The medical refrigerators market was valued at USD 3.5 Billion in 2020 and is projected to reach USD 4.9 Billion by 2026, at a CAGR of 6.0% during the forecast period. Medical refrigerators are available in various sizes, from benchtop to upright models, for the convenient storage of larger quantities of reagents and freeze-dried products.
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Based on product type, blood bank refrigerators & plasma freezers segment is expected to lead the medical refrigerators market during the forecast period, in terms of value. The growth can be attributed to the growing demand for blood bank refrigerators & plasma freezers to meet the requirement from the blood banks, pharmaceutical companies, hospitals & pharmacies, research institutes, medical laboratories, and diagnostic centers.
Based on end-use, blood banks is expected to lead the medical refrigerators market during the forecast period, in terms of value, mainly due to the growth in the pharmaceutical & life sciences industry. The increasing population and rise in accidental cases resulting in a high demand for blood and plasma for blood transfusion procedures are some of the key factors driving the use of these blood bank refrigerators & plasma freezers in the blood bank end-use segment.
Based on region, North America is estimated to account for the largest share of the medical refrigerators market in 2020, in terms of value, due to the rising demand from the blood banks end-use segment. Also, the largest share of this region is mainly attributed to the presence of developed healthcare systems in the US and Canada and rising R&D spending on the pharmaceuticals & biotechnology sector in this region.
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Some of the key market players in the medical refrigerators market include Thermo Fisher Scientific Inc. (US), Blue Star Limited (India), Haier Biomedical (China), Aucma (China), Standex International Corporation (US), Godrej & Boyce Manufacturing Co Ltd. (India), Helmer Scientific Inc. (US), Vestfrost Solutions (Denmark), Zhongke Meiling Cryogenics Company Limited (China), Fiochetti (Italy), PHC Holdings Corporation (Japan), Follett LLC (US), Labcold (UK), Dulas Ltd. (UK), HMG India (India). These players have adopted product launches, expansions, contract, partnerships, and agreements as their growth strategies to meet the growing demand for medical refrigerators.
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