Chicago, July 27, 2022 (GLOBE NEWSWIRE) -- Medical Refrigerators Market was valued at USD 3.5 Billion in 2020 and is projected to reach USD 4.9 Billion by 2026, at a CAGR of 6.0% during the forecast period, according to a new report by MarketsandMarkets™. Medical refrigerators are heavy-duty refrigerators & freezers of various sizes and capacities that meet specific demands, and maintain medical equipment/specimens/vaccines/flammable chemicals at constant temperatures.
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Some of the key market players in the medical refrigerators market include Thermo Fisher Scientific Inc. (US), Blue Star Limited (India), Haier Biomedical (China), Aucma (China), Standex International Corporation (US), Godrej & Boyce Manufacturing Co Ltd. (India), Helmer Scientific Inc. (US), Vestfrost Solutions (Denmark), Zhongke Meiling Cryogenics Company Limited (China), Fiochetti (Italy), PHC Holdings Corporation (Japan), Follett LLC (US), Labcold (UK), Dulas Ltd. (UK), HMG India (India). These players have adopted product launches, expansions, contract, partnerships, and agreements as their growth strategies to meet the growing demand for medical refrigerators.
Driver: Increasing demand for blood storage centers and blood banks
The rising number of surgeries, coupled with the increasing prevalence of disorders including anemia and cancer, is resulting in an increase in blood transfusion procedures. It is critical to maintain optimal temperature and hygiene during the storage and transportation of blood as well as blood components. The American National Red Cross estimates that nearly 16 million blood components are transfused each year in the US. With the increase in the demand for blood transfusions, there is an unmet need for blood storage centers and blood banks, which, in turn, is driving the growth of the medical refrigerators and freezers market.
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Opportunity: Increasing research & development investments in medical science by government organizations
According to the American Association for the Advancement of Science (AAAS), US investment in medical and health research and development (R&D) increased by 6.4% from 2017 to 2018; it reached USD 194.2 billion in 2018. The Australian government’s National Health and Medical Research Council (NHMRC) has a yearly budget of USD 900 million for medical research. The increase in focus towards providing better medical services to people across the globe has resulted in developed economies, health organizations, and philanthropists investing heavily in R&D activities, providing various opportunities in the market.
Challenge: High cost of equipment
Medical refrigerators are designed to store biomedical samples at low temperatures and are used in hospitals, blood banks, research institutes, and by the biological pharmaceutical industry. The cost of medical refrigerators is very high. In addition, medical experts and physicians are required to operate these freezers. Both these factors make refrigerators & freezers expensive equipment. Therefore, the consumption of such refrigerators among pharmacies, clinics, and small hospitals is almost negligible.
Thermo Fisher Scientific is one of the manufacturers of scientific instruments, consumables, and chemicals. The company provides medical refrigerators under its laboratory products and services business segment. In July 2018, Thermo Fisher Scientific developed a new series of TSG compact refrigerators to meet the needs of clinical laboratories and patient care facilities for cold storage equipment.
Another important player in the medical refrigerators market is Helmer Scientific Inc., which designs, integrates, manufactures, markets, and distributes specialized medical and laboratory equipment to clinical and life science customers across the globe. In August 2019, Helmer Scientific launched professional medical refrigerators with OptiCool cooling technology in its GX Solution Refrigerator line.
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