increased usage of medical refrigerators. Government authorities are introducing programs to increase the amount of blood collected. The National AIDS Control Organization (NACO) and the National Blood Transfusion Council, for instance, both advocate voluntary blood donation in India (NBTC). As more units of blood are collected, the market for medical freezers is expected to experience a rise in demand.
The prominent players operating in the global medical refrigerators market are: -
The manufacturers of medical refrigerators are constantly coming up with new ideas and launching new products to fulfill the changing demands of the medical sector. With new competitors entering the market and current ones broadening their product lines, the competitive environment is predicted to continue to be intense. To maintain their market position, businesses employ new product releases, capacity utilization, technological advancements, new product creation, and market expansion.
The global medical refrigerators market is expected to grow at a revenue CAGR of 6.6% during the forecast period.
Thermo Fisher Scientific Inc., Helmer Scientific Inc., Haier Biomedical, Blue Star Limited, and PHC Holdings Corporation are among the key players in the global medical refrigerators market.
The blood banks segment accounts for the largest revenue share in the global medical refrigerators market.
Asia Pacific is expected to register the highest revenue growth in the global medical refrigerators market during the forecast period.
The global medical refrigerators market was valued at US$ 6.9 billion in 2022.
*Insights on financial performance are subject to the availability of information in the public domain