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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
Medical and Lab Refrigerator Market
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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...
Reasons To Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
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