Medical and Lab Refrigerator Market is expected to reach US$ 3,096.6 Mn by 2027

Increasing R&D Investments in Medical Science Provide Growth Opportunities to Medical and Lab Refrigerator Market Players

According to the latest market study on “Medical and Lab Refrigerator Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Product Type (Blood Bank Refrigerators, Laboratory Refrigerators, Pharmacy Refrigerators, Enzyme Refrigerators, and Others); End User (Blood Banks, Pharmaceutical Companies, Hospitals & Pharmacies, Research Institutes, and Others); and Geography,” the market is estimated to reach US$ 3,096.6 million by 2027 from US$ 2,267.9 million in 2019. The report highlights the factors driving and restraining the market growth, as well as enumerates prominent players in the market with their recent developments.

Increasing R&D investments in medical science by government organizations are anticipated to provide growth opportunities for medical and lab refrigerator providers.

The growing investment in medical and health R&D in the US increased by US$ 38.8 billion (i.e., 27%) from 2013 to 2017. The medical device industry continues to invest more than any other sector, representing 67% of total spending in 2017, followed by 22% by the federal government. From 2013 to 2017, federal investment increased by $6.1 billion or 18.4 percent, but growth across federal health agencies has been uneven. Medical and health R&D spending is expected to move upward in 2018 but will continue to fall short on the health and economic impact of primary health threats. In 2017, for example, the direct medical cost of just six chronic conditions – heart disease and stroke, cancer, diabetes, dental conditions, arthritis, and Alzheimer's disease – topped$1.1 trillion. Thus, the increasing R&D investment by government organizations in medical science is anticipated to provide growth opportunities for the medical and lab refrigerator market.

The medical and lab refrigerator market is segmented into product type, end user, and geography. Europe held the largest share of the medical and lab refrigerator market, followed by Asia Pacific and North America, in 2019. The market, based on product type, is segmented into blood bank refrigerators, laboratory refrigerators, pharmacy refrigerators, enzyme refrigerators, and others. The blood bank refrigerators segment is expected to hold the largest share of the medical and lab refrigerator market during the forecast period. Further, based on end user, the medical and lab refrigerator market is segmented in blood banks, pharmaceutical companies, hospitals & pharmacies, research institutes, and others. The pharmaceuticals companies segment held the largest share of the market in 2019.

The major companies offering products in medical and lab refrigerator market worldwide include ZhongkeMeiling Cryogenics Company Limited, Felix Storch, Inc., Follett LLC, Helmer Scientific Inc., Haier Biomedical, Lec Medical, Philipp Kirsch GmbH, Thermo Fisher Scientific Inc., Vestfrost Solutions, and Blue Star Limited.

Medical and Lab Refrigerator Market Breakdown - By Region, 2019

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Medical and Lab Refrigerator Market Size | Report by 2027

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Medical and Lab Refrigerator Market Forecast to 2027 - Covid-19 Impact and Global Analysis - By Product Type (Blood Bank Refrigerators, Laboratory Refrigerators, Pharmacy Refrigerators, Enzyme Refrigerators, Others); End User (Blood Banks, Pharmaceutical Companies, Hospitals and Pharmacies, Research Institutes, Others)

The report segments the global medical and lab refrigerator market as follows:

By Product Type

• Blood Bank Refrigerators
• Laboratory Refrigerators
• Pharmacy Refrigerators
• Enzyme Refrigerators
• Others

By End User

• Blood Banks
• Pharmaceutical Companies
• Hospitals & Pharmacies
• Research Institutes
• Others

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Australia
  • South Korea
  • Japan
  • Rest of Asia Pacific
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
• South America
  • Brazil
  • Argentina
  • Rest of South America