Dublin, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The "Global Medical Refrigerators Market: Analysis by Product Type, Design Type, Temperature Control Range, End User, Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
This analysis of the global medical refrigerators market, focusing on product types, design types, temperature control range, and end-user segmentation, reveals a significant projected growth trajectory for this essential segment of medical infrastructure. The findings underscore the dynamic interplay of chronic disease prevalence, innovative medical treatments, and the continuous evolution of healthcare facilities driving the market forward.
By the year 2022, the global medical refrigerators market was valued at a significant US$4.31 billion. Building on this robust foundation, market projections forecast a growth to US$6.05 billion by 2028, marking an impressive CAGR of 5.82% within the 2023-2028 period. This pivotal growth indicates the increasing reliance on medical refrigeration solutions to sustain life-saving biological materials, meet stringent regulatory standards, and accommodate the needs of a rapidly advancing medical field.
Segmentation Insights
The market analysis segregates the medical refrigerators market into critical segments - product type, design type, temperature control range, and end-user - providing a granular view of the forces shaping each sector:
- Product Type: With a wide application range, laboratory refrigerators and freezers held the highest revenue share in 2022, reflecting the diverse needs of biotech, pharmaceutical, and healthcare institutions.
- Design Type: Countertop medical refrigerators, lauded for their convenience and alignment with personalized medicine trends, have taken a formidable lead among design types.
- Temperature Control Range: The segment accommodating temperatures between -1 to -50°C spearheaded the market in 2022, indicative of the ubiquitous demand for reliable vaccine and pharmaceutical storage solutions.
- End User: Hospitals and pharmacies are among the primary drivers of market growth, echoing the broader expansion and complexity of healthcare delivery systems globally.
Regional Dynamics
The market analysis evaluates five distinct regions, with North America at the forefront in 2022, anchored by robust infrastructure in hospitals, blood banks, and biomedical industries. The Asia Pacific region, however, is anticipated to witness significant growth from 2023 to 2028, due to surging demands and burgeoning pharmaceutical sectors.
Key Market Dynamics
Growth Drivers:
- Rise in organ donation frequency
- Increase in safe blood components necessity
- Escalation of chronic disease cases
- Surge in laboratory equipment sought by educational institutions
Challenges:
- Preference for refurbished equipment due to high costs and longevity
Trends:
- Upsurge in plasma-derived medicine demand
- Heightened adoption of biopharmaceuticals
- Augmented focus on vaccine storage and distribution
COVID-19 Impact and Outlook
The COVID-19 pandemic has cast the medical refrigerators market in a critical light, with accelerated demand for vaccine and biological sample storage. Post-pandemic scenarios predict sustained expansion attributable to ongoing vaccination efforts and escalated vaccine development initiatives. The global medical refrigerators market contends with a fragmented competitive landscape, marked by innovation and strategic investments. The manufacture and introduction of new equipment suited to unique biomedical storage needs exemplify the industry's commitment to addressing evolving healthcare challenges.
Industry Leaders
Prominent figures in the global medical refrigerators market are initiating and sustaining growth through research, development, and capacity expansion to meet emergent medical needs. These industry leaders are instrumental in shaping an adaptive and responsive market landscape, ensuring the availability, safety, and integrity of vital medical supplies and biological materials. The latest analysis signals a market poised for growth and resilience, bolstered by technological advancements and global healthcare imperatives. This market precision is indispensable for stakeholders navigating the complex terrains of medical refrigeration and its profound implications for public health and safety.
Companies Mentioned
- Thermo Fisher Scientific Inc.
- Blue Star Limited
- Standex International Corporation
- Trane Technologies PLC (Helmer Scientific Inc.)
- PHC Holdings Corporation
- Eppendorf SE
- Terumo Corporation
- Haier Group (Haier Biomedical)
- Godrej Group (Godrej & Boyce Mfg. Co. Ltd.)
- Philipp Kirsch GmbH
- Felix Storch, Inc.
- Zhongke Meiling Cryogenics Company Limited
- LEC Medical
For more information about this report visit https://www.researchandmarkets.com/r/hlyrab
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