Medical Refrigerators Market Demand, Size, Share & Forecast 2032

Medical Refrigerators Market: Industry Perspective

The global medical refrigerators market size was worth around USD 4.07 billion in 2023 and is predicted to grow to around USD 7.08 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.48% between 2024 and 2032. The report analyzes the global medical refrigerators market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the medical refrigerators industry.   

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The Medical Refrigerators Market: An Overview

The global medical refrigerators market is a competitive and fragmented landscape, thanks to growing innovation, and rising sophistication in healthcare. Growing demand to secure blood supply, due to rising chronic illnesses, amidst a growing elderly population will create tremendous opportunities for growth for players in the medical refrigerators market. The rising funding from both private and public institutions also promises a more competitive, and robust landscape during the forecast period.

Medical refrigerators are used for a wide variety of applications including storing blood supply, and its derivatives, maintaining laboratory samples, and equipment at ideal temperatures, and vaccine storage. The temperature for these usually varies between  35°F to 46°F. The demand for safety in-built mechanisms is often a key point for end-users, thanks to the valuable nature of pharmaceutical and medical products. 

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The Global Medical Refrigerators: Key Trends

In 2023, regions like the US have faced various challenges regarding the supply of vaccines, which continues to this date in numerous other regions. The large epidemic of hepatitis led to a significant shortage of vaccines in the country and resulted in major policy formations and subsequent procurement. The Centers for Disease Control and Prevention acted quickly to grow the supply of vaccinations for hepatitis to meet the growing demand for national supply. Today, thanks to the robust efforts of the CDC, there are no shortages of vaccines for various illnesses including hepatitis, and influenza, among several others. The rising need for immunization and growing concern about outbreaks of various illnesses will drive major growth for the medical refrigerators market during the forecast period.

The rising cases of chronic illnesses like cancer, HIV, Diabetes, and Cardiovascular disease will remain a key driver of growth in the medical refrigerators market. The changing demographics in major countries like the US, EU, and China will also pave the way for numerous opportunities for players in the medical refrigerators market. Chronic illnesses have driven a potent need for plasma, and its derivatives in hospitals, which continue to remain the key opportunity. Additionally, the advanced refrigeration techniques promise to safeguard valuable stocks of blood, and other supplies for the benefit of key stakeholders like hospitals.

Medical Refrigerators Market: Report Scope

Medical Refrigerators Market: Segmentation

The global medical refrigerators market report will be segmented on the basis of product type, end-use, and region.

The product type segment in the report will include, chromatography refrigerators & freezers, laboratory refrigerators & freezers, ultra-low-temperature freezers, blood bank refrigerators & plasma freezers, cryogenic storage systems, and enzyme refrigerators & freezers, and pharmacy refrigerators & freezers.

By end-use segment, blood banks, research institutes, hospitals & clinics, pharmaceutical companies, medical laboratories, and diagnostic centers will be covered.  Among these, the blood bank segment will witness robust growth both in terms of volume and revenues. The rising demand from diagnostic centers, clinics, pharmacies, and hospitals will remain a key trend in the medical refrigerators market.

Medical Refrigerators Market: Competitive Analysis

The global medical refrigerators market is dominated by players like:

• Blue Star Limited
• Thermo Fisher Scientific Inc.
• Vestfrost Solutions
• Helmer Scientific
• Philipp Kirsch GmbH

The global medical refrigerators market is segmented as follows:

By Product Type

• Blood Bank Refrigerators & Plasma Freezers
• Laboratory Refrigerators & Freezers
• Pharmacy Refrigerators & Freezers
• Chromatography Refrigerators & Freezers
• Enzyme Refrigerators & Freezers
• Ultra-Low-Temperature Freezers
• Cryogenic Storage Systems

By End Use

• Blood Banks
• Pharmaceutical Companies
• Hospitals & Pharmacies
• Research Institutes
• Medical Laboratories
• Diagnostic Centers

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa