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Medical and Lab Refrigerator Market is expected to reach US$ 3,096.6 Mn by 2027 | ZhongkeMeiling Cryogenics Company Limited, Felix Storch, Follett, Helmer Scientific, Haier Biomedical, Lec Medical, Philipp Kirsch GmbH, Thermo Fisher Scientific, Vestfrost
Medical and Lab Refrigerator Market
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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.
The medical and lab refrigerator market is segmented into product type, end user, and geography. Europe held the largest share of the medical and lab refrigerator market, followed by Asia Pacific and North America, in 2019. The market, based on product type, is segmented into blood bank refrigerators, laboratory refrigerators, pharmacy refrigerators, enzyme refrigerators, and others. The blood bank refrigerators segment is expected to hold the largest share of the medical and lab refrigerator market during the forecast period. Further, based on end user, the medical and lab refrigerator market is segmented in blood banks, pharmaceutical companies, hospitals & pharmacies, research institutes, and others. The pharmaceuticals companies segment held the largest share of the market in 2019.
The major companies offering products in medical and lab refrigerator market worldwide include 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, and Blue Star Limited.
Market Insights : Medical and Lab Refrigerator
Increasing Number of Accidents, Surgery Interventions, and Others Result in the Growth of Medical and Lab Refrigerator Market
The increasing number of accidents, surgical interventions such as cancer, organ and bone marrow transplants, cardiovascular surgery, general surgery, nephrology, and dialysis lead to increased demand for blood components, thus driving the growth for medical and laboratory refrigerator market. For example, according to the American Cancer Society (ACS), in 2017, ~1.7 million people were diagnosed with cancer. Among these, some of the patients needed blood transfusion daily during their treatment along with chemotherapy. Lack of timely access to secure blood transfusion leads to increased demand for blood banks for efficient, safe, and real-time blood unit availability. Therefore, different organizations are getting involved in activities to launch innovative product solutions in the market. For example, in March 2018, India-based Strides Software Solutions, which enables the availability of safe and high-quality blood components, developed India's first centralized donor authentication and identification application based on Aadhaar, the D-Health app.
The report segments the global medical and lab refrigerator market as follows:
By Product Type
Blood Bank Refrigerators
Laboratory Refrigerators
Pharmacy Refrigerators
Enzyme Refrigerators
Others
By End User
Blood Banks
Pharmaceutical Companies
Hospitals & Pharmacies
Research Institutes
Others
By Geography
North America
US
Canada
Mexico
Europe
France
Germany
Italy
UK
Russia
Rest of Europe
Asia Pacific
China
India
Australia
South Korea
Japan
Rest of Asia Pacific
Middle East and Africa
South Africa
Saudi Arabia
UAE
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
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