Medical Refrigerators Market Forecast Report | Industry Size & Share 2028

Medical Refrigerators Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Product Type (Laboratory Refrigerators & Freezers, Chromatography Refrigerators & Freezers, Ultralow-Temperature Freezers, Blood Bank Refrigerators & Plasma Freezers, Cryogenic Storage Systems, Pharmacy Refrigerators & Freezers, Enzyme Refrigerators & Freezers, Hospital Refrigerators & Freezers, Shock Freezers, and Others), Design Type (Explosion-Proof Refrigerators, Undercounter Medical Refrigerators, Countertop Medical Refrigerators, and Flammable Material Storage Refrigerators), Temperature Control Range (Between −1 And −50°C, Between 2°C And 8°C, Between −51 and −150°C, and Below −151°C), End User (Hospitals and Pharmacies, Medical Laboratories, Blood Banks, Pharmaceutical Companies, Research Institutes, Diagnostic Centers, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)

Publication Month : May 2023

  • Report Code : TIPRE00006857
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 253
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[Research Report] The medical refrigerators market is expected to grow from US$ 4,665.97 million in 2022 to US$ 6,499.18 million by 2028; it is estimated to register a CAGR of 5.8% from 2023 to 2028.

Analyst Perspective:

Medical refrigerators store various biological components such as blood, blood derivatives, biological reagents, vaccines, medicines, and flammable chemicals. The increasing number of medical procedures, combined with the increasing prevalence of problems such as anemia and cancer, is leading to an expansion of blood transfusion methods. The American Red Cross estimates that nearly 13.6 million whole blood and red blood cells are collected annually in the United States. Increasing demand for blood transfusions will drive market growth. The increasing use of these agents to treat severe hypoglycemia has also increased the market demand. The developing countries are striving to introduce new medical cold-chain refrigeration technologies to ensure the safe storage of medicines. In addition, medical refrigerators are also used in the immunohematology department for storing whole blood, blood components, and reagents safely and conveniently.

Market Overview

Medical refrigerators are mainly used in healthcare, where they are used to store various temperature-sensitive products such as vaccines, blood, etc. With the advancement of technology, refrigeration technology has made great strides in meeting the needs of the medical and healthcare industries. Technological advancements have led to improved energy efficiency, improved acoustic properties, and better temperature regulation. These devices have precise cooling techniques, state-of-the-art temperature monitoring software, and remote warning functions. Several manufacturers integrate web-based interfaces and present graphical displays. They also implement low and ultra-low temperature settings and data collection and management systems to increase functionality. The increasing need for medical refrigerators due to increasing cases of chronic diseases, market developments, and technological advancements, among others, are driving the growth of the global medical refrigerators market.

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Medical Refrigerators Market: Strategic Insights

medical-refrigerators-market
Market Size Value inUS$ 4,665.97 million in 2022
Market Size Value byUS$ 6,499.18 million by 2028
Growth rateCAGR of 5.8% from 2023 to 2028
Forecast Period2023-2028
Base Year2022
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Akshay

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Growth Drivers and Challenges:

Blood and blood components perform many vital functions in the body. Consequently, severe blood loss could result in life-threatening conditions such as hypovolemic/hemorrhagic shock, which require immediate blood transfusion to prevent organ failure and death. Blood transfusion is one of the important steps in many surgical procedures, as well as in chemotherapy, stem cell therapy, and organ transplantation procedures; it is also employed in the treatment of acute and chronic diseases caused by deficiencies or defects in plasma proteins or cellular blood components, to avoid complications such as life-threatening bleeding or to improve the quality of life. For instance, as per the data provided by WHO, anemia affects ~25% of the population, i.e., ~1.6 billion people, worldwide; the prevalence of the condition is highest, i.e., 47.4%, among toddlers and children of preschool age. The National Hemophilia Foundation estimates that more than 400,000 people worldwide are affected by hemophilia. According to the American National Red Cross 2023 data findings, 13.6 million units of whole and red blood cells are collected annually in the US. In the US, ~29,000 units of red blood cells, 6,500 units of plasma, and ~5,000 units of platelets are required daily. Thus, the increasing demand for safe blood and blood components for transfusion has encouraged the manufacturing or development of various types of blood bank freezers; it has also triggered the adoption of ULT freezers for secure storage due to the strict guidelines imposed by the WHO for the storage of blood samples, which is contributing to the medical refrigerators market growth.

