The medical refrigerators market is projected to grow from USD 3.3 billion in 2019 to USD 4.2 billion by 2024, at a CAGR of 5.3% from 2019 to 2024. Technological advancements, such as wireless temperature monitoring, and remote sensor technologies, made in the medical refrigerators by many prominent players is one of the key factors driving the growth of the medical refrigerators market across the globe.
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Thermo Fisher Scientific Inc. (US), Blue Star Limited (India), Helmer Scientific (US), Vestfrost Solutions (Denmark), Felix Storch, Inc. (US), Philipp Kirsch GmbH (Germany), Haier Biomedical (China), Follett LLC (US), PHC Holdings Corporation (Japan), LEC Medical (United Kingdom), and Zhongke Meiling Cryogenics Company Limited (China) are some of the leading players operating in the medical refrigerators market. These players have adopted strategies such as new product launches, expansions, acquisitions, new product developments, collaborations, partnerships, and agreements to enhance their position in the market.
In November 2018, LEC Medical launched the Control Plus, which is a new range of medical refrigeration that can measure the core temperature for both fridges and vaccines. This product also has an external digital controller and temperature display. The new product launch strengthened the company’s position in the medical refrigerator & freezers market for pharmacies, hospitals, laboratories, and general practice end-user applications.
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In August 2017, Thermo Fisher Scientific, Inc. acquired Patheon NV, which is a leading global provider of high-quality drug development and delivery solutions to the pharmaceuticals and biopharma sector. This acquisition, worth USD 7.2 billion, helped the company achieve a competitive edge in the medical refrigerator & freezers market in the North American region.
