Market Research Report
Global Medical Refrigerators Market - 2020-2027
|Published by||DataM Intelligence||Product code||991941|
|Published||Content info||237 Pages
Delivery time: 1-2 business days
|Global Medical Refrigerators Market - 2020-2027|
|Published: March 3, 2021||Content info: 237 Pages||
The Global Medical Refrigerators Market is expected to grow at a high CAGR during the forecasting period (2020-2027).
Medical refrigerators are the refrigerators used for storing the storing blood supply, its derivatives, laboratory samples, biological reagents, vaccines, medicines, and equipment at ideal temperatures in the hospitals, blood banks, diagnostic centres, pharmacies, educational institutions, research laboratories, and clinics. Medical refrigerators provide the optimal conditions for the safe storage of these products.
The market is driven by the rising demand for medical refrigerators or the safe storage of blood & blood derivatives, vaccines, specimens, and medications in the hospitals, pharmacies, clinics, and diagnostic centers. There is a growing demand for refurbishing the medical equipment
The rise in the novel and innovative medical refrigerator shall stimulate market growth. For instance, in September 2019, Helmer Scientific had launched professional medical-grade refrigerators with OptiCool cooling systems. The OptiCool cooling technology pairs a variable-capacity compressor (VCC) and hydrocarbons (HC) to achieve performance characteristics that offer a superior storage environment, save on energy usage and support environmental sustainability. This product is 50% more energy-efficient in comparison to the conventional medical-grade refrigerators. It combats the high noise levels in hospitals and healthcare settings.
In November 2018, Lec Medical had launched the launch of Control Plus - a new range of medical refrigeration that measures both the core temperature of the fridge, as well as the vaccine itself. Control Plus is an improved controller, larger internal capacities, and a flat door to save valuable space. It features an external digital controller and temperature display that has a simple operation at its heart. It is designed for a variety of locations, from pharmacies and hospitals to laboratories and general practice.
Several companies are working with the organizations, institutes, and associations for the development of medical refrigerators. For instance, Lec Medical is working with National Health Service (NHS) to provide them the highest quality medical refrigeration and continue to be at the forefront of developing easy-to-use safe, and reliable refrigeration solutions.
There are rising government initiatives for raising the investment and funding to the major players for the development of medical refrigerators. For instance, Hungary, Minister of Foreign Affairs and Trade had provided the HUF 1.05 billion government grant to the Vestfrost for the development of the medical refrigerators. In December 2018, Vestfrost had spent HUF 4.4 billion to expand the capacity to make and store refrigerators in Csongrad. The investment was supported through the HUF 1.05 billion government grant.
The medical refrigerators market is segmented based on product type as blood bank refrigerators & plasma freezers, laboratory refrigerators & freezers, pharmacy refrigerators & freezers, chromatography refrigerators & freezers, enzyme refrigerators & freezers, ultra-low-temperature freezers, and cryogenic storage systems. The blood bank refrigerators & plasma freezers segment accounts for the highest market share and expected to grow at the highest CAGR during the forecasted period as the blood bank refrigerators & plasma freezers are widely used for the storage of fresh frozen plasmas, red blood cells, cryoprecipitate, and platelet concentrates, whole blood, and blood components and reagents. There is a rising demand for the safe storage of blood units and plasma from hospitals, pharmacies, clinics, and diagnostic centers. Blood plasma is processed into a variety of components and requires stringent preparation and storage requirements for preserving the clotting factors. The plasma is placed in a specially designed blast freezer to rapidly freeze the plasma to -18 °C or colder. It is then placed in a plasma freezer where it is typically stored at -30 °C for up to one year.
The market is dominated by the availability of several blood bank refrigerators & plasma freezers. For instance, KIRSCH's blood plasma freezers provide thick housing insulation and innovations as standard equipment. It is comprised of robust housing and high-quality components. It provides reliability and a long economic life-time. It is comprised of the include an electronic switching, monitoring, and warning device, a minimum/maximum temperature memory. Follett Healthcare's High-performance double door blood bank refrigerator provides precise temperature control. It is the powerful forced-air refrigeration system with center plenum air distribution that delivers cold air to six different levels within each side of the storage chamber, ensuring consistent cabinet-wide cooling. It is comprised of the intuitive alarming and display interface that provides security for maintaining sensitive blood products.
Further, the medical refrigerators market is also classified based on end-users as blood banks, pharmaceutical companies, hospitals & pharmacies, research institutes, medical laboratories, and diagnostic centers. The blood bank segment accounts for the highest market share owing to the high adoption of the medical refrigerators in the blood banks for the storage of the plasma and its components. The increasing number of people suffering from several haematological diseases such as hemophilia, blood clots, bleeding disorders, and blood cancers has resulted in increasing the demand for plasma for use in plasma fractionation procedures. The rising number of accidents and sports injuries has led to an increased in the usage of the blood, plasma & its components which are stored in the medical refrigerators in blood banks. The increasing number of people undergoing surgeries that require the use of donor blood for replacing the blood loss of patients shall further stimulate market growth.
By region, the medical refrigerators market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the medical refrigerators market due to the higher penetration of the advanced medical refrigerators with microprocessor-based control, dual-cooling technology, and other technologies. The older medical refrigerators are been replaced by advanced medical refrigerators. The United States accounts for the highest market share of XX% owing to the high usage of medical refrigerators. The increasing prevalence of chronic and infectious diseases shall boost the demand for medical refrigerators. The rise in the research and development activities for the therapies have increased the usage of medical refrigerators for safe storage of medical equipment, vaccines, specimens, and others at the optimum conditions. The North America region is expected to maintain its dominant market position over the forecasted period.
Asia-Pacific region is expected to have positive market growth due to the increase in the number of companies developing medical refrigerators. Several companies are shifting their manufacturing facilities to the Asia-Pacific region due to the availability of cheap and skilled labor. The drastic market growth is expected to be observed in developing countries such as India and China due to the increasing usage of medical refrigerators. There are rising government initiatives for increasing the number of units of blood collected. For instance, the National AIDS Control Organization (NACO) and the National Blood Transfusion Council (NBTC) are promoting voluntary blood donation in India. The increasing number of units of blood collected shall boost the demand for medical refrigerators. The growing investments and funding for improving the healthcare facilities and infrastructures shall stimulate market growth.
The medical refrigerators market is highly competitive with the presence of several international and local market players. The product diversification, technological advancement, revenue generation, and opportunities intensify the market competition. Helmer Scientific, Vestfrost Solutions, Thermo Fisher Scientific Inc., Felix Storch, Inc., Philipp Kirsch GmbH, LEC Medical, and Zhongke Meiling Cryogenics Company Limited are the leading Market players with significant market share. Lec Medical has won the 'Most Valuable Equipment & Support' Category at the 2017 Pharmacy MVP Awards.
Companies are using novel product launches, capacity utilization, technology advancement, new product development, and market expansion strategies for holding their position in the market. For instance, In June 2016, Godrej Appliances had launched 6 new models of innovative medical refrigerators i.e. the new Lite series. The new Lite series provides a 50% reduction in costs. This series is a more affordable Lite series for urban and semi-urban health facilities. It combines the fridge and freezer for remote health centers. This optimized series is expected to boost adoption of the superior Sure Chill Technology
In June 2015, Godrej Appliances had launched medical refrigerators with Sure Chill technology. This product is useful for providing precise cooling solutions for vaccines and blood, despite long power outages common in upcountry remote areas in developing and underdeveloped countries
In December 2012, Lec Medical had expanded its innovative range of medical refrigeration with the addition of large-capacity models in 600L and 1200L sizes. These medical refrigerators are suitable for hospitals, laboratories, and clinics.
The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for Medical Refrigerators Market and their expansion across the globe. For instance, Godrej Appliances had signed a technology transfer agreement with The Sure Chill Company Ltd. (UK) for the development and manufacturing of these products, for sale in India and select overseas markets. This agreement would bring together Godrej's decades of expertise in refrigeration technology, and Sure Chill's in-depth technical know-how in the medical refrigeration space.
In August 2017, Thermo Fisher Scientific, Inc. acquired Patheon NV, a leading contract development and manufacturing organization (CDMO) serving the pharmaceutical and biotechnology sectors for USD 7.2 billion.
October 2016, Standex International Corporation had acquired the South Carolina-based Horizon Scientific, Inc., a supplier of laboratory refrigerators and freezers, as well as cryogenic equipment for the scientific, bio-medical, and pharmaceutical markets. This acquisition would help Horizon Scientific to enhance Standex's penetration of the higher-margin refrigeration markets represented by the growing scientific sector. It would also allow Horizon Scientific, Inc to deliver product ideas and customer solutions more quickly.