Pune, India, July 25, 2023 (GLOBE NEWSWIRE) -- The US medical cold storage market size was valued at USD 1.48 billion in 2022. The market is projected to grow from USD 1.02 billion in 2023 to USD 1.46 billion by 2030 at a CAGR of 5.3% during the 2023-2030 period.
Various pharmaceutical goods such as vaccines and medications possess a delicate nature that necessitates meticulous temperature control. A momentary fluctuation in the prescribed temperature range can potentially jeopardize the integrity and effectiveness of these products. Therefore, medical cold storage comprises refrigerators and freezers, designed to maintain optimal temperatures and safeguard these valuable healthcare commodities. Fortune Business Insights presents this information in their report titled "US Medical Cold Storage Market, 2023–2030."
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Key Industry Development
- March 2023 - BioLife Solutions Inc. launched Ultraguard -70o C phase change material accessory to provide backup cooling in ULT freezers and dry ice alternative for benchtop biologic material storage.
Key Takeaways:
- The demand for medical cold storage among the healthcare facilities in the country is anticipated to fuel up during the forecast period.
- The increasing number of blood donations in the country, especially post COVID-19 pandemic, is one of the major reasons for the growth of the segment.
- The laboratory specimens segment is expected to grow during the forecast period owing to increasing clinical activities and testing.
- The increasing research and development activities is one of the growing factor during the forecast period 2030.
Discover the Leading Players Featured in the Report:
“Companies leading the global US Medical Cold Storage Market are Thermo Fisher Scientific Inc. (U.S.), Haier Biomedical (China), PHC Holdings Corporation (Japan), Helmer Scientific Inc. (U.S.), BioLife Solutions Inc. (U.S.), Accucold (U.S.), FOLLET PRODUCTS, LLC. (U.S.), Eppendorf SE (Germany), VESTFROST SOLUTIONS (Denmark)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.3% |
| 2030 Value Projection | USD 1.46 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 1.02 billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 83 |
| Segments covered | By Product Type, Storage, Size, and End User |
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Segments
Rising R&D Activities Lead the ULT Freezers Segment
On the basis of product type, the market is segmented into ultra-low temperature (ULT) freezers, low temperature freezers, blood bank refrigerators, low temperature refrigerators, and others. The ultra-low temperature (ULT) freezers segment leads the market owing to extensive demand to store vaccines during COVID-19 and a high focus on research and development to launch products with cutting-edge technology.
Vaccines Segment Enhances Market Growth Owing to Growing Vaccination
On the basis of storage, the market is segmented into vaccines, blood products, medications & biologics, laboratory specimens, and others. The vaccines segment dominates the market due to the high vaccination rate for COVID-19 vaccines in the medical cold storage industry.
Significant Growth in Amount of Samples Amid Healthcare Services Drive Growth
On the basis of size, the market is segmented into undercounter, compact, mid-sized, and large. The large segment dominates the market due to the growing number of specimens and samples in blood banks, hospitals, and other healthcare facilities.
Frequent Patient Visits, Increasing Product Usage and Procedures Aid Hospital Segment’s Growth
On the basis of end user, the market is segmented into hospitals, clinics, physician offices, academic institutes & research laboratories, pharmacies, blood banks, and others. Increasing usage of biologics, blood products, medications, and other products due to growing procedures is estimated to lead the hospitals segment at the highest CAGR during the projected timeframe.
Product Type
- Ultra-Low Temperature (ULT) Freezers
- Low Temperature Freezers
- Blood Bank Refrigerators
- Low Temperature Refrigerators
- Others
By Storage
- Vaccines
- Blood Products
- Medications & Biologics
- Laboratory Specimens
- Others
By Size
- Undercounter
- Compact
- Mid-sized
- Large
By End User
- Hospitals
- Clinics
- Physician Offices
- Academic Institutes & Research Laboratories
- Pharmacies
- Blood Banks
- Others
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Drivers and Restraints
Surging Demand for Vaccines and Temperature-Controlled Medications Drives Market Growth
The increasing number of patients affected by various ailments has led to a surge in demand for vaccines and biologics. A noteworthy example is the authorization granted by the U.S. Food and Drug Administration (FDA) in August 2022 for the emergency use of the JYNNEOS vaccine to combat monkeypox infection among individuals aged 18 years and above. This significant development is anticipated to have a positive impact on both the availability of vaccines and the rate of vaccination within the population.
However, high cost of implementing and maintaining these devices may hamper the U.S. medical cold storage market growth.
Competitive Landscape
Leading Market Players Lead Market Growth with Technological Advancements
Prominent companies such as Thermo Fisher Scientific Inc., Haier Biomedical, and PHC Holdings Corporation have emerged as key players in the medical cold storage industry. They are actively involved in the development and introduction of innovative products, incorporating cutting-edge technological advancements. Their unwavering efforts and commitment to pushing the boundaries of technology have significantly contributed to the expanding U.S. medical cold storage market share.
FAQ’s
How big is the US Medical Cold Storage Market?
The US Medical Cold Storage Market size was USD 1.48 billion in 2022. It is expected to reach USD 1.46 billion by 2030.
How fast is the US Medical Cold Storage Market growing?
The US Medical Cold Storage Market will exhibit a CAGR of 5.3% during the forecast period, 2023-2030.
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