The major factors driving to the growth of the market are increasing demand for blood and blood components, technological advancements in medical refrigerators, and growing R&D activities to introduce new drug compounds. However, use of refurbished equipment and high costs associated with ultralow-temperature freezers restrain the Medical Refrigerators market growth. Medical refrigerators are designed to meet the temperature requirements for safe and effective drug storage. They are used to store vaccines, pharmaceuticals, chemotherapeutics, blood, plasma, and other samples that require tight temperature control. Their ability to emit less heat and work without creating noise make them more reliable products for the storage of medicinal products. The rising occurrence of hematological disorders and an increment in the number of accidents propel the requirement of blood and blood components, such as plasma, which eventually triggers the need for freezers and refrigerators for storing these products at the blood bank. These conditions are encouraging infrastructural and technological developments in blood banks worldwide, thereby boosting the demand for refrigerators for medical and laboratory use.

The scope of the Medical Refrigerators Market Report:

The research report focuses on the current market trends, opportunities, future potential of the market, and competition in the Medical Refrigerators in North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The study also provides market insights and analysis of the Medical Refrigerators, highlighting the technological market trends, adoption rate, industry dynamics, and competitive analysis of major players in the industry.

The segmentation in this research study has been finalized post in-depth secondary research and extensive primary research. In addition, the market is also segmented on the basis of products offered by the leading participants in the industry in order to understand widely used market specific terminologies. Thus, we have incorporated the segments of the research and have finalized the market segmentation.

Segments-

Design Type -Based Insights

Based on design type, the medical refrigerators market is segmented into explosion-proof refrigerators, undercounter medical refrigerators, countertop medical refrigerators, and flammable material storage refrigerators. The countertop medical refrigerators segment held the largest share of the market in 2020. However, the undercounter medical refrigerators segment is estimated to register the highest CAGR in the market during the forecast period. The market growth for the countertop medical refrigerators segment can be attributed to its compact size and ability to fit in smaller spaces such as small reperch labs, clinics, and remotely located healthcare facilities.

Door Type -Based Insights

Based on by door type, the medical refrigerators market is segmented into single door and double door. The double door segment held a larger share of the market in 2020. However, the single door segment is anticipated to register a higher CAGR in the market during the forecast period. The growth of the market for double-door medical refrigerators is mainly attributed to the growing biotechnology and pharmaceutical industry and increasing demand from large healthcare institutions for the storage of a large volume of samples and products.
Temperature Control Range-Based Insights

Based on temperature control range, the medical refrigerators market is segmented into between 2 and 8, between 0 and -40, and under -40. The between 2 and 8 segment held the largest share of the market in 2020. The market growth of this segment is attributed to growing extent of vaccine wastage due to improper refrigeration at clinics and hospitals. However, the under -40 segment is anticipated to register the highest CAGR during the forecast period.

End User-Based Insights

Based on by end user, the medical refrigerators market segmented into hospitals and pharmacies, medical laboratories, blood banks, pharmaceutical companies, research institutes, diagnostic centers, and others. The blood banks segment held the largest share of the market in 2020, and it is further anticipated to register the highest CAGR during the forecast period. The increasing prevalence of hematologic diseases and rise in cases of accidents are driving the growth of the market for the blood banks segment.

Volume-Based Insights

Based on volume, the medical refrigerators market is segmented into below 50 Lts, 51-200 Lts, 201-400 Lts, 401-600 Lts, and 601 Lts and above. The 51-200 Lts and above segment would hold the largest market share in 2020. However, the market for the 601 Lts and above segment is expected to grow at a CAGR of 6.0% during the forecast period.  

The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on ‘Medical Refrigerators Market ‘provides the analysis on impact on Covid-19 on various business segments and country markets. The reports also showcase market trends and forecast to 2028, factoring the impact of Covid -19 Situation.

Major Key players covered in this Medical Refrigerators Market report-

• THERMO FISHER SCIENTIFIC INC.
• Philipp Kirsch GmbH
• Godrej & Boyce Manufacturing Company Limited
• Haier Group Corporation
• Blue Star Limited,
• Helmer Scientific Inc.
• Vestfrost Solutions
• PHC Holdings Corporation
• FOLLETT LLC
• Lec Medical

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Medical Refrigerators Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi

E-mail: sales@theinsightpartners.com

Phone: +1-646-491-9876