MarketsandMarkets: The medical refrigerators market was valued at USD 3.5 Billion in 2020 and is projected to reach USD 4.9 Billion by 2026, at a CAGR of 6.0% during the forecast period, owing to an increase in demand of medical refrigerators in hospitals, clinics, surgery centers, research laboratories, pharmacies, and other medical facilities.
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By product type, laboratory refrigerators & freezers segment is expected to account for largest share during forecast period, in terms of volume
The laboratory refrigerators segment is expected to account for the largest share market during 2021
to 2026, in terms of volume. These refrigerators are required
to maintain a consistent temperature in order to minimize the risk of bacterial
contamination and explosion of volatile materials. Growth
of this market is mainly attributed to the rising demand for highly advanced
laboratory refrigerators & freezers to store blood plasma, tissues, cells,
and critical biological samples.
The
blood banks segment is expected to account for the largest share during 2021 to
2026, in terms of volume. Increase in population and high demand for safe blood
due to the high prevalence of transfusion transmissible infections, such as HIV
and hepatitis B, across the globe is driving the growth of the blood banks
segment.
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In 2020, North America accounted
for the largest share of the global medical refrigerators market by region. The
demand for medical refrigerators & freezers is increasing in North America
owing to the significant rise in life sciences research activities on the
treatment of diseases by academic & research institutes. In addition, the
increasing occurrence of chronic and infectious diseases and rising demand for
personalized medicines are driving the market growth.
The key market players include Thermo Fisher Scientific Inc. (US), Blue Star Limited (India), Haier Biomedical (China), Aucma (China), Standex International Corporation (US), Godrej & Boyce Manufacturing Co Ltd. (India), Helmer Scientific Inc. (US), Vestfrost Solutions (Denmark), Zhongke Meiling Cryogenics Company Limited (China), Fiochetti (Italy), PHC Holdings Corporation (Japan), Follett LLC (US), Labcold (UK), Dulas Ltd. (UK), HMG India (India). These players have adopted product launches, expansions, contract, partnerships, and agreements as their growth strategies.
Study Coverage of Medical Refrigerators Market
This report provides insights into the drivers, opportunities, and challenges impacting the growth of the medical refrigerators market. It offers a detailed overview of the market across five regions, namely, Asia Pacific, Europe, North America, the Middle East & Africa, and South America. Key players operational in medical refrigerators market mainly focused on strategies such as product launches, expansions, contract, partnerships, and agreements to enhance their business revenue and market share. This research report categorizes the medical refrigerators market based on product type, end use, and region
