Medical Refrigerators Market | Key players operating in the market include Thermo Fisher Scientific, Blue Star Limited, Haier Biomedical, Aucma, Standex International Corp

According to recent market research the "Medical Refrigerators Market by Type, End Use (Blood Banks, Pharmaceutical Companies, Hospital & Pharmacies, Research Institutes, Medical Laboratories, Diagnostic Centre), & Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2026", was valued at USD 3.5 Billion in 2020 and is projected to reach USD 4.9 Billion by 2026, at a CAGR of 6.0% during the forecast period, owing to an increase in demand of medical refrigerators in hospitals, clinics, surgery centers, research laboratories, pharmacies, and other medical facilities.

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Increasing prevalence of chronic diseases, such as cardiac diseases, cancer, and infectious diseases, is an important factor for the need for blood transfusion, thereby increasing the demand for blood, cellular therapies, personalized medicine, organ transplant, and vaccines, which are fueling the demand for blood bank refrigerators & plasma freezers across the globe. Similarly, ultra-low temperature freezers are also commonly used by pharmaceutical companies on a large scale for drug discovery and clinical testing processes. The invention of energy-saving medical refrigerators is expected to generate significant demand in this market in the future.

The laboratory refrigerators segment is expected to account for the largest share market during 2021 to 2026, in terms of volume. These refrigerators are required to maintain a consistent temperature in order to minimize the risk of bacterial contamination and explosion of volatile materials. The freezers are also designed for the low-temperature storage of temperature-sensitive preparations under optimum conditions, with multiple controls and safety warning features. Growth of this market is mainly attributed to the rising demand for highly advanced laboratory refrigerators & freezers to store blood plasma, tissues, cells, and critical biological samples.

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The medical refrigerators market was valued at USD 3.5 Billion in 2020 and is projected to reach USD 4.9 Billion by 2026, at a CAGR of 6.0% during the forecast period. Medical refrigerators are heavy-duty refrigerators & freezers of various sizes and capacities that meet specific demands and maintain medical equipment/specimens/vaccines/flammable chemicals at constant temperatures.

Some of the key market players in the medical refrigerators market include Thermo Fisher Scientific Inc. (US), Blue Star Limited (India), Haier Biomedical (China), Aucma (China), Standex International Corporation (US), Godrej & Boyce Manufacturing Co Ltd. (India), Helmer Scientific Inc. (US), Vestfrost Solutions (Denmark), Zhongke Meiling Cryogenics Company Limited (China), Fiochetti (Italy), PHC Holdings Corporation (Japan), Follett LLC (US), Labcold (UK), Dulas Ltd. (UK), HMG India (India). These players have adopted product launches, expansions, contract, partnerships, and agreements as their growth strategies to meet the growing demand for medical refrigerators.

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Thermo Fisher Scientific is one of the manufacturers of scientific instruments, consumables, and chemicals. The company provides medical refrigerators under its laboratory products and services business segment. In July 2018, Thermo Fisher Scientific developed a new series of TSG compact refrigerators to meet the needs of clinical laboratories and patient care facilities for cold storage equipment.

Another important player in the medical refrigerators market is Helmer Scientific Inc., which designs, integrates, manufactures, markets, and distributes specialized medical and laboratory equipment to clinical and life science customers across the globe. In August 2019, Helmer Scientific launched professional medical refrigerators with OptiCool cooling technology in its GX Solution Refrigerator line.

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