Medical Refrigerators Market by Product Type, End Use (Blood Banks, Pharmaceutical Companies, Hospitals, & Pharmacies, Research Institutes, Medical Laboratories, and Diagnostic Centers), Region - Global Forecast to 2024
The medical refrigerators market is projected to grow from USD 3.3 billion in 2019 to USD 4.2 billion by 2024, at a CAGR of 5.3% from 2019 to 2024. Surging demand for the safe storage of blood and blood derivatives from hospitals, pharmacies, clinics, and diagnostic centers is fueling the growth of the market across the globe. The rising government funding in medical research as well as the pharmaceuticals sector is expected to further upsurge the demand for medical refrigerators and freezers.
Based on end use, the blood banks segment is projected to grow at the highest rate from 2019 to 2024.
Based on end use, the blood banks segment of the medical refrigerators market is projected to witness the highest CAGR, in terms of both value and volume, during the forecast period. Increasing prevalence of hematological diseases and a rise in the number of accidents have raised the demand for plasma for use in plasma fractionation procedures. This demand has, in turn, resulted in the hike in demand for blood bank refrigerators & plasma freezers. These factors are driving the growth of the blood banks segment of the medical refrigerators market across the globe.
Based on product type, the blood bank refrigerators & plasma freezers segment is projected to grow at the highest rate from 2019 to 2024.
Based on product type, the medical refrigerators market has been segmented into blood bank refrigerators & plasma freezers, laboratory refrigerators & freezers, pharmacy refrigerators & freezers, chromatography refrigerators & freezers, enzyme refrigerators & freezers, ultra-low-temperature freezers, and cryogenic storage systems. The blood bank refrigerators & plasma freezers segment is estimated to lead the market from 2019 to 2024, in terms of both value and volume. This segment is also projected to witness a higher CAGR than the other segments, in terms of both value and volume, during the forecast period. The rising demand for the safe storage of blood units and plasma from hospitals, pharmacies, clinics, and diagnostic centers is expected to drive the growth of the blood bank refrigerators & plasma freezers segment.
By region, North America is projected to lead the medical refrigerators market during the forecast period.
The North American region is estimated to be the largest market for medical refrigerators in 2019. The US, Canada, and Mexico are the major consumers of medical refrigerators in this region.
Rising research activities for the treatment of diseases, increasing occurrence of chronic and infectious diseases, and the replacement of older medical refrigerators with newer and more advanced energy-efficient cold storage devices are driving the growth of the medical refrigerators market in this region.
Key Market Players
Thermo Fisher Scientific Inc. (US), Blue Star Limited (India), Helmer Scientific (US), Vestfrost Solutions (Denmark), Felix Storch, Inc. (US), Philipp Kirsch GmbH (Germany), Haier Biomedical (China), Follett LLC (US), PHC Holdings Corporation (Japan), LEC Medical (United Kingdom), and Zhongke Meiling Cryogenics Company Limited (China) are some of the leading players operating in the medical refrigerators market. These players have adopted several growth strategies, such as new product launches, expansions, acquisitions, new product developments, collaborations, partnerships, and agreements, to enhance their position in the market.