Wilmington, Delaware, United States, Transparency Market Research, Inc., Sept. 05, 2024 (GLOBE NEWSWIRE) -- After a thorough analysis of the healthcare and pharmaceutical landscape, analysts at Transparency Market Research conclude that the global medical refrigeration market (سوق التبريد الطبي) will expand at a CAGR of 6.2% from 2024 to 2034. A valuation of US$ 7.2 billion is expected to be realized by the market, according to the report.
Medical refrigeration provides vital storage options for medical items that are sensitive to temperature, acting as a crucial pillar within healthcare infrastructure. The industry includes a broad spectrum of refrigeration equipment designed to meet the strict needs of holding medications, vaccines, blood samples, and other biological products.
The global healthcare landscape is experiencing a surge in demand for dependable and effective medical refrigeration systems due to expanding immunization programs, breakthroughs in biopharmaceutical research, and the rise in prevalence of chronic diseases.
Healthcare institutions are striving to preserve the effectiveness and integrity of their medical inventory. Thus, new technologies are being introduced to satisfy the medical refrigeration industry's evolving demand patterns.
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Competitive Landscape
As per the global medical refrigeration market report, majority of companies are spending significantly on expanding their presence, primarily in prominent areas of the globe. Product launch is a key strategy adopted by players operating in the market.
Key Players Profiled
- Andreas Hettich GmbH & Co. KG
- B Medical Systems
- Biobase Biodusty (Shandong) Co. Ltd.
- Blue Star Limited
- Follett Products LLC
- Haier Biomedical
- Helmer Scientific Inc.
- Kalstein France
- Liebherr
- Thermo Fisher Scientific Inc.
Key Market Developments
- In August 2023, Thermo Fisher Scientific Inc. unveiled its Thermo Scientific TSG Series refrigerators. These refrigerators are specifically designed to address the need for secure storage of critical vaccines and pharmaceuticals with laboratory, pharmaceutical, and clinical settings. These refrigerators mitigate risks associated with temperature fluctuations, safeguarding the potency and effectiveness of medical products.
- In April 2024, B Medical Systems announced the acquisition of the ACT label for its Solar Direct Drive Vaccine Refrigerator and Ice-Pack Freezer- TCW40SDD. The TCW40SDD is the first ever Solar Direct Drive Vaccine Refrigerator and Ice-Pack Freezer to receive an ACT label.
- In March 2021, Helmer Scientific announced the launch of its Plasma Freezers and GX Solutions Laboratory for blood therapies, vaccines, sample storage, and medications. It is anticipated to consolidate Helmer Scientific’s presence in the medical refrigeration market.
Key Takeaways from the Market Study
- From 2024 to 2034, the market for medical refrigeration is slated to expand more than 2x.
- The medical refrigeration market is anticipated to accumulate a valuation of US$ 3.4 billion in 2024.
- By power source, solar powered medical refrigeration is gradually gaining ground.
- Standard cooling ULT freezers are in high demand, particularly ones which deploy cryogenic freezing techniques.
- By application, medical refrigeration is preferred to store drugs and vaccines.
Key Growth Drivers of the Medical Refrigeration Market
- Medical refrigeration is gaining popularity owing to extensive investments in bolstering pharmaceutical capabilities. Medical refrigeration solutions are needed across a wide spectrum of healthcare settings, including hospitals, clinics, research laboratories, and pharmaceutical manufacturing facilities.
- The demand for vaccines is rising globally. This need was especially strong during the COVID-19 pandemic. Medical refrigeration with robust cooling capacities are required to increase these vaccines’ lifespan and administer them to patients whenever required.
- Educational institutions are prioritizing the development of biological and life science-related labs. The growing need for laboratory equipment, including medical refrigeration, for storage of dead animals, plants, and blood samples for research purposes is a key factor fueling the medical refrigeration market expansion.
- A surge in organ donation is anticipated to drive the usage of medical refrigeration in hospitals and other medical facilities. According to data published by the Association of Organ Procurement Organization, in 2020, there were over 12,500 organ donations, a surge of 6% in comparison with 2019.
Regional Profile of the Medical Refrigeration Market
- North America held largest share in 2023. Increase in demand for healthcare infrastructure with advanced facilities and high levels of healthcare expenditure are driving market dynamics in the region.
- A significant number of pharmaceutical and biotechnology companies are engaged in research, development, and production of vaccines, biologics, and pharmaceuticals in the region.
- These companies require precise temperature control throughout the manufacturing process and during storage and transportation, thus driving the demand for sophisticated medical refrigeration equipment and cementing the medical refrigeration market share of North America.
- Medical refrigeration requirements are increasing sharply in the Asia Pacific. With a major chunk of healthcare investments occurring in countries such as China and India, companies in these region are augmenting their storage capacities and administer better healthcare.
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Medical Refrigeration Market Segmentation
Product Type
- Standard Cooling- ULT
- Cryogenic Freezers
- ULT Freezers
- Biomedical Freezers
- Standard Cooling- Standard Temperature
- Biomedical Freezers
- Medical Fridges
- Centrifuge Coolers/Freezers
- Mobile Cooling- ULT
- Active Cooled Transport Boxes
- Passive Transport Boxes
- Mobile Cooling- Standard Temperature
- Solar Powered Medical Fridges
- Medical Cooling Transport Boxes with Compressors
- Medical Cooling Transport Boxes with Dry Ice
Capacity
- Up to 10 liters
- 10-50 liters
- 50-150 liters
- 150-350 liters
- 350-650 liters
- Above 650 liters
Power Source
- Solar Powered
- Non-solar Powered
Cabinet Type
- Vertical Cabinet
- Horizontal Cabinet
Number of Doors
- Single Door
- Double Door
- Multi Door
Price Range
- Low
- Medium
- High
Application
- Drugs & Vaccine Storage
- Pathology
- Diagnostic & Healthcare Centers
- Others (Blood & Organ Banks, Research Centers, etc.)
Distribution Channel
- Direct Sales
- Indirect Sales
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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