The South and Central America medical refrigerators market is expected to reach US$ 198.00 million by 2028 from US$ 139.98 million in 2021; it is estimated to grow at a CAGR of 5.1% 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.
Rising occurrence of hematological disorders and surge in the number of accidents have propelled the need of plasma, as well as plasma fractionation operations, which is magnifying the demand for plasma freezers and refrigerators at blood banks.Blood and blood components can be stored safely in laboratory freezers by adhering to strict regulations.
Blood bank refrigerators have evolved to become more than just reliable cold storage devices.These refrigeration units are equipped with compressors and insulated cabinets, and they provide advanced temperature control, storage, and warning alarm features, among others.
The increasing demand for safe blood and blood components for transfusion has further triggered the adoption of ULT freezers for secure storage at blood banks. The WHO has imposed strict guidelines for the storage of these entities, which also contributes to the medical refrigerators market growth.
Countries in South and Central America have been witnessing increasingly high number of COVID-19 cases.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.
Further, the medical refrigerator market players are in Brazil are adopting organic and inorganic strategies to sustain their market positions.For instance, Biotecno, a company based in Santa Rosa, Brazil, donated an intelligent conservation chamber to the COVID-19 treatment center at Hospital Vida & Saúde, Dom Bosco Unit.
The Santa Rosa city received this important aid for its health system in the critical situation amid the pandemic. Such developments are fueling the South and Central America medical refrigerators market growth.
The South and Central America medical refrigerators market, by product type, is segmented into laboratory refrigerators and freezers, chromatography refrigerators and freezers, ultra-low-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; it is further anticipated to register the highest CAGR during the forecast period.
The South and Central America 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 expected to register the highest CAGR in the market during the forecast period.
The South and Central America medical refrigerators market, by door type, is segmented into single door and double door.The double door segment held a larger share of the market in 2020.
However, the single door segment is anticipated to register a higher CAGR in the market during the forecast period.
The South and Central America 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 segments 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 South and Central America 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 expected to register the highest CAGR in the market during the forecast period.
A few of the primary and secondary sources associated with this report on the South and Central America medical refrigerators market are the International Society for Stem Cell Application (ISSCA), Brazilian National Cancer Institute (BNCR), and Brazilian National Tumor and DNA Bank (BNT-INCA).
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