Global medical refrigerators market is anticipated to develop to USD 4.3 Billion by 2025 from USD 3.4 billion in 2019 with a CAGR of 5.5%
The Medical Refrigerators Market: An Overview
The global medical refrigerators market is a competitive and fragmented landscape, thanks to growing innovation, and rising sophistication in healthcare. As per latest ZMR study, the market will likely grow to $4.3 bn in valuation by 2025 end. It will likely grow at a notable CAGR of 5.5% during 2019-2025 period. Growing demand to secure blood supply, due to rising chronic illnesses, amidst a growing elderly population will create tremendous opportunities for growth for players in the medical refrigerators market. The rising funding from both private and public institutions also promises a more competitive, and robust landscape during the forecast period.
Medical refrigerators are used for a wide variety of applications including storing blood supply, its derivatives, maintaining laboratory samples, and equipment at ideal temperatures, and vaccine storage. The temperature for these usually varies between 35°F to 46°F. The demand for safety in-built mechanism is often a key point for end-users, thanks to the valuable nature of pharmaceutical and medical products.
The Global Medical Refrigerators: Key Trends
Since 2017, the regions like the US have faced various challenges regarding the supply of vaccines, which continues till this date in numerous other regions. The large epidemic of hepatitis lead to a significant shortage of vaccines in the country, and resulted in major policy formations, and subsequent procurement. The Center for Disease Control and Prevention acted quickly to grow the supply of vaccinations for hepatitis to meet the growing demand of national supply. Today, thanks to robust efforts of the CDC, there are no shortages of vaccines for various illnesses including hepatitis, influenza, among several others. The rising need for immunization, and growing concern about outbreak of various illnesses will drive major growth for the medical refrigerators market during the forecast period.
The rising cases of chronic illnesses like cancer, HIV, Diabetes, Cardiovascular disease will remain key driver of growth in the medical refrigerators market. The changing demographics in major countries like the US, EU, and China will also pave way for numerous opportunities for players in the medical refrigerators market. The chronic illnesses have driven a potent need for plasma, and its derivatives in hospitals, which continue to remain the key opportunity. Additionally, the advanced refrigeration techniques promise to safeguard valuable stocks of blood, and other supplies for the benefit of key stakeholders like hospitals.
Medical Refrigerators Market: Segmentation
The global medical refrigerators market report will be segmented on the basis of product, end-use, and region. The product type segment in the report will include, chromatography refrigerators & freezers, laboratory refrigerators & freezers, ultra-low-temperature freezers, blood bank refrigerators & plasma freezers, , cryogenic storage systems, and enzyme refrigerators & freezers, and pharmacy refrigerators & freezers. Among end-use section, blood banks, research institutes, hospital & clinics, pharmaceutical companies, medical laboratories, and diagnostic centers will be covered. Among these, the blood bank and refrigerators and plasma freezer section will witness robust growth, both in terms of volume, and total revenues. The rising demand from diagnostic centers, clinics, pharmacies, and hospitals will remain a key trend in the medical refrigerators market.
Medical Refrigerators Market: Competitive Analysis
The global medical refrigerators market is a competitive and modestly fragmented landscape. The relatively low costs of production and growing demand for innovation promises more collaboration, and opportunities in near future. Some key players in the medical refrigerators market are Blue Star Limited, Thermo Fisher Scientific Inc., Vestfrost Solutions, Helmer Scientific, and Philipp Kirsch GmbH.
The global medical refrigerators market is segmented as follows:
By Product Type
By End Use