Global Medical Refrigerator Market- Market Overview:

The global medical refrigerator market is expected to grow from USD 3.8 billion in 2022 to USD 6.24 billion by 2030, at a CAGR of 6.4% during the Projection period 2023-2030. The growth of the medical refrigerator market is mainly driven by the rising demand for refrigerators in the blood banks.

In medical refrigeration, a wide range of biological samples, such as blood, medicines, blood derivatives, vaccines, biological reagents, RNA, and DNA, are stored. These refrigerators are primarily used to store fresh and frozen blood, as well as vaccines and enzymes for research. These products ensure optimal storage conditions and efficient storage of biological samples. For the medical refrigerator market to continue to grow technologically-advanced, biotechnology manufacturers are constantly innovating in terms of materials used, sensors, and storage capacities. Pharmaceutical and medical manufacturers need state-of-the-art technologies in order to comply with strict regulations regarding product integrity.One of the key growth drivers for the medical refrigeration market is the increased use of medical refrigerators to maintain blood and plasma purity. Medical refrigeration players have expanded their horizons as advances in transfusion medicine have brought clinicians' and healthcare practitioners' awareness about GMPs for fresh frozen plasmas to the fore.Additionally, immunohematology departments use medical refrigerators primarily to store whole blood, blood components, and reagents. In addition to Arctiko A/S, B Medical Systems, and Panasonic Healthcare Corporation of North America, blood bank refrigerators also keep blood and blood components fresh and undamaged.

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Market Dynamics:

Drivers:                          

• Rising cases of chronic diseases

Medical refrigerators are in high demand because of the growing prevalence of chronic diseases. Power outages will not affect the temperature of biological products, better airflow will be promoted, precise temperature and alarm systems will be monitored, and a reliable cold chain for biologic products will be enabled. In addition, only authorised employees will have access due to digital locks. Medical refrigerators provide optimum temperature which prevents the deterioration of stored products.

Restraints:                                             

• High Cost

There is a strong growth in the market and it is expected to continue to do so during the stated Projection period, but rising prices of equipment can pose a challenge. The high cost of refrigerators may discourage people from purchasing refurbished equipment, thereby hindering the growth of the medical refrigerator industry.

Opportunities:

• Rising demand for medical refrigerators

The medical refrigerator market is growing as a result of increasing demand for biopharmaceuticals and organ transplants, and due to an increase in organ failure, demand for organ transplants is increasing. Medical refrigerators are expected to grow as chronic diseases like  heart disease, cancer and infectious diseases increase in prevalence. Moreover, rising demand for medical refrigerators in blood banks as the demand for blood is on rise due to various blood related health issues and increasing number of road accidents.

Challenges:

• Presence of various alternatives in the market

The market is witnessing immense growth due to the rising number of chronic diseases, increasing cases of road accidents, blood donations but the presence of various similar products are hampering the market growth. Moreover, consumers are always attracted towards those options which are cost-effective and efficient which is impacting the market growth negatively.

Segmentation Analysis:

The global medical refrigerator market has been segmented based on type, end-user, and region.

By Type

The type segment includes between 0° and -40°, between 2° and 8° and under 40°. The  between 2° and 8°segment led the largest share of the medical refrigerator market with a market share of around 55% in 2022. In the Projection period, the segment between 2° and 8° is expected to hold the biggest share. A wide range of applications were attributed to this segment, including blood banks, vaccine storage, and medicine storage in pharmacies, as well. Furthermore, there is a growing number of pharmaceutical companies, hospitals, and pharmacies that are expected to contribute to the market's growth.

By End-User

The end-user segment includes blood banks, pharmacy, hospitals, and others. The blood banks segment led the largest share of the medical refrigerator market with a market share of around 31% in 2022. During the Projection period, blood banks are expected to continue to dominate the market, as the number of private and government organizations conducting blood donation campaigns and camps is increasing, which leads to an increase in blood donors. In turn, this has led to a spike in medical refrigerator sales, as well as a rise in the number of car accidents and hematologic diseases, which is driving the market to grow.

