Surging Blood Donations boost Global Medical and Lab Refrigerators Market Growth

According to the projections put forth by Inkwood Research, the Global Medical and Lab Refrigerators Market is anticipated to record a CAGR of 4.14% in terms of revenue during the forecasting years of 2021-2028.

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Medical refrigerators store varied samples of biological origin like medicines, vaccines, deoxyribonucleic acid (DNA), ribonucleic acid (RBA), blood, blood derivatives, etc. They offer efficient storage conditions and are extensively used in diagnostic centers, research laboratories, educational institutions, hospitals, etc.

Increasing Blood Donations propel Market Growth
Governments and private companies worldwide are initiating awareness programs about blood donation. This includes educating about the misconceptions associated with the process and its benefits. Also, there is a growing need for blood banks and blood donation. For instance, as per the 2018 American National Red Cross data, the US needs almost 7000 platelet units and 10,000 plasma units. In addition, around 21 million blood components are transfused annually in the country. Moreover, the other factors propelling the demand for blood bank refrigerators are emergency and accident cases, blood diseases, hematology, general medicine, surgical procedures, etc.
Furthermore, with the evolving modern healthcare systems, rising incidences of numerous diseases, and increased life expectancy, there is a growing need for blood and blood derivatives. Also, small and medium-sized vendors have improved their product offerings to fulfill the standards set by the shifting end-user requirements and governing bodies. As a result, the rising need for blood banks and blood storage centers drives the market growth.
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Major End-User: Pharmaceutical Companies
Pharmaceutical companies rely on specifically designed refrigeration units to maintain certain temperatures. Given their application, the supplies need to be kept away from spoiling, since they are considered valuable. Also, a slight malfunctioning or temperature change can cause damage to stored supplies. In addition, pharmaceutical companies are continuously engaged in multiple drugs manufacturing. Therefore, it becomes necessary to store different supplies at varying temperatures. Consequently, this will require a large number of refrigerators.

Fastest-Growing Region: Asia-Pacific
The increasing R&D activities for new drug compounds, growing demand for blood components, and technologically advanced medical refrigerators fuel market growth in the region. Also, the healthcare sector is witness to developments that accelerate the adoption of medical refrigerators. Moreover, companies focus on energy-efficient inverter compressors and natural refrigerators to minimize power consumption through slow-speed rotation control.
Several well-established manufacturers are increasing their market through the launch of advanced technology-based products and competitive prices. This has increased the competition among the existing players. LEC Medical, Thermo Fisher Scientific Inc, Blue Star Limited, Vestfrost Solutions, Haier Biomedical, etc., are some of the key companies in the market.

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