The Europe medical refrigerators market is expected to reach US$ 1,563.77 million in 2028 from US$ 1,080.06 million in 2021; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028.
The market growth is attributed to factors such as increasing demand for blood and blood components, technological advancements in medical refrigerators, and growing R&D activities to introduce new drug compounds. However, growing use of refurbished equipment and high costs associated with ultralow-temperature freezers restrict the market growth.
Pharmaceutical companies focus on R&D to introduce new molecules for various therapeutic applications with enhanced medical and commercial potential.Moreover, significant investments in the R&D activities enable them to deliver high-quality and innovative products.
Over the years, R&D spending by biopharmaceutical companies has also increased. According to a report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of the biopharmaceutical companies increased from US$ 49.6 billion in 2012 to US$ 58.8 billion in 2015. In medical R&D departments, monitoring temperature and ensuring its accuracy are among the major aspects of preserving temperature-sensitive biomedical components; a few of these components are frequently used in the development of new drugs. Thus, the growing R&D expenditure to introduce new drug compounds would require reliable storage facilities, which drives the medical refrigerators market growth. Similarly, the healthcare sector is currently witnessing massive developments that accelerate the adoption and acceptance of medical refrigerators. As a result, the companies focus on manufacturing energy-efficient natural refrigerants and inverter compressors to effectively reduce power consumption through slow-speed rotation control. Thus, such technological advancements in medical refrigerators are propelling the market growth.
The rapid growth of COVID-19 cases in Europe has had a major impact on the European economy.With the rapid spread of the disease, researchers have shifted their focus toward exploring possible treatment options along with determining the potential of existing treatment options.
Moreover, the medical refrigerator market players are striving to fulfil the requirements in the organizations working on this issues.For instance, in March 2021, CoolMed moved its warehouse to a larger facility to accommodate the increased volumes of medical refrigerators, produced in response to the escalated demand.
CoolMed will be able to serve Lloyds Pharmacy and other clients with timely deliveries, high-quality products, and exceptional customer service after moving to new facilities in Trafford Park.
The Europe medical refrigerators market, by product type, is segmented into laboratory refrigerators and freezers, chromatography refrigerators and freezers, ultralow-temperature freezers, blood bank refrigerators and plasma freezers, cryogenic storage systems, pharmacy refrigerators and freezers, enzyme refrigerators and freezers, hospital refrigerators and freezers, shock freezers, and other. The blood bank refrigerators and plasma freezers segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR during the forecast period.
The Europe medical refrigerators market, by design type, is segmented into explosion-proof refrigerators, undercounter medical refrigerators, countertop medical refrigerators, and flammable material storage refrigerators.The countertop medical refrigerators segment held the largest share of the market in 2020.
However, the undercounter medical refrigerators segment is anticipated to register the highest CAGR in the market during the forecast period.
The Europe medical refrigerators market, by door type, is segmented into single door, and double door.The double door segment held a larger market share in 2020.
However, the single door segment is anticipated to a higher CAGR in the market during the forecast period.
The Europe medical refrigerators market, by temperature control range, is segmented into between 2 and 8, between 0 and -40, and under -40.The between 2 and 8 segment held the largest share of the market in 2020.
However, the under -40 segment is anticipated to register the highest CAGR in the market during the forecast period.
The Europe medical refrigerators market, by end user, is segmented into hospitals and pharmacies, medical laboratories, blood banks, pharmaceutical companies, research institutes, diagnostic centers, and others. The blood banks segment held the largest share of the market in 2020, and it is further anticipated to register the highest CAGR during the forecast period.
A few of the primary and secondary sources associated with this report on the Europe medical refrigerators market are the German Biobank Alliance (GBA), Global Stem Cell & Regenerative Medicine Acceleration Center (GSRAC), and European Union (EU).
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