Medical Refrigerators Market is expected to reach US$ 5,050.93 million by 2028

Posted by Lisa Seghers on October 7th, 2022

Blood Bank Refrigerators and Plasma Freezers Segment to Lead the Medical Refrigerators Market During 2021–2028

Medical refrigerators are designed to meet the temperature requirements for safe drug storage. Medical Refrigerators are used to store vaccines, pharmaceuticals, chemotherapeutics, blood, plasma, and other samples that require tight temperature control. These are more reliable products for the storage of medicinal products as they emit less heat and less sound into the room. Rising occurrence of hematological disorders and an increment in the number of accidents have increased the requirement for plasma for employment in plasma fractionation operations. In return, this requirement has led to an increase in requirements for plasma freezers and refrigerators at the blood bank. These features are boosting demand for blood bank development worldwide. Thus, driving demand for refrigerators for medical and laboratory use.

According to the new research report published by The Insight Partners, titled “Medical Refrigerators Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Design Type, Door Type, Temperature Control Range, and End User,” the market is projected to reach US$ 5,050.93 million by 2028 from US$ 3,397.48 million in 2021; it is expected to grow at a CAGR of 5.8% from 2021 to 2028. 

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Based on product type, the medical refrigerators market is segmented into laboratory refrigerators and freezers, chromatography refrigerators and freezers, ultralow-temperature freezers, blood bank refrigerators and plasma freezers, cryogenic storage systems, pharmacy refrigerators and freezers, enzyme refrigerators and freezers, hospital refrigerators and freezers, shock freezers, and others. The blood bank refrigerators and plasma freezers segment held the largest share of the market in 2020.

The growth of the medical refrigerators market is primarily attributed to the factors such as increasing demand for blood and blood components, technological advancements in medical refrigerators, and growing R&D activities to introduce new drug compounds. However, the use of refurbished equipment and high costs associated with ultralow-temperature freezers hinder the market growth. THERMO FISHER SCIENTIFIC INC., Philipp Kirsch GmbH, Godrej & Boyce Manufacturing Company Limited, Haier Group Corporation, Blue Star Limited, Helmer Scientific Inc., Vestfrost Solutions, PHC Holdings Corporation, FOLLETT LLC, and Lec Medical are among the leading companies operating in the market.

The medical refrigerators market majorly consists of the players THERMO FISHER SCIENTIFIC INC., Philipp Kirsch GmbH, Godrej & Boyce Manufacturing Company Limited, Haier Group Corporation, Blue Star Limited, Helmer Scientific Inc., Vestfrost Solutions, PHC Holdings Corporation, FOLLETT LLC, Lec Medical.

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