Medical Refrigerators Industry: Increasing Demand for Blood and Blood Components Fuels Industry Growth

The major factors driving to the growth of the Industry are increasing demand for blood and blood components, technological advancements in medical refrigerators, and growing R&D activities to introduce new drug compounds. However, use of refurbished equipment and high costs associated with ultralow-temperature freezers restrain the Medical Refrigerators Industry growth. Medical refrigerators are designed to meet the temperature requirements for safe and effective drug storage. They are used to store vaccines, pharmaceuticals, chemotherapeutics, blood, plasma, and other samples that require tight temperature control.

The medical refrigerators Industry is projected to reach US$ 5,050.93 million by 2028 from US$ 3,397.48 million in 2021; it is expected to grow at a CAGR of 5.8% from 2021 to 2028.

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THERMO FISHER SCIENTIFIC INC., Philipp Kirsch GmbH, Godrej & Boyce Manufacturing Company Limited, Haier Group Corporation, Blue Star Limited, Helmer Scientific Inc., Vestfrost Solutions, PHC Holdings Corporation, FOLLETT LLC, and Lec Medical are among the leading companies operating in the Industry.

Based on product type, the medical refrigerators Industry is segmented into laboratory refrigerators and freezers, chromatography refrigerators and freezers, ultralow-temperature freezers, blood bank refrigerators and plasma freezers, cryogenic storage systems, pharmacy refrigerators and freezers, enzyme refrigerators and freezers, hospital refrigerators and freezers, shock freezers, and others. The blood bank refrigerators and plasma freezers segment held the largest share of the Industry in 2020. The increasing prevalence of different diseases and rise in number of road accidents, underlining the need to maintain adequate stock in blood banks and organizing blood donation camps, is boosting the Industry growth of the segment. Further, the same segment is expected to register the highest CAGR during 2021–2028.

Europe witnesses an exponential growth in the number of COVID-19 confirmed cases, especially in 2020. Spain, Germany, France, Italy, and the UK are the most affected countries in the region. As part of its short-term impact, the COVID-19 pandemic has underlined the need to revise regulatory process and bring changes in the research and development processes. Moreover, the launch of vaccination programs in different countries is expected to propel the demand for medical refrigerators. For instance, in March 2021, CoolMed had to move a warehouse to accommodate accelerated growth in demand for medical refrigerators.

Blood and blood components perform many vital functions in the body. Consequently, severe blood loss could result in life-threatening conditions such as hypovolemic/hemorrhagic shock, which require immediate blood transfusion to prevent organ failure and death. Blood transfusion is one of the important steps in many surgical procedures, as well as in chemotherapy, stem cell therapy, and organ transplantation procedures; it is also employed in the treatment of acute and chronic diseases caused by deficiencies or defects in plasma proteins or cellular blood components, to avoid complications such as life-threatening hemorrhage or to improve the quality of life.

According to the American National Red Cross 2018 data findings, ~7,000 units of platelets and 10,000 units of plasma are required daily in the US, and ~21 million blood components are transfused each year in the US. The increasing demand for safe blood and blood components for transfusion has encouraged the manufacturing or development of various types of blood bank freezers; it has also triggered the adoption of ULT freezers for secure storage due to the strict guidelines imposed by the WHO for the storage of blood samples, which is contributing to the medical refrigerators Industry growth.

Medical Refrigerators Industry – by Product Type

Laboratory Refrigerators and Freezers
Chromatography Refrigerators and Freezers
Ultra-Low-Temperature Freezers
Blood Bank Refrigerators and Plasma Freezers
Cryogenic Storage Systems
Pharmacy Refrigerators and Freezers
Enzyme Refrigerators and Freezers
Hospital Refrigerators and Freezers
Shock Freezers
Other
Medical Refrigerators Industry – by Design Type

Explosion-Proof Refrigerators
Undercounter Medical Refrigerators
Countertop Medical Refrigerators
Flammable Material Storage Refrigerators
Medical Refrigerators Industry – by Door Type

Single Door
Double Door

Medical Refrigerators Industry – by Temperature Control Range
Between 2 and 8
Between 0 and -40
Under -40
Medical Refrigerators Industry – by End User
Hospitals and Pharmacies
Medical Laboratories
Blood Banks
Pharmaceutical Companies
Research Institutes
Diagnostic Centers

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