The global medical refrigerators market size is expected to reach USD 6.25 billion by 2030, according to a new study by Polaris Market Research. The report “Medical Refrigerators Market Share, Size, Trends, Industry Analysis Report, By End-Use (Blood Banks, Pharmaceutical Companies, Hospital & Pharmacies, Research Institutes, Medical Laboratories, Diagnostic Centre); By Product; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Government funding for healthcare research and the pharmaceutical industry is expected to drive demand for healthcare and laboratory refrigerators. According to the American Association for the Advancement of Science (AAAS), U.S. spending on health R&D climbed by 6.4% from 2017 to 2018, reaching USD 194.2 Bn, in 2018. The Australian Government’s National Health and Medical Research Council (NHMRC) has a yearly budget of USD 900 million for healthcare research.
The increased focus on delivering better healthcare services to people worldwide has led to developed economies, health organizations, and philanthropists spending extensively on R&D operations, creating a variety of market opportunities.
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Additionally, the major players are focusing on opening new production facilities to boost the industry growth. For instance, in January 2022, B Medical Systems announced opening a new production facility in India. The company's massive investment and increased production capacity of healthcare cold chain products like freezers and vaccine refrigerators increased industry demand.
According to the European Society of Hemapheresis (ESFH), during COVID, there was an increased demand for plasma freezers among health facilities to store blood derivatives. Increased public awareness of blood donation and government initiatives to encourage it will help businesses grow. Thus, these factors are propelling the industry growth during the forecast period.
Blood bank segment accounted for the largest revenue share in the market and is expected to register the highest growth rate over the study period. Growth is primarily due to a rise in blood-related disorders, increasing necessity for blood during surgeries, and high use in blood transfusion cases.
Market players such as Blue Star Limited, Aucma, Dulas Ltd., Godrej & Boyce Manufacturing Co Ltd., Follett LLC, Haier Biomedical, Thermo Fisher Scientific Inc., HMG India., Helmer Scientific Inc., Labcold, Standex International Corporation., PHC Holdings Corporation, Vest frost Solutions, and Zhongke Meiling Cryogenics Company Limited are some key players operating in the global market.
In January 2021, Telstar, an Azbil Corp subsidiary, announced the launch of LyoQuest Arctic, a new natural gas-powered laboratory freeze dryer. This freeze dryer was created with R&D laboratories which will strengthened freezers product portfolio.
Polaris Market Research has segmented the medical refrigerators market report based on product type, end-use, and region:
Medical Refrigerators, Product Type Outlook (Revenue - USD Billion, 2018 - 2030)
Medical Refrigerators, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Medical Refrigerators, Regional Outlook (Revenue - USD Billion, 2018 - 2030)