Press release
Medical Refrigerators Market: Major Trends Reshaping the Future of the Industry
Medical Refrigerators Market Growth
What Will the Medical Refrigerators Industry Market Size Be by 2025?
There has been significant growth in the medical refrigerators market size in the past few years. The market, which was worth $4.76 billion in 2024, is projected to increase to $5.12 billion in 2025, signifying a compound annual growth rate (CAGR) of 7.5%. The expansion during the historical period can be ascribed to factors such as vaccine storage, the development of blood banks, growth in the pharmaceutical industry, regulatory compliance, and medical research.
What's the Long-Term Growth Forecast for the Medical Refrigerators Market Size Through 2029?
The market for medical refrigerators is projected to experience robust growth in the forthcoming years, with an expected valuation of $7.47 billion in 2029, reflecting a compound annual growth rate (CAGR) of 9.9%. This growth during the forecast period can be ascribed to factors such as patient safety, point-of-care testing, biologics storage, pharmaceutical cold chain, and sustainable refrigeration. Key trends to watch out for during this forecast period encompass energy-efficient technologies, bespoke refrigeration solutions, advanced pharmaceuticals, remote temperature monitoring, and advances in biotechnology.
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What Are the Key Growth Drivers Fueling the Medical Refrigerators Market Expansion?
The surge in the need to store biological products like blood reagents, vaccines, DNA samples, and various other chemical substances is driving the expansion of the medical refrigerator market. This upswing in demand for biological materials is fuelled by the heightened requirement for donated blood, the growing number of blood donors across the globe, and a surge in infectious diseases. The longevity of these products relies on consistent temperature maintenance. This necessity is met by medical refrigerators which can house these materials at temperatures as low as minus 80 degrees Celsius. For example, the National Blood Service of Ghana, a blood transfusion services healthcare organization, reported in March 2022 that a total of 173,938 blood units were amassed in 2021, a rise from the 156,453 units gathered in 2020. Consequently, the considerable need for biological substances such as blood samples, DNA samples, and vaccines is anticipated to bolster the growth of the medical refrigerator market in the projected period.
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What Are the Key Trends Driving Medical Refrigerators Market Growth?
The medical refrigerator market is being transformed by technological innovations. Numerous companies are creating advanced technology for medical refrigerators, with the aim of aiding the medical sector in heightening their storage capabilities and extending product longevity. For instance, in April 2024, the American biotech company Thermo Fisher Scientific unveiled the TSX Universal Series of ultra-low temperature (ULT) freezers. Their design prioritizes improved performance and heightened energy efficiency in cold storage. Capable of maintaining temperatures between -40°C and -86°C, these cutting-edge freezers are ideal for storing delicate materials such as biological samples and vaccines. The series introduces enhanced cooling technology, a user-friendly interface, and achieve considerable energy savings of up to 33%. These advancements are intended to assist labs in meeting their sustainability objectives while maintaining the dependability and quality of stored items.
How Is the Medical Refrigerators Market Segmented?
The medical refrigerators market covered in this report is segmented -
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
Subsegments:
1) By Blood Bank Refrigerator And Plasma Freezer: Blood Bank Refrigerator, Plasma Freezer
2) By Laboratory Refrigerator And Freezer: Laboratory Refrigerator, Laboratory Freezer
3) By Pharmacy Refrigerator And Freezer: Pharmacy Refrigerator, Pharmacy Freezer
4) By Chromatography Refrigerator And Freezer: Chromatography Refrigerator, Chromatography Freezer
5) By Enzyme Refrigerator And Freezer: Enzyme Refrigerator, Enzyme Freezer
6) By Ultra-Low-Temperature Freezers: -80°C Freezers, -40°C Freezers
7) By Cryogenic Storage Systems: Liquid Nitrogen Tanks, Cryogenic Freezers
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Which Companies Are Leading the Charge in Medical Refrigerators Market Innovation?
Major companies operating in the medical refrigerators market include Thermo Fisher Scientific Inc., Blue Star Limited, Qingdao Haier Biomedical Co.Ltd., Helmer Scientific Inc., Vestfrost Solutions A/S, Zhongke Meiling Cryogenics Company Limited, Philips Kirsch GmbH, LEC Medical Ltd., Panasonic Corporation, Froilabo SAS, LabRepCo LLC, Aucma Company Limited, Standex International Corporation, Godrej Industries Ltd., Fiochetti SRL, PHC Holdings Corporation, Follett LLC, Labcold Ltd., Dulas Ltd., HMG India Pvt. Ltd., Felix Storch Inc., SO-LOW Environmental Equipment Co. Inc., Indrel d.o.o., Eppendorf AG, Migali Scientific, Liebherr-International Deutschland GmbH, Global Cooling Inc., Thalheimer Kühlung GmbH, Bionics Scientific Technologies Ltd., Desmon S.p.A.
Which Regions Are Leading the Global Medical Refrigerators Market in Revenue?
North America was the largest region in the medical refrigerators market in 2024. The regions covered in the medical refrigerators market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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