Global Medical Refrigerator Market - Sales Analysis.

The sale of the medical refrigerator market expanded at a CAGR of 4% from 2016 to 2022.

With advances in technology, refrigeration has been able to meet the needs of the medical and healthcare industries in a long way. Technologies have enabled energy efficiency, acoustic properties of machinery, and better temperature regulation. Medical refrigerators are being increasingly used to maintain the integrity of blood and plasma products, boosting the sales of the market.

Many manufacturers are also devising low and ultra-low temperature settings and data recording and management systems to enhance the functionality of their products, boosting the market growth.

Insulin, chemotherapy drugs, and topical preparations are among the many medical refrigerator applications that are driving the medical refrigerators market. The use of these refrigerators in managing severe hypoglycemia has also boosted demand.

Thus, owing to the aforementioned factors, the global medical refrigerator market is expected to grow at a CAGR of 5.10% during the Projection period from 2023 to 2030.

By Regional Analysis:

The regions analyzed for the medical refrigerator market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the medical refrigerator market and held a 38% share of the market revenue in 2022.

• The North America region witnessed a major share. A strong R&D investment and developments in the pharmaceutical and biotechnology industries have contributed to North America's rapid growth, which held the largest share in revenue. The market will also grow due to increasing cancer rates in the U.S. as well as increased adoption of biomedical refrigerators and freezers. In 2018, the Centers for Disease Control and Prevention (CDC) reported 1,708,921 new cancer cases and 599,265 cancer deaths. Moreover, the increasing number of pharmacies, hospitals, blood banks are boosting the market growth.
• Asia-Pacific is anticipated to experience significant growth during the Projection period. Technology has increased in the last few decades, and people are becoming more aware of their health and hygiene. As a result of the low-cost and skilled labour available in the Asia Pacific region, several companies are relocating their manufacturing operations. India and China are expected to grow rapidly as medical refrigerators become increasingly popular.

Global Medical Refrigerator Market - Country Analysis:

• Germany

Germany's medical refrigerator market size was valued at USD 0.27 billion in 2022 and is expected to reach USD 0.44 billion by 2030, at a CAGR of 6.5% from 2023 to 2030.

The high standards in the medical refrigerators market, along with high expenditures on healthcare infrastructure and hospitals, have driven the increase in transfusions and the use of various medicines and drugs. As the population has aged, chronic diseases have become increasingly prevalent.

• China

China’s medical refrigerator market size was valued at USD 0.37 billion in 2022 and is expected to reach USD 0.62 billion by 2030, at a CAGR of 6.7% from 2023 to 2030.

A growing number of blood units will increase the demand for medical refrigerators. Investment and funding for improving healthcare facilities and infrastructure will drive the market.

• India

India's medical refrigerator market size was valued at USD 0.28 billion in 2022 and is expected to reach USD 0.46 billion by 2030, at a CAGR of 6.6% from 2023 to 2030.

A rise in demand for blood and plasma products is propelling growth in the country’s market. Advances in vaccine production and various types of pharmaceutical products are also contributing to the market's prospects.

Key Industry Players Analysis:

To increase their market position in the global medical refrigerator market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.   

• Thermo Fisher
• LEC Medical
• Felix Storch
• Aucma
• Phillipp Kirsch
• Zhongke Meiling
• Labcoid
• Indrel
• Helmer
• Haier
• Migali Scentific
• Blue Star
• Godrej
• Dulas

Latest Development:

• In January 2022, The opening of a new manufacturing facility by B Medical Systems in India has been attributed to factors such as the company's huge investment and the capacity of its medical cold chain products, including freezers and vaccine refrigerators.

