Dublin, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The "North America Medical Refrigerators Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Temperature Control Range, Product Type; Design Type, and End User" report has been added to ResearchAndMarkets.com's offering.
The North America medical refrigerators market is projected to increase from its current value of US$ 2,075.80 million in 2023 to an estimated US$ 2,795.95 million by 2028, achieving a Compound Annual Growth Rate (CAGR) of 6.1%. Factors such as governmental financial support for research activities and clinical trials are playing a pivotal role in this significant market growth.
The burgeoning clinical trials, especially highlighted by the swift progress in COVID-19 vaccine development, underscore the critical need for high-grade medical refrigeration. The US Food and Drug Administration (FDA) has been at the forefront, providing considerable funding to foster the development of medical products aimed at rare diseases. The Orphan Products Clinical Trials Grants Program, backed by Congress, has seen over 60 treatments for rare diseases reach the market, primarily due to such substantial financial support.
North America Medical Refrigerators Market Overview
The market is extensively analyzed in this comprehensive research, which details the various segments shaping the North America medical refrigerators landscape. A primary driver for the market has been the rising demand for medical-grade refrigeration for the safe storage of pharmaceuticals, vaccines, and biological samples.
Market Segmentation Insights
- The market is categorized by the temperature control range, where the segment between -1°C and -50°C leads with the major market share in 2023.
- Product types include an extensive array that spans laboratory refrigerators and freezers, with this segment dominating the market share in 2023.
- Countertop medical refrigerators lead among the design types, indicative of their prevalent use in various healthcare settings.
- Hospitals and pharmacies are pivotal as the primary end-users, contributing substantially to market share.
- The US is the predominant country in terms of market share within the North American region.
Strategic Insights and Recommendations
Analysts present key takeaways that can guide market players in recalibrating their business strategies to align with market demands and regional trends. The data-rich report offers prospects of market segments that promise robust growth and emerging markets that present fresh opportunities.
The findings within this market overview stress the importance for players throughout the value chain to formulate long-term strategies based on these actionable insights. Moreover, the well-researched recommendations help refine business expansion strategies to capitalize on the growth potential in both developed and emerging markets.
Leaders in the industry and those seeking to enter the market can utilize this extensive analysis to enhance decision-making processes, particularly regarding product offerings, market segmentation, pricing strategies, and distribution channels within the North America medical refrigerators market.
With a comprehensive review of market progress coupled with thorough trend analysis, this report stands as an invaluable resource for stakeholders in the North America medical refrigerators market, ensuring informed decision-making driven by data and expert analysis.
To explore the detailed insights and dynamic trends shaping the North America medical refrigerators market and its outlook towards 2028, access the full market overview available for on-the-pulse industry professionals and stakeholders eager to stay ahead in this evolving market space.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 177 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value in 2023 | 2075.8 Million |
| Forecasted Market Value by 2028 | 2795.95 Million |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | North America |
A selection of companies mentioned in this report includes
- Blue Star Ltd
- FOLLETT LLC
- Godrej & Boyce Manufacturing Co Ltd
- Haier Biomedical
- Helmer Scientific Inc.
For more information about this report visit https://www.researchandmarkets.com/r/cjbu8x
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