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Medical Refrigerators Market Size, Share Analysis, Growth Trends And Forecast 2024 - 2033
The Business Research Company has updated all its market reports with the latest information for the year 2024, projecting trends and forecasts until 2033The Business Research Company presents an extensive market research report on the "Medical Refrigerators Global Market Report 2024," furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Medical Refrigerators industry. This report on Medical Refrigerators market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The medical refrigerators market size has grown strongly in recent years. It will grow from $4.51 billion in 2023 to $4.89 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to vaccine storage, blood bank expansion, pharmaceutical industry growth, regulatory compliance, medical research.The medical refrigerators market size is expected to see strong growth in the next few years. It will grow to $6.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
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Key Market Players:
Thermo Fisher Scientific Inc., Blue Star Limited, Qingdao Haier Biomedical Co.Ltd., Helmer Scientific Inc., Vestfrost Solutions A/S
Market Drivers:
According to the Medical Refrigerators Market Report 2024 by The Business Research Company, The increasing demand for vaccines is expected to propel the growth of the medical refrigerators market going forward. Vaccines are biologically prepared substances that stimulate the immune system to produce a protective response against specific diseases, aiding in preventing infections and promoting public health. Medical refrigerators are crucial in hospitals for storing vaccines, ensuring their efficacy and safe distribution, and ultimately safeguarding public health. They maintain precise temperature control, preventing spoilage and enabling timely vaccination programs. For instance, in July 2023, according to the United Nations Children's Fund, a US-based agency of the United, in 2021, the DTP3 vaccine coverage rate was recorded at 81%. During the following year, in 2022, there was a modest improvement as the DTP3 vaccine coverage increased to 84%. Therefore, the increasing demand for vaccines is driving the growth of the medical refrigerators market.
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Market segments for Medical Refrigerators include:
1) By Product Type: Blood Bank Refrigerator And Plasma Freezer, Laboratory Refrigerator And Freezer, Pharmacy Refrigerator And Freezer, Chromatography Refrigerator And Freezer, Enzyme Refrigerator And Freezer, Ultra-Low-Temperature freezers, Cryogenic Storage Systems
2) By Design Type: Explosive-Proof Refrigerators, Undercounter Medical Refrigerators, Countertop Medical Refrigerators, Flammable Material Storage Refrigerators
3) By Temperature Control Range: Between 2 °C and 8 °C, Between 0 °C and -40 °C, and Under -40 °C
4) By Volume: Below 50 Liters, 50-200 Liters, 200-400 Liters, 400-600 Liters, More Than 600 Liters
5) By End-User: Blood Banks, Pharmaceutical Companies, Hospital and Pharmacies, Research Institutes, Medical And Diagnostic Centers
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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