Medical Refrigerators Global Market Report 2024

Medical refrigerators are electronic devices designed for the safe and cool storage of various samples. They play a critical role in preserving the integrity of items such as vaccines, blood, biological reagents, pharmaceuticals, flammable chemicals, ribonucleic acid (RNA), and deoxyribonucleic acid (DNA).

The primary types of medical refrigerators include blood bank refrigerators and plasma freezers, laboratory refrigerators and freezers, pharmacy refrigerators and freezers, chromatography refrigerators and freezers, enzyme refrigerators and freezers, ultra-low-temperature freezers, and cryogenic storage systems. Blood bank refrigerators, for instance, ensure the safety and accessibility of whole blood, blood components, and reagents, preserving the freshness and integrity of these materials. These medical refrigerators find application in various end-user settings, including blood banks, pharmaceutical companies, hospitals, pharmacies, research institutes, and medical and diagnostic centers. Medical refrigerators come in different designs, such as explosive-proof refrigerators, under-counter medical refrigerators, countertop medical refrigerators, and those specifically designed for storing flammable materials. The temperature range of medical refrigerators typically falls between 2 °C to 8 °C, 0 °C to -40 °C, and below -40 °C. The storage volume capacities of these refrigerators vary, ranging from below 50 liters, 50 to 200 liters, 200 to 400 liters, 400 to 600 liters, to more than 600 liters.

The medical refrigerators market research report is one of a series of new reports that provides medical refrigerators market statistics, including medical refrigerators industry global market size, regional shares, competitors with a medical refrigerators market share, detailed medical refrigerators market segments, market trends and opportunities, and any further data you may need to thrive in the medical refrigerators industry. This medical refrigerators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The medical refrigerators market size has grown strongly in recent years. It will grow from $4.51 billion in 2023 to $4.89 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed in the historical period can be attributed to several factors, including the need for vaccine storage, the expansion of blood banks, growth in the pharmaceutical industry, adherence to regulatory compliance, and advancements in medical research.

The medical refrigerators market size is expected to see strong growth in the next few years. It will grow to $6.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period can be attributed to factors such as a heightened focus on patient safety, the increasing importance of point-of-care testing, the demand for biologics storage, the growth of the pharmaceutical cold chain, and the adoption of sustainable refrigeration practices. Key trends during this period include the integration of energy-efficient technologies, the development of customized refrigeration solutions, advancements in pharmaceuticals, the implementation of remote temperature monitoring, and ongoing progress in biotechnology.

The growth of the medical refrigerator market is being driven by the increasing demand for storing various biological products, including blood samples, blood reagents, vaccines, DNA samples, and other chemicals. This surge in demand for biologic products is attributed to factors such as a rising need for donated blood, an increase in global blood donors, and a higher prevalence of infectious diseases. The preservation of these products requires consistent temperature control, often as low as minus 80 degrees Celsius, to prolong their lifespan effectively. A notable example is the National Blood Service in Ghana, reporting an increase in collected blood units from 156,453 in 2020 to 173,938 in 2021. Consequently, the elevated demand for biological materials, such as blood and DNA samples, as well as vaccines, is anticipated to propel the growth of medical refrigerators in the foreseeable future.

The growth of the medical refrigerators market is expected to be fueled by the increasing demand for vaccines. Vaccines play a crucial role in stimulating the immune system to provide protection against specific diseases, contributing to public health initiatives. Medical refrigerators are essential for storing vaccines in healthcare settings, ensuring their efficacy, safe distribution, and overall public health safety. These refrigerators maintain precise temperature control, preventing spoilage and enabling timely vaccination programs. For instance, the DTP3 vaccine coverage rate, as reported by the United Nations Children's Fund, increased from 81% in 2021 to 84% in 2022. This underscores the vital role of medical refrigerators in meeting the growing demand for vaccines and supporting public health initiatives.

Technological advancements are shaping the landscape of the medical refrigerator market, with companies developing innovative technologies to enhance storage capabilities for medicines and blood products. For example, Godrej Appliances launched ultra-low temperature technology freezers in February 2021, aimed at improving medical cold chains both in India and internationally, ensuring the safe storage of life-saving medical supplies, including essential vaccinations, at temperatures below -80 °C.

Major players in the medical refrigerator market are actively engaged in developing eco-friendly refrigeration systems to gain a competitive advantage. The adoption of environmentally friendly refrigerants and energy-efficient technologies in these refrigeration systems helps reduce greenhouse gas emissions and minimizes environmental impact. MIRAI Intex s.r.o., a Czechia-based engineering company, introduced the MIRAI Cold 80 T in February 2021 - an ultra-low temperature refrigeration system that utilizes air as its sole refrigerant and operates in a closed cycle with water as its primary cooling agent. This environmentally conscious approach enhances the ecological soundness of Ultra-Low Temperature (ULT) refrigeration solutions, particularly in applications such as freeze-drying processes for vaccines, antibodies, blood plasma, and various biological substances.

In October 2022, Azenta Inc. acquired B Medical Systems S.à R.L. for $468.7 million, enhancing Azenta's expertise in the cold chain and introducing solutions for the secure transport of temperature-sensitive samples. B Medical Systems S.à R.L., based in Luxembourg, is recognized for its provision of medical refrigerators.

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.

North America was the largest region in the medical refrigerators market in 2023. The regions covered in the medical refrigerators market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the medical refrigerators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The medical refrigerator market consists of sales of freeze dryers, ice lined refrigerator, blood bank refrigerators. Laboratory refrigerators, vaccine refrigerator, AND pharmaceutical refrigerators. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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