Medical Refrigerators Market: Information by Type (Blood Bank Refrigerators and Plasma Freezers, Pharmacy Refrigerators and Freezers), End Use, and Region — Forecast till 2029

Aug 26, 2020   Market Overview The global medical refrigerators market is competitive and fragmented on account of the rising innovation and sophistication in healthcare. Medical refrigerators are designed to store vaccines and other medical products at the required temperatures (+4 Degree Celsius to +15 Degree Celsius). Medical Refrigerators Market to Grow in Tandem with the Healthcare Sector The medical sector is growing at a fast pace around the globe as each nation is trying to enhance hospitals and med...
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Report Description

Market Overview

The global medical refrigerators market is competitive and fragmented on account of the rising innovation and sophistication in healthcare. Medical refrigerators are designed to store vaccines and other medical products at the required temperatures (+4 Degree Celsius to +15 Degree Celsius).

Medical Refrigerators Market to Grow in Tandem with the Healthcare Sector

The medical sector is growing at a fast pace around the globe as each nation is trying to enhance hospitals and medical facilities to provide the best treatment to its citizens. In line with this, governments are funding healthcare sectors to increase the number of hospitals, clinics, diagnostic centers, and labs and improve the existing facilities. For instance, the Indian finance minister, Nirmala Sitharaman, in February 2020, allocated around USD 9,207 for the health sector and announced plans to expand the government's Ayushman Bharat scheme, billed as the world's largest government-funded health insurance scheme. Medical refrigerators are essential in such facilities to store vaccine as well as other medical products and thus, investments in healthcare will directly propel market growth.

Medical Refrigerators Market: Segmentation Overview

On the basis of end use, the blood bank segment is expected to record the highest growth during the forecast period in terms of value and volume. Every day, 1,214 road crashes occur in India. The high number of accidents and road crashes is one of the prime reasons behind the high demand for plasma, which is used in plasma fractionation procedures. This demand has, in turn resulted in the growth of blood bank and plasma freezers. Also, the increasing prevalence of hematological diseases is another key factor responsible for the hike in the sales of blood bank and plasma freezers.

Medical Refrigerators Market: Regional Overview

Asia-Pacific is pegged as the fastest growing market for medical refrigerators, while North America is expected to be the largest shareholder, followed by Europe. The U.S. is a key consumer of medical refrigerators owing to the vast healthcare sector and the large number of private and government hospitals. In addition, rising research activities for the treatment of several diseases, increasing infectious and chronic diseases, and the replacement of older refrigerators with advanced energy-efficient refrigerators are responsible for the growth of the medical refrigerators market in North America.

Medical Refrigerators Market: COVID-19 Impact Analysis

The COVID-19 pandemic has wreaked havoc around the globe, with death tolls increasing every day at a concerning rate. It has put several restraints on the global economy and brought international trade to a standstill. Many countries in Asia-Pacific have been enforcing nationwide lockdowns