Medical and Lab Refrigerator Market Key Players and Opportunities by 2031

The Medical and Lab Refrigerator Market size is projected to reach US$ 3.68 billion by 2031 from US$ 2.54 billion in 2022. The market is expected to register a CAGR of 4.3% in 2023–2031. Technological advancement in medical and lab refrigerators are likely to remain key Medical and Lab Refrigerator Market trends.

Medical and Lab Refrigerator Market Analysis

An increase in surgical interventions, trauma cases, and others has increased the demand for blood components along with an increase in blood donations has increased the demand for medical and lab refrigerators. Additionally, the increase in vaccinations and drug usage has increased the demand for proper storage conditions which in turn contributes to the market growth. Moreover, the surge in technological advancement has led to the development of innovative products and new product launches in the market driving market growth.

Medical and Lab Refrigerator Market Overview

The increasing research activities for the treatment of diseases, increasing the occurrence of chronic and infectious diseases, and replacing older medical refrigerators with newer and more advanced energy-efficient cold storage devices are driving the growth of the medical and lab refrigerators market in this region. North America is expected to account for major market share closely followed by Europe. Moreover, Asia Pacific's demand for medical and laboratory refrigerators is expected to grow at a lucrative pace over the forecast period due to rising R&D spending, developments in the pharmaceutical and biotechnology sectors. Besides, expansion strategies adopted by leading market players in medical and laboratory refrigerators will further foster growth in the industry. Advances in clinical applications, patient blood management, and cellular therapies administration have created potential growth opportunities for the medical and lab refrigerators market.

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Medical and Lab Refrigerator Market: Strategic Insights

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Medical and Lab Refrigerator Market Drivers and Opportunities

Growing Demand for Blood Storage Centers and Blood Banks to Favor Market

Blood donation awareness levels have increased by educating individuals about the benefits and misconceptions associated with the process, allowing them to become more open-minded and volunteer to donate blood, leading to growth in demand for blood storage centers and blood banks. Added to this, there has also been an increase in blood donations due to awareness initiatives by government organizations and private companies, as well as educational institutions. According to World Health Organization, around 118.54 million blood donations taken place globally in 2023, out of these 40% are from high income countries accounts for 16% of the global population. The collected blood is primarily used in surgical procedures, general medicine, hematology, and blood diseases, and for accident and emergency cases, driving the demand for blood bank refrigerators.

Increasing Research & Development Investments in Medical Science by Government Organizations – An Opportunity in Medical and Lab Refrigerator

Government support for developing innovative medical products will further accelerate the growth of the business. For example, the Medical Device Directive of the European Commission employed specific requirements and regulations for the biomedical freezers and refrigerators to protect blood and blood components from storage. Thus, contribute to the growth of the refrigerator market for medical and laboratory applications.

According to National Center for Science and Engineering Statistics (NCSES), companies estimated US$ 84.1 billion increase from 2021 to 2022 in R&D expenditure. Additionally, in 2021, companies invested $130 billion in research, representing 22% of the total business investment for R&D which accounts for 49%​ of total U.S. research funding. In 2023, 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 US$1.1 trillion, more than six times total medical and health R&D spending that year. This shows the growing need for investments in medical science. Nearly 130,000 people in the United States die at the age of 45 each year because of health threats, which through more significant investment in R&D can help to understand better and ultimately prevent. The growing investment in medical science provides opportunities for growth in the medical and laboratory refrigerator market in the coming years.

Medical and Lab Refrigerator Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Medical and Lab Refrigerator Market analysis are product type and end user.

• Based on product type, the Medical and Lab Refrigerator Market is segmented into blood bank refrigerators, laboratory refrigerators, pharmacy refrigerators, enzyme refrigerators, and others. The laboratory refrigerators segment held a larger market share in 2023.
• In terms of end user, the market is classified into blood banks, pharmaceutical companies, hospitals & pharmacies, research institutes, and others. The pharmaceutical companies segment dominated the market in 2023.

Medical and Lab Refrigerator Market Share Analysis by Geography

The geographic scope of the Medical and Lab Refrigerator Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the Medical and Lab Refrigerator Market owing to the increasing investments in research activities for the treatment of diseases, rising occurrence of infectious and chronic diseases, as well as the replacement of older refrigerators with more advanced energy-efficient refrigerators. Complete adoption of medical-grade refrigeration remains to be a precedence for hospitals and pharmacists. In addition, keeping regulatory compliance for temperature-sensitive medications and vaccines, as well as safeguarding patient safety, normally drives the investment decision in medical-grade refrigeration. Agencies such as State Departments of Health, CDC, State Boards of Pharmacy, and Joint Commission, among others, include refrigeration in the course of inspections and audits. It signifies that hospitals, laboratories, and pharmacists should take refrigerator performance into consideration as an important aspect. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.  

Medical and Lab Refrigerator Market Regional Insights

The regional trends and factors influencing the Medical and Lab Refrigerator Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medical and Lab Refrigerator Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Medical and Lab Refrigerator Market Report Scope

Medical and Lab Refrigerator Market Players Density: Understanding Its Impact on Business Dynamics

The Medical and Lab Refrigerator Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Medical and Lab Refrigerator Market are:

1. ZhongkeMeiling Cryogenics Company Limited
2. Felix Storch, Inc
3. Follett LLC
4. Helmer Scientific Inc
5. .Haier Biomedical
6. Lec Medical

Disclaimer: The companies listed above are not ranked in any particular order.

Medical and Lab Refrigerator Market News and Recent Developments

The Medical and Lab Refrigerator Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Medical and Lab Refrigerator and strategies:

• The company has launched TSV series lab refrigerators and freezers in India focused on the storage needs of academic, research, and healthcare laboratories. (Source: Healthcare Radius, Newsletter, 2023)
• The company launched 22 all-new models, including 15 new pharmaceutical refrigerators and seven new biomedical freezers. Each new model has been carefully designed, from the ground up, to offer the superior features and reliability needed for pharmaceutical and biomedical applications while maintaining an attractive purchase price and low ongoing cost of ownership. (Source: Arctiko, Press Release, 2023)
• The company launched new smart TM TSG series refrigerators due to the demand for safe and reliable storage of temperature-sensitive medical supplies has reached unprecedented heights, making the introduction of the TSG series refrigerators a significant milestone. (Source: Thermo Fischer Scientific, Newsletter, 2021)

Medical and Lab Refrigerator Market Report Coverage and Deliverables

The “Medical and Lab Refrigerator Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles