Asia Pacific Medical and Lab Refrigerator Market Developments and Forecast by 2027

The Asia Pacific Medical and Lab Refrigerator is expected to reach US$ 913.50 million in 2027 from US$ 623.74 million in 2019; it is estimated to grow at a CAGR of 4.9% from 2020 to 2027.

China held significant Medical and Lab Refrigerator market share in 2019. In 2018, the Chinese government announced several policies focused on offering more support to private hospitals. As per these policies, private hospitals are entitled to have the same assessment system as public hospitals, no limit on the opening of general clinics by the government, and third-party medical institutions can have their own standards. This would result in increased opportunities for the country’s private hospitals, which would increase the demand for medical and lab refrigerators. Also, the government has recently announced to relax FDIs in the medical field; thus, investments in private hospitals, pharmacies, and pharmaceutical sector may increase. Moreover, the recent COVID-19 outbreak has presented the disparities in the capabilities of hospitals across China. The COVID-19 has still not been wiped off. This signifies the need for immediate service delivery on priority in the short-term. Thus, the Chinese government is likely to accelerate the process of identifying gaps to invest in the country’s healthcare system.

Moreover, the China Food and Drug Administration (CFDA) is looking into numerous reforms to encourage restructuring and drug innovation in the country by revising patent regulations and enhancing data protection policies. It is also revamping its drug regulatory system to propel the R&D in the introduction of new treatments. Such initiatives are expected to create opportunities for international as well as local drug manufacturing companies in the country.

China Medical and Lab Refrigerator Market Revenue and Forecast to 2027 (US$ Million)

ASIA PACIFIC MEDICAL AND LAB REFRIGERATOR – MARKET SEGMENTATION

By Product Type

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

By End User

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

By Country

• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC

Company Profiles

• 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
• Blue Star Limited

Asia Pacific Medical and Lab Refrigerator Report Scope