Report Metrics

Report Attribute	Details
Study Period	2022-2030
Base year	2022
CAGR (%)	6.4%
Market Size	3.8 Billion in 2022
Projection period	2023-2030
Projection unit	Value (USD)
Segments covered	By Type, By End-User, and By Region.
Report Scope	Revenue Projection, competitive landscape, company ranking, growth factors, and trends
Companies covered	Thermo Fisher, LEC Medical, Felix Storch, Aucma, Phillipp Kirsch, Zhongke Meiling, Labcoid, Indrel, Helmer, Haier, Migali Scentific, Blue Star, Godrej, Dulas
By Type	Between 0° and -40° Between 2° and 8° Under 40°
By End-User	Blood Banks Pharmacy Hospitals Others
Regional scope	North America Europe Asia-Pacific South America Middle East and Africa

Scope of the Report

Global Medical Refrigerator Market By Type:

• Between 0° and -40°
• Between 2° and 8°
• Under 40°

Global Medical Refrigerator Market By Indication:

• Major Depressive Disorder
• Phobia
• Obsessive-Compulsive Disorder
• Others

Global Medical Refrigerator Market By Region:

• North America
  • USA
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Korea
  • Southeast Asia
• South America
  • Brazil
  • Peru
• Middle East and Africa
  • UAE
  • South Africa
  • Saudi Arabia

Political Factors- Democracy is the cornerstone of the existing system of governance, which underpins the operations of the medical refrigerators sector. The market for medical refrigerators can benefit financially from the democratic political system, which encourages initiative and open commerce. By building powerful media alliances, pressure groups can change the corporate environment. These groups, which organise protests and plan marketing efforts, put pressure on these organisations. These pressure groups have the power to affect government policy, which may ultimately have an impact on the general business climate, thus the medical refrigerators market needs to keep an eye on them. In order to gain their trust, the medical refrigerators sector should work closely with these organisations. 

Economic Factors- When deciding whether or not to expand internationally for the medical refrigerators sector, the economic growth rates of the various nations should be taken into consideration. There are greater opportunities to pursue long-term growth goals in nations with rapid economic growth. Consumer spending becomes more cautious in a slow-growing economy, which has a direct impact on the medical refrigerators sector's revenue growth. Since rising inflation reduces the purchasing power of money and deters consumers from making purchases of goods and services, it may have a negative impact on the medical refrigerators market's potential to raise revenue.

Social factors- Every culture has its own set of cultural norms, beliefs, and traditions that influence how individuals act in daily life, especially when doing business. Lack of flexibility in changing product/service offerings to reflect local cultural customs could harm the company. The medical refrigerators market needs to do a lot of research to understand local consumers. It could be challenging for the management of the medical refrigerators industry to comprehend the subtle cultural differences because they are an international firm with a multicultural home market. To achieve this, the regional market players who may have a thorough awareness of the cultural norms and values that affect how consumers perceive and interact with the brand might be partnered with the medical refrigerators market.

Technological Factors-The medical refrigerators market should favour those nations with superior technology infrastructure since these nations make it simpler for businesses to achieve goals like cost reduction, innovation, and value creation. A technologically advanced infrastructure also suggests that it will be more difficult for the medical refrigerators market to use technology to generate a lasting competitive advantage because it can be easy for rivals to mimic. The rate and progress of technological innovation may have an impact on the market and industry as a whole. The medical refrigerators market will be able to comprehend the rate of new product development, the length of the product life cycle, and the specific features that consumers demand by analysing the forthcoming technological innovation trends.

Environmental Factors- Businesses are under pressure to lessen their influence on the environment because of strict environmental legislation in many different countries. The medical refrigerators market should adopt ethical production practises, promote ethical consumption among its target market, work to improve its brand's sustainability reputation, and ensure full compliance with local and international environmental laws in order to avoid harsh, reputation-damaging criticism from relevant stakeholders.

Legal Factors-Businesses like the market for medical refrigerators benefit from strict adherence to intellectual property regulations because it safeguards their patents against infringement and offers them a sustainable competitive advantage. Numerous federal and state legislation are in place in several nations to safeguard consumers against potential economic abuse. Laws to protect consumer privacy have become more tighter in the age of information technology. The medical refrigerators industry must strictly abide by the data privacy legislation while making online transactions in order to prevent lawsuits. medical refrigerators market managers must research local regulations governing returns, discounts, credit terms, quality, misleading advertising, and maximum price before entering new markets (particularly in the case of basic essential goods).

