Medical Refrigerators Market Value Report – Size & Forecast 2028

Medical Refrigerators Market Forecast to 2028 - Global Analysis by Temperature Control Range (Between −2°C and −8°C, Between −1°C and −50°C, Between −51°C and −150°C, and Below −151°C), Product Type (Laboratory Refrigerators and Freezers, Blood Bank Refrigerators and Plasma Freezers, Pharmacy Refrigerators and Freezers, Cryogenic Storage Systems, Vaccine Refrigerators, and Others), Design Type (Explosion-Proof Refrigerators, Undercounter Medical Refrigerators, Countertop Medical Refrigerators, and Flammable Material Storage Refrigerators), and End User (Hospitals and Pharmacies, Blood Banks, Pharmaceutical Companies, Research Institutes, Diagnostic Centers, and Others)             

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.

The increasing demand for blood and blood components and technological advancements in medical refrigerators trigger the adoption of medical refrigerators worldwide.

The medical refrigerators market is segmented into temperature control range, product type, design type, end user, and regions. The report offers insights and in-depth analysis of the market, emphasizing parameters such as medical refrigerators market trends, technological advancements, market dynamics, and the competitive landscape analysis of leading market players.

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Medical Refrigerators Market: Strategic Insights

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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Global Medical Refrigerators Market 

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Market Insights

Technological Advancements in Medical Refrigerators Drives Medical Refrigerators Market Growth

The healthcare sector is witnessing massive developments accelerating the adoption and acceptance of medical refrigerators. As a result, the companies focus on manufacturing energy-efficient natural refrigerants and inverter compressors to effectively reduce power consumption through slow-speed rotation control. In December 2016, Panasonic introduced the VIP Ultra, a low-temperature freezer that uses hydrocarbon refrigerants to minimize energy consumption and reduce environmental impact. In July 2018, PHC Corporation launched the VIP ECO series of new −85°C ultra-low temperature freezers in the Japanese market. These freezers, including models MDF-DU702VHS1-PJ and DU502VHS1-PJ (single-phase 100V), use natural refrigerants and new inverter compressors, and they are mainly designed for pharmaceutical companies, research, and medical institutions. Furthermore, in December 2019, PHCbi launched a new ultralow-temperature freezer named MDF-DU901VHL (large 900 L) that features the latest cabinet design and intuitive LCD control in the ECO version. Also, the freezers operate by managing energy consumption and balancing temperature performance.

Biological research specimens need storage at temperatures 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 with advanced technology. Innovative products offered by Haier Biomedical include smart frequency conversion technology ULT freezers that are presumed to achieve an unparalleled energy consumption figure of just 8.2 Kwhr/day with a unit capacity of 829 L/29.2 ft3. In May 2018, PHCbi, with its distributor, SIFO Technology Corporation, introduced its new VIP, TwinGuard Deep Freezers at Kaohsiung International Instruments & Chemtech Expo.

Similarly, other technologies such as unique default passwords for smart freezers, shared freezers, solid-state cooling, 2D barcode systems, and mobile lab freezers are gathering significant attention.

Global Medical Refrigerators Products Market, by Product Type – 2023 vs. 2028

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Product Type-Based Insights

The medical refrigerators market, by product type, is segmented into laboratory refrigerators and freezers, blood bank refrigerators and plasma freezers, pharmacy refrigerators and freezers, cryogenic freezers and storage systems (including LN2 cryogenic storage system), vaccine refrigerator/freezer, and others. In 2022, the laboratory refrigerators and freezers segment held the largest market share. The blood bank refrigerators and plasma freezers segment is estimated to register the highest CAGR during the forecast period.

Design Type-Based Insights

The medical refrigerators market, based on design type, is segmented into countertop medical refrigerators, undercounter medical refrigerators, explosion-proof refrigerators, and flammable material storage refrigerators. In 2022, the countertop medical refrigerators segment held the largest share of the market. The market for the undercounter medical refrigerators segment is expected to grow at the highest rate in the coming years.

Temperature Control Range-Based Insights

Based on temperature control range, the medical refrigerators market is segmented into between −2°C and −8°C, between −1°C and −50°C, between −51°C and −150°C, and below −151°C. In 2022, the −1 and −50°C segment held the largest share of the market and is expected to grow at the highest rate in the coming years.

End User-Based Insights

The medical refrigerators market, based on end user, is segmented into hospitals and pharmacies, blood banks, pharmaceutical companies, diagnostic centers, research institutes, and others. In 2022, the hospitals and pharmacies segment held the largest share of the market. The blood banks segment is expected to grow at the highest rate in the coming years. 

Companies in the medical refrigerators market adopt inorganic and organic strategies such as mergers and acquisitions. A few recent key market developments are listed below:

  • In June 2022, Haier Biomedical launched the DW-86L828ST new-generation ULT freezer. The DW-86L828ST new-generation ULT freezer is integrated with TwinCool, frequency conversion, and hydrocarbon energy-saving technologies. Haier Biomedical continues to upgrade its products and solutions to meet different market demands, creating the best user ecology—a 'zero distance to customer' experience.
  • In July 2021, Thermo Fisher Scientific launched new general-purpose laboratory refrigerators and freezers. Thermo Scientific TSG Series-general purpose laboratory refrigerators and freezers have been designed to consistently protect general research and clinical materials, with temperatures that address short- and long-term storage requirements, including COVID-19 vaccines.
  • In February 2021, Godrej Appliances, a part of the Godrej & Boyce Group, launched specially refrigerated mobile vans and ultra-low temperature freezers to help transport COVID-19 vaccines in India.   
  • In February 2021, Follett Products, LLC and PHC Corporation of North America (PHCNA) announced a partnership. They sold the PHCbi line of ultra-low temperature (ULT) freezers, pharmaceutical-grade refrigerators, and biomedical freezers to Follett’s healthcare customers. These products will be offered alongside Follett’s existing high-performance refrigerators, freezers, and ancillary products.   
  • In April 2020, Thermo Fisher Scientific signed a partnership agreement with DKSH to distribute its Revco RDE Series Ultra Low Temperature (ULT) freezers. This agreement mainly focuses on the clinical sector.   

Company Profiles   

  • Thermo Fisher Scientific Inc
  • Philipp Kirsch GmbH
  • Godrej & Boyce Manufacturing Co Ltd
  • Haier Group
  • Blue Star Ltd
  • Helmer Scientific Inc.
  • Vestfrost Solutions
  • PHC Holdings Corporation
  • Lec Medical    
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 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 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.

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.

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.

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 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.

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

  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
  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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