COVID-19 Impact on Medical and Lab Refrigerator Market 2020: Analysis By ZhongkeMeiling Cryogenics Company Limited, Felix Storch, Follett LLC, Helmer Scientific, Haier Biomedical, Lec Medical, Philipp Kirsch GmbH, Thermo Fisher Scientific, Vestfrost Solut

The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries including Life science Industry, and many more. Trade barriers are further restraining the demand- supply outlook. As government of different regions have already announced total lockdown and temporarily shutdown of industries, the overall production process being adversely affected; thus, hinder the overall Medical and Lab Refrigerator market globally. This report on 'Medical and Lab Refrigerator market' provides the analysis on impact on Covid-19 on various business segments and country markets. The report also showcase market trends and forecast to 2027, factoring the impact of Covid -19 Situation.

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According to the latest market study on "Medical and Lab Refrigerator Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type (Blood Bank Refrigerators, Laboratory Refrigerators, Pharmacy Refrigerators, Enzyme Refrigerators, and Others); End User (Blood Banks, Pharmaceutical Companies, Hospitals & Pharmacies, Research Institutes, and Others); and Geography," the market is estimated to reach US$ 3,096.62 million by 2027 from US$ 2,267.93 million in 2019. The report highlights the factors driving and restraining the market growth, as well as enumerates prominent players in the market with their recent developments.

Increasing R&D investments in medical science by government organizations are anticipated to provide growth opportunities for medical and lab refrigerator providers.

The growing investment in medical and health R&D in the US increased by US$ 38.8 billion (i.e., 27%) from 2013 to 2017. The medical device industry continues to invest more than any other sector, representing 67% of total spending in 2017, followed by 22% by the federal government. From 2013 to 2017, federal investment increased by $6.1 billion or 18.4 percent, but growth across federal health agencies has been uneven. Medical and health R&D spending is expected to move upward in 2018 but will continue to fall short on the health and economic impact of primary health threats. In 2017, 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$1.1 trillion. Thus, the increasing R&D investment by government organizations in medical science is anticipated to provide growth opportunities for the medical and lab refrigerator market.

Key Competitors In Market are

ZhongkeMeiling Cryogenics Company Limited
Felix Storch, Inc
Follett LLC
Helmer Scientific Inc.
Haier Biomedical
Lec Medical
Philipp Kirsch GmbH
Thermo Fisher Scientific Inc.
Vestfrost Solutions
Blue Star Limited

Strategic Insights

The players in the medical and lab refrigerator market focus on various strategic alliances such as mergers, acquisitions, and new product launches to maintain their positions in the medical and lab refrigerator market. A few developments are listed below:

In 2019, Accucold, a division of Felix Storch, Inc. (FSI), launched a new series of purpose-built refrigeration for meeting the demand from life science, laboratory, scientific, and medical cold storage applications. The Performance Series Med-Lab line, available in multiple sizes, expands Accucold's offering of cold storage equipment into the life sciences market.

In 2019, Lec Medical announced the launch of Control Plus - a new range of medical refrigeration that measures both the core temperature of the fridge, as well as the vaccine itself. Featuring an improved controller, larger internal capacities, and a flat door to save valuable space in a busy medical environment, the Control Plus range is designed for a variety of locations, from pharmacies and hospitals to laboratories and general practice.

Medical and Lab Refrigerator Market - by Product Type

Blood Bank Refrigerators
Laboratory Refrigerators
Pharmacy Refrigerators
Enzyme Refrigerators
Others

Medical and Lab Refrigerator Market - by End User
Blood Banks

Pharmaceutical Companies
Hospitals And Pharmacies
Research Institutes
Others

Medical and Lab Refrigerator Market - by Geography

North America
Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
South America (SAM)

TOC of Market Report Contains:

Industry Overview
Production Market Analysis
Sales Market Analysis
Consumption Market Analysis
Production, Sales and Consumption Market Comparison Analysis
Major Manufacturers Production and Sales Market Comparison Analysis
Major Type of Analysis
Major Organization Size Analysis
Industry Chain Analysis
Global and Regional Market Forecast
Major Manufacturers Analysis
New Project Investment Feasibility Analysis
And More...

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