Global Medical Refrigerators Market

Description

Market Overview

The global medical refrigerators market reached USD 4,708.3 million in 2022 and is projected to witness lucrative growth by reaching up to USD 7,445.5 million by 2030. The medical refrigerators market is expected to exhibit a CAGR of 6.0% during the forecast period (2023-2030).

Temperature precision and monitoring are crucial factors in medical science for preserving and storage of thermo-sensitive biomedical products like vaccines, enzymes & reagents, DNA (deoxyribose nucleic acid), and others that are commonly utilized for healthcare procedures.

Technological advancements, increasing need for biomedical refrigerators, and market developments are driving the global medical refrigerators market growth.

Market Dynamics

The Increasing Number of Product Launches is Driving the Global Medical Refrigerators Market Growth

The increasing number of product launches is driving the global medical refrigerators market growth. For instance, in March 2022, Lec Medical, a UK-based market leader in medical refrigeration, providing a range of purpose-built products, introduced Control Plus, a new field of medical refrigeration that calculates the core temperature of fridges as well as vaccines. It provides large internal capacity, an improved controller, and a flat door to save space. It can be used in hospitals & clinics, pharmacies, and laboratories.

The Increasing Government Initiatives and Funding are Providing the Global Medical Refrigerators Market with Prospective Growth Opportunities.

The different initiatives by various organizations to enhance the immunization situation is presenting the global medical refrigerators market with prospective growth opportunities such as in Nepal, cold chain support supplied by the Government of Japan through UNICEF ensures that vaccines for routine immunization of children and COVID-19 protection reach residents safely. Recently, the Ministry of the Health of Myanmar purchased 11 Meling Biomedical - 20 ℃ ~ - 40 ℃ ultra-low temperature medical freezers DW-FL450 to quench the need to develop medical and health services.

COVID-19 Impact Analysis

The COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with pricing dynamics (including pricing change during and post-pandemic comparing it to pre-COVID scenarios), demand-supply spectrum (shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), government initiatives (initiatives to revive market, sector or industry by government bodies) and manufacturers strategic initiatives (what manufacturers did to mitigate the COVID issues will be covered here).

Russia-Ukraine War Impact Analysis

The war has negatively impacted the global vaccine refrigerators market to a slight extent as the WHO has recorded 703 attacks on health infrastructure since Russia's attack started. Moreover, as Russian armed forces progress deeper into the heart of neighboring Ukraine, costs of key raw materials such as aluminum, copper, steel, and plastic, separated from general inflation, are currently threatening additional cost escalation for white goods commodities. However, despite the War, Ukraine continues to provide necessary health services to patients.

Global Recession Impact Analysis

The healthcare industry is not completely immune to recession, as healthcare institutions thought firings and employment during past financial downturns. That stated, the industry does cope finer than other sectors because of its essential nature. However, the danger of recession threatens the market as inflation persists increasing. There is an elevated extent of tension about the persistent recession.

Artificial Intelligence Impact Analysis

Artificial intelligence is estimated to have a positive impact on the global medical refrigerator market in the upcoming years. The combination of artificial intelligence (AI) and Internet of Things (IoT) technology (AIoT) can become the biggest disruption to the industrial refrigeration industry.

Segment Analysis

The global medical refrigerators market is segmented based on product type, design type, door type, and region.

The Pharmaceutical Companies Segment is Estimated to Hold a 25.7% Share of the Global Market by 2030.

Owing to the growth of the pharmaceutical industry, the segment is estimated to hold 25.7% of the total global medical refrigerators market by 2030. For instance, according to the India Brand Equity Foundation, the incremental FDI equity influx in the Drugs and Pharmaceuticals enterprise is USD 20.96 billion from April 2000-September 2022, constituting nearly 3.35% of the total FDI influx obtained across sectors. Also, the Indian pharmaceutical industry provides over 50% of the international market need for different vaccines, 40% of the generic market need in the US, and 25% of all pharmaceuticals in the UK. The domestic pharmaceutical enterprise includes a web of 3,000 drug organizations and ~10,500 manufacturing facilities.

Geographical Analysis

Europe is Estimated to Hold the Second-largest Share of The Global Medical Refrigerators Market During The Forecast Period.

Owing to increasing market developments in this region, Europe is estimated to hold around 28.1% of the total global medical refrigerators market by 2030. For instance, in April 2022, Dulas a corporation that has pioneered the effective use of renewable energy formed an agreement with IoT Company Beyond to supply integrated remote temperature monitoring on its Solar Direct Drive vaccine refrigerators. These smart refrigerators will likely save time and money and lead to a more efficient, influential, and sustainable cold chain.

Competitive Landscape

The major global players in the market include: Thermo Fisher Scientific, Helmer Scientific Inc., Haier Biomedical, LABCOLD, Philipp Kirsch GmbH., LEC Medical, Zhongke Meiling Cryogenics Company Limited, Vestfrost Solutions, Blue Star Limited, and PHC Holding Corporation among others.

Why Purchase the Report?

To visualize the global medical refrigerators market segmentation based on product type, design type, door type, end user, and region, as well as understand key commercial assets and players.
Identify commercial opportunities by analyzing trends and co-development.
Excel data sheet with numerous data points of medical refrigerators market-level with all segments.
PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
Product mapping available as Excel consisting of key products of all the major players.

The global medical refrigerators market report would provide approximately 53 tables, 54 figures, and 195 Pages.

Target Audience 2023

Manufacturers/ Buyers
Industry Investors/Investment Bankers
Research Professionals
Emerging Companies

Product Code: MD2416

1. Methodology and Scope

1.1. Research Methodology
1.2. Research Objective and Scope of the Report

2. Definition and Overview

3. Executive Summary

3.1. Snippet by Product Type
3.2. Snippet by Design Type
3.3. Snippet by Door Type
3.4. Snippet by End User

4. Dynamics

4.1. Impacting Factors
- 4.1.1. Drivers
  - 4.1.1.1. Rising Demand for Medical Refrigerators for Storage Purposes.
  - 4.1.1.2. Market Developments.
- 4.1.2. Restraints
  - 4.1.2.1. The Growing Trend of Using Refurbished Equipment.
- 4.1.3. Opportunity
- 4.1.4. Government Initiatives
- 4.1.5. Impact Analysis

5. Industry Analysis

5.1. Porter's Five Forces Analysis
5.2. Regulatory Analysis
5.3. Pricing Analysis
5.4. Patent Analysis
5.5. PEST Analysis

6. COVID-19 Analysis

6.1. Analysis of COVID-19
- 6.1.1. Before COVID-19 Scenario
- 6.1.2. Present COVID-19 Scenario
- 6.1.3. Post COVID-19 or Future Scenario
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During the Pandemic
6.5. Manufacturers' Strategic Initiatives
6.6. Conclusion

7. Russia-Ukraine War Analysis

8. Global Recession Analysis

9. Artificial Intelligence Impact Analysis

10. By Product Type

10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 10.1.2. Market Attractiveness Index, By Product Type
10.2. Blood Bank Refrigerators & Plasma Freezers
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
10.3. Laboratory Refrigerators & Freezers
10.4. Pharmacy Refrigerators & Freezers
10.5. Chromatography Refrigerators & Freezers
10.6. Enzyme Refrigerators & Freezers
10.7. Ultra-Low Temperature Freezers
10.8. Cryogenic Storage Systems

11. By Design Type

11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design Type
- 11.1.2. Market Attractiveness Index, By Design Type
11.2. Countertop Medical Refrigerator *
- 11.2.1. Introduction
- 11.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
11.3. Undercounter Medical Refrigerator
11.4. Flammable Material Storage Refrigerator
11.5. Explosion-Proof Refrigerator

12. By Door Type

12.1. Introduction
- 12.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Door Type
- 12.1.2. Market Attractiveness Index, By Door Type
12.2. Single Door
- 12.2.1. Introduction
- 12.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
12.3. Double Door

13. By End User

13.1. Introduction
- 13.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End User
- 13.1.2. Market Attractiveness Index, By End User
13.2. Blood Banks
- 13.2.1. Introduction
- 13.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
13.3. Pharmaceutical Companies
13.4. Hospitals & Pharmacies
13.5. Research Institutes
13.6. Medical Laboratories
13.7. Diagnostic Centers
13.8. Others

14. By Region

14.1. Introduction
- 14.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 14.1.2. Market Attractiveness Index, By Region
14.2. North America
- 14.2.1. Introduction
- 14.2.2. Key Region-Specific Dynamics
- 14.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 14.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design Type
- 14.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Door Type
- 14.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End User
- 14.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 14.2.7.1. The U.S.
  - 14.2.7.2. Canada
  - 14.2.7.3. Mexico
14.3. Europe
- 14.3.1. Introduction
- 14.3.2. Key Region-Specific Dynamics
- 14.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 14.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design Type
- 14.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Door Type
- 14.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End User
- 14.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 14.3.7.1. Germany
  - 14.3.7.2. The U.K.
  - 14.3.7.3. France
  - 14.3.7.4. Italy
  - 14.3.7.5. Spain
  - 14.3.7.6. Rest of Europe
14.4. South America
- 14.4.1. Introduction
- 14.4.2. Key Region-Specific Dynamics
- 14.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 14.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design Type
- 14.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Door Type
- 14.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End User
- 14.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 14.4.7.1. Brazil
  - 14.4.7.2. Argentina
  - 14.4.7.3. Rest of South America
14.5. Asia-Pacific
- 14.5.1. Introduction
- 14.5.2. Key Region-Specific Dynamics
- 14.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 14.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design Type
- 14.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Door Type
- 14.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End User
- 14.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 14.5.7.1. China
  - 14.5.7.2. India
  - 14.5.7.3. Japan
  - 14.5.7.4. Australia
  - 14.5.7.5. Rest of Asia-Pacific
14.6. Middle East and Africa
- 14.6.1. Introduction
- 14.6.2. Key Region-Specific Dynamics
- 14.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 14.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design Type
- 14.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Door Type
- 14.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End User

15. Competitive Landscape

15.1. Competitive Scenario
15.2. Market Share Analysis
15.3. Mergers and Acquisitions Analysis

16. Company Profiles

16.1. Thermo Fisher Scientific Inc.
- 16.1.1. Company Overview
- 16.1.2. Product Type Portfolio and Description
- 16.1.3. Financial Overview
- 16.1.4. Key Developments
16.2. Haier Biomedical
16.3. Helmer Scientific Inc.
16.4. LABCOLD
16.5. Philipp Kirsch GmbH
16.6. LEC Medical
16.7. Zhongke Meiling Cryogenics Company Limited
16.8. Vestfrost Solutions
16.9. Blue Star Limited
16.10. PHC Holding Corporation

LIST NOT EXHAUSTIVE

17. Appendix

17.1. About Us and Services
17.2. Contact Us

Global Medical Refrigerators Market - 2023-2030