Medical Refrigerators Market Key Manufacturers Development Trends and Competitive Analysis 2028

The "Medical Refrigerators Market" is expected to grow from US$ 4,665.97 million in 2022 to US$ 6,499.18 million by 2028; it is estimated to register a CAGR of 5.8% from 2022 to 2028.

The market growth is attributed to the increasing demand for blood and blood components, technological advancements in medical refrigerators, and growing R&D activities to introduce new drug compounds. However, growing use of refurbished equipment and high costs associated with ultra-low temperature freezers restrain the medical refrigerators market growth.

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Companies Profiled in this report includes:

• 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
• Lec Medical

Growing Emphasis on Temperature Uniformity and Energy Efficiency is Anticipated to Affect Medical Refrigerators Market Growth Positively.
The energy intensity of laboratories has come into focus in recent years due to increased electricity costs and widespread awareness regarding the massive carbon footprint associated with their operations. Most cascade (compressor-based) ULT freezers consume as much power as a typical household. Moreover, they generate heat and noise, need a significant amount of electricity, and require frequent maintenance. The end users of ULT freezers such as biobanks and research laboratories demand uniformity of temperature, along with precision and efficient storage facilities. The medical refrigerator market vendors focus on providing temperature uniformity in their products to attract more consumers. These refrigerators also have an extremely low global warming potential, helping organizations meet environmental objectives.

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Medical Refrigerators Market Segmentation:

By Product Type:
• Laboratory Refrigerators and Freezers
• Blood Bank Refrigerators and Plasma Freezers
• Pharmacy Refrigerators and Freezers
• Cryogenic Freezers and Storage Systems (including LN2 Cryogenic Storage System)
• Vaccine Refrigerator/Freezer

By Design Type:
• Countertop Medical Refrigerators
• Undercounter Medical Refrigerators
• Explosion-Proof Refrigerators
• Flammable Material Storage Refrigerators

By Temperature Control Range:
• Between -1 to -50 °C
• Between 2 to 8 °C
• Between -51 to -150 °C
• Below -151°C

By End User:
• Hospitals and Pharmacies
• Blood Banks
• Pharmaceutical Companies
• Diagnostic Centers
• Research Institutes

However, new energy-efficient units that facilitate 50% reduction in energy consumption, as well as less heat and noise production, are now available in the market. For instance, ECO ULT freezers manufactured by PHC Corporation use natural hydrocarbon (HC) refrigerants to ensure minimal energy consumption, reduced environmental impact, and substantially lower running costs. HC refrigerants have a high latent heat of evaporation; thus, they exhibit greater efficiency in removing heat from the freezer chamber than conventional refrigerants, resulting in up to a 55% reduction in energy consumption and costs. Thermo Fisher Scientific unveiled a new range of hydrocarbon-based ULT freezers, offering laboratories a greener solution marked by less power consumption, less noise, and higher efficiency without compromising the integrity of samples.

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