The healthcare sector is witnessing technological developments that accelerate the adoption and acceptance of medical refrigerators. As a result, the companies focus on manufacturing energy-efficient natural refrigerants and inverter compressors to reduce power consumption effectively through slow-speed rotation control. Biological research specimens must be stored below -80°C, i.e., at ultralow temperature (ULT) values. The ULT feature provides an alternative to standard compressor-based cooling technology that keeps improving as the understanding of it grows. Further, innovative products by Haier Biomedical, such as smart frequency conversion technology, boast an unparalleled energy consumption of just 8.2 Kwhr/day with a unit capacity of 829 L/29.2 ft3. Similarly, other technologies, such as unique default passwords for smart freezers, solid-state cooling, 2D barcode systems, shared freezers, and mobile lab freezers, are gathering significant attention.

Further, many new hospitals are implementing various strategies to reduce capital investments. Procuring refurbished or refurbished existing equipment is one way to address the high demand for affordable and reliable products. Not only small hospitals with limited budgets but also some leading medical institutes demand refurbished medical imaging equipment. Moreover, refurbished medical devices are cost-effective, and budget constraints at many levels, mainly in the healthcare sectors in cost-sensitive countries, compel medical institutes to opt for these devices. Many original manufacturers and standalone refurbishments have established a separate second-hand market flourishing in India. However, domestic manufacturers have raised several issues, demanding a total ban on such devices. Major manufacturers in the medical refrigerators market do not offer refurbished freezers, which is hampering their market performance. Thus, the growing consumer preference for refurbished equipment is hindering the market proliferation to a certain extent.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Temperature Control Range, Product Type, Design Type, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, Egypt, France, Germany, India, Italy, Japan, Kuwait, Mexico, Saudi Arabia, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Which end-user held the largest share in the medical refrigerators market?

The hospitals and pharmacies segment dominated the global medical refrigerators market and held the largest market share of 41.16% in 2022.

Which region is expected to witness significant demand for medical refrigerators market in the coming years?

Global medical refrigerators market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa and South & Central America. In North America, the U.S. is the largest market for medical refrigerators. The region is expected to witness a consistent growth owing to factors such as rising research activities for the treatment of diseases, increasing occurrence of chronic and infectious diseases, and the replacement of older medical refrigerators with newer and more advanced energy-efficient cold storage device. The Asia Pacific region is expected to account for the fastest growth in the medical refrigerators market. In India and China, the market is expected to grow rapidly owing to factors such as the research activities & pharmaceutical manufacturing and increasing investments by leading players and respective government agencies in emerging APAC countries.

Which temperature control range held the largest share in the medical refrigerators market?

The between -1 to -50°C segment dominated the global medical refrigerators market and held the largest market share of 38.91% in 2022.

Which are the top companies that hold the market share in medical refrigerators market?

Thermo Fisher Scientific Inc. and PHC Holdings Corporation are the top two companies that hold huge market shares in the medical refrigerators market.

Which product type led the medical refrigerators market?

The laboratory refrigerators and freezers segment held the largest share of the market in the global medical refrigerators market and held the largest market share of 41.00% in 2022.

Who are the key players in the medical refrigerators market?

The medical refrigerators market majorly consists of the players such 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 among others.

What is the market CAGR value of medical refrigerators market during forecast period?

The CAGR value of the medical refrigerators market during the forecasted period of 2023-2028 is 5.8%.

What are the driving factors for the medical refrigerators market across the globe?

Key factors that are driving the growth of this market are increasing demand for blood and blood components, technological advancements in medical refrigerators, and growing R&D activities to introduce new drug compounds are expected to boost the market growth for the medical refrigerators over the years.

Which design type held the largest share in the medical refrigerators market?

The countertop medical refrigerators segment dominated the global medical refrigerators market and accounted for the largest market share of 47.31% in 2022.

What are medical refrigerators?

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 medical refrigerators for pharmaceutical and laboratory use.

The List of Companies - Medical Refrigerators

  1. THERMO FISHER SCIENTIFIC INC.
  2. Philipp Kirsch GmbH
  3. Godrej & Boyce Manufacturing Company Limited
  4. Haier Group Corporation
  5. Blue Star Limited
  6. Helmer Scientific Inc.
  7. Vestfrost Solutions
  8. PHC Holdings Corporation
  9. FOLLETT LLC
  10. Lec Medical

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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