1. Introduction
   • 1. Objectives of the Study
   • 2. Market Definition
   • 3. Research Scope
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
   • 1. Porter’s Five Forces Analysis
   • 2. Value Chain Analysis
   • 3. Top Investment Pockets
     • 3.1. Market Attractiveness Analysis By Type
     • 3.2. Market Attractiveness Analysis By End-User
     • 3.3. Market Attractiveness Analysis By Region
   • 4. Industry Trends
5. Market Dynamics
   • 1. Market Evaluation
   • 2. Drivers
     • 2.1. Rising cases of chronic diseases
   • 3. Restraints
     • 3.1. High Cost
   • 4. Opportunities
     • 4.1. Rising demand for medical refrigerators
   • 5. Challenges
     • 5.1. Presence of various alternatives in the market

6. Global Medical Refrigerator Market Analysis and Projection, By Type
   • 1. Segment Overview
   • 2. Between 0° and -40°
   • 3. Between 2° and 8°
   • 4. Under 40°
7. Global Medical Refrigerator Market Analysis and Projection, By End-User
   • 1. Segment Overview
   • 2. Blood Banks
   • 3. Pharmacy
   • 4. Hospitals
   • 5. Others
8. Global Medical Refrigerator Market Analysis and Projection, By Regional Analysis
   • 1. Segment Overview
   • 2. North America
     • 2.1. U.S.
     • 2.2. Canada
     • 2.3. Mexico
   • 3. Europe
     • 3.1. Germany
     • 3.2. France
     • 3.3. U.K.
     • 3.4. Italy
     • 3.5. Spain
   • 4. Asia-Pacific
     • 4.1. Japan
     • 4.2. China
     • 4.3. India
   • 5. South America
     • 5.1. Brazil
   • 6. Middle East and Africa
     • 6.1. UAE
     • 6.2. South Africa

9. Global Medical Refrigerator Market-Competitive Landscape
   • 1. Overview
   • 2. Market Share of Key Players in the Medical Refrigerator Market
     • 2.1. Global Company Market Share
     • 2.2. North America Company Market Share
     • 2.3. Europe Company Market Share
     • 2.4. APAC Company Market Share
   • 3. Competitive Situations and Trends
     • 3.1. Technology Launches and Developments
     • 3.2. Partnerships, Collaborations, and Agreements
     • 3.3. Mergers & Acquisitions
     • 3.4. Expansions

10. Company Profiles
    • Thermo Fisher
      • 1.1. Business Overview
      • 1.2. Company Snapshot
      • 1.3. Company Market Share Analysis
      • 1.4. Company Technology Portfolio
      • 1.5. Recent Developments
      • 1.6. SWOT Analysis
    • LEC Medical
      • 2.1. Business Overview
      • 2.2. Company Snapshot
      • 2.3. Company Market Share Analysis
      • 2.4. Company Technology Portfolio
      • 2.5. Recent Developments
      • 2.6. SWOT Analysis
    • Felix Storch
      • 3.1. Business Overview
      • 3.2. Company Snapshot
      • 3.3. Company Market Share Analysis
      • 3.4. Company Technology Portfolio
      • 3.5. Recent Developments
      • 3.6. SWOT Analysis
    • Aucma
      • 4.1. Business Overview
      • 4.2. Company Snapshot
      • 4.3. Company Market Share Analysis
      • 4.4. Company Technology Portfolio
      • 4.5. Recent Developments
      • 4.6. SWOT Analysis
    • Phillipp Kirsch
      • 5.1. Business Overview
      • 5.2. Company Snapshot
      • 5.3. Company Market Share Analysis
      • 5.4. Company Technology Portfolio
      • 5.5. Recent Developments
      • 5.6. SWOT Analysis
    • Zhongke Meiling
      • 6.1. Business Overview
      • 6.2. Company Snapshot
      • 6.3. Company Market Share Analysis
      • 6.4. Company Technology Portfolio
      • 6.5. Recent Developments
      • 6.6. SWOT Analysis
    • Labcoid
      • 7.1. Business Overview
      • 7.2. Company Snapshot
      • 7.3. Company Market Share Analysis
      • 7.4. Company Technology Portfolio
      • 7.5. Recent Developments
      • 7.6. SWOT Analysis
    • Indrel
      • 8.1. Business Overview
      • 8.2. Company Snapshot
      • 8.3. Company Market Share Analysis
      • 8.4. Company Technology Portfolio
      • 8.5. Recent Developments
      • 8.6. SWOT Analysis
    • Helmer
      • 9.1. Business Overview
      • 9.2. Company Snapshot
      • 9.3. Company Market Share Analysis
      • 9.4. Company Technology Portfolio
      • 9.5. Recent Developments
      • 9.6. SWOT Analysis
    • Haier
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Technology Portfolio
      • Recent Developments
      • SWOT Analysis
    • Migali Scentific
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Technology Portfolio
      • Recent Developments
      • SWOT Analysis
    • Blue Star
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Technology Portfolio
      • Recent Developments
      • SWOT Analysis
    • Godrej
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Technology Portfolio
      • Recent Developments
      • SWOT Analysis
    • Dulas
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Technology Portfolio
      • Recent Developments
      • SWOT Analysis

List of Table

1. Global Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
2. Global Between 0° and -40°, Medical Refrigerator Market, By Region, 2023–2030 (USD Billion)
3. Global Between 2° and 8°, Medical Refrigerator Market, By Region, 2023–2030 (USD Billion)
4. Global Under 40°, Medical Refrigerator Market, By Region, 2023–2030 (USD Billion)
5. Global Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
6. Global Blood Banks, Medical Refrigerator Market, By Region, 2023–2030 (USD Billion)
7. Global Pharmacy, Medical Refrigerator Market, By Region, 2023–2030 (USD Billion)
8. Global Hospitals, Medical Refrigerator Market, By Region, 2023–2030 (USD Billion)
9. Global Others, Medical Refrigerator Market, By Region, 2023–2030 (USD Billion)
10. Global Medical Refrigerator Market, By Region, 2023–2030 (USD Billion)
11. North America Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
12. North America Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
13. USA Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
14. USA Medical Refrigerator Market, By End-User,2023–2030 (USD Billion)
15. Canada Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
16. Canada Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
17. Mexico Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
18. Mexico Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
19. Europe Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
20. Europe Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
21. Germany Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
22. Germany Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
23. France Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
24. France Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
25. UK Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
26. UK Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
27. Italy Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
28. Italy Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
29. Spain Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
30. Spain Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
31. Asia Pacific Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
32. Asia Pacific Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
33. Japan Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
34. Japan Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
35. China Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
36. China Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
37. India Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
38. India Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
39. South America Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
40. South America Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
41. Brazil Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
42. Brazil Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
43. Middle East and Africa Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
44. Middle East and Africa Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
45. UAE Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
46. UAE Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)
47. South Africa Medical Refrigerator Market, By Type, 2023–2030 (USD Billion)
48. South Africa Medical Refrigerator Market, By End-User, 2023–2030 (USD Billion)

List of Figures 

1. Global Medical Refrigerator Market Segmentation
2. Medical Refrigerator Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Medical Refrigerator Market Attractiveness Analysis By Type
9. Global Medical Refrigerator Market Attractiveness Analysis By End-User
10. Global Medical Refrigerator Market Attractiveness Analysis By Region
11. Global Medical Refrigerator Market: Dynamics
12. Global Medical Refrigerator Market Share By Type (2023 & 2030)
13. Global Medical Refrigerator Market Share By End-User (2023 & 2030)
14. Global Medical Refrigerator Market Share by Regions (2023 & 2030)
15. Global Medical Refrigerator Market Share by Company (2021)