Market Research Report
Asia-pacific Medical and Lab Refrigerators Market Forecast 2021-2028
|Asia-pacific Medical and Lab Refrigerators Market Forecast 2021-2028|
Published: September 14, 2021
Content info: 132 Pages
Delivery time: 2-3 business days
The Asia-Pacific medical and lab refrigerators market is predicted to record a CAGR of 5.14% during the forecast period, 2021-2028. The rising number of road accidents and diseases has resulted in a growing need to sustain blood banks. Also, due to government initiatives and increasing awareness, there has been an increase in the number of blood donors.
Indonesia, South Korea, Japan, Australia & New Zealand, China, Singapore, Malaysia, India, and Rest of Asia-Pacific are evaluated for the Asia-Pacific medical and lab refrigerators market growth assessment. In Japan, the government is making substantial investments in R&D for low-cost drug discovery. Also, the pharmaceutical industry is ranked among the top globally. According to the Ministry of Health, Labor and Welfare, the pharmaceutical sector contributes US$ 5 trillion to the country's GDP. In addition, the geriatric population offers business and growth opportunities for pharmaceutical companies. Moreover, the government has been working on minimizing the long approval processes for new products by pharma companies.
In countries like Australia, the government is significantly investing in R&D for new medical solutions and to boost innovations in pharmaceutical and medical technologies. Such factors are expected to increase the adoption of medical and lab refrigerators. Also, the rising incidence of chronic diseases and the increasing geriatric population propel the demand for prescription products and pharmacy services. In addition, government initiatives are projected to offer a conducive environment for international players to enter the domestic market. This will boost product availability and awareness, thereby increasing the adoption of advanced therapies.
Thermo Fisher Scientific Inc, Vestfrost Solutions, Zhongke Meiling Cryogenics Company Limited, Temparmour Refrigeration, Philipp Kirsch GmbH, etc., are among the eminent firms in the market.