The medical and lab refrigerator market was valued at US$ 2,267.9 million in 2019 and is projected to reach US$ 3,096.6 million by 2027; it is expected to grow at a CAGR of 3.9% from 2020 to 2027.
Medical refrigerators are designed to meet the temperature requirements for safe drug storage.Medical refrigerators are used to store vaccines, pharmaceuticals, chemotherapeutics, blood, plasma, and other samples that require tight temperature control.
These are more reliable for the storage of medicinal products as they emit less heat and generate less sound.Rising occurrence of hematological disorders and an increment in the number of accidents have increased the need for plasma in plasma fractionation operations.
This has, in turn, led to an increase in the demand for plasma freezers and refrigerators at blood banks; thus, likely to drive the growth of the medical and lab refrigerator market during the forecast period.Furthermore, the increase in the occurrence of infectious and chronic diseases has led to increased supply of customized drugs owing to which medical and lab refrigerators are expected to gain traction during the coming years.
It is also anticipated that product modernization and R&D activities in the region will boost business growth of the medical and lab refrigerator market.
The medical and lab refrigerator market is segmented based on product type and end user.Based on product type, the market is further segmented into blood bank refrigerators, laboratory refrigerators, pharmacy refrigerators, enzyme refrigerators, and others.
Based on end user, the market is further bifurcated into blood banks, pharmaceutical companies, hospitals & pharmacies, research institutes, and others.
A few key players operating in the global medical and lab refrigerator market that are profiled in this market study include ZhongkeMeiling Cryogenics Company Limited, Felix Storch, Inc., Follett LLC, Helmer Scientific Inc., Haier Biomedical, Lec Medical, Philipp Kirsch GmbH, Thermo Fisher Scientific Inc., Vestfrost Solutions, and Blue Star Limited. These market players focus on both organic and inorganic growth strategies to survive in the competitive market.
The overall global medical and lab refrigerator market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the medical and lab refrigerator market with respects to all segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the medical and lab refrigerator market.
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