Market Research Report
Europe Medical and Lab Refrigerator Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product Type ; End User, and Geography
|Europe Medical and Lab Refrigerator Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product Type ; End User, and Geography|
Published: November 11, 2020
The Insight Partners
Content info: 103 Pages
Delivery time: 1-2 business days
The Europe medical and lab refrigerator market is expected to reach US$ 907.31 million by 2027 from US$ 672.80 million in 2019; it is estimated to grow at a CAGR of 3.8% from 2020 to 2027.
Technological advancements in medical-grade refrigerators are one of the key factors driving the growth of the European medical and lab refrigerator market. The European Commission's Medical Device Directive has established certain regulations and requirements for biomedical refrigerators to ensure effective storage of blood and its components. Pharmaceutical is one of the high-tech industries in Europe. According to the estimates of the European Federation of Pharmaceutical Industries and Associations (EFPIA), the European pharmaceutical industry manufactured ~US$ 282 billion of medicines in 2018. In the same year, the industry invested ~US$ 40,000 million in R&D, which signifies the extensive use of laboratories and medical refrigerators. The rising adoption of medical-grade refrigerators by the pharmaceutical companies and research laboratories engaged in the drug discovery process, and technological advancements in these refrigerators drive the growth of the Europe medical and lab refrigerator market. Moreover, the government support for the development of innovative products is anticipated to accelerate the market growth in the coming years.
Based on product type, the Europe medical and lab refrigerator market is segmented into the blood bank refrigerators, laboratory refrigerators, pharmacy refrigerators, enzyme refrigerators, and others. Every facility has specific requirements for the refrigeration process. For instance, the requirements of research laboratories may include holding vital biological samples at a balanced temperature. In contrast, certain health clinics may need simple freezers to keep ice packs.
Based on end use, the Europe medical and lab refrigerator market is segmented into blood banks, pharmaceutical companies, hospitals and pharmacies, research institutes, and others. By country, Europe medical and lab refrigerator market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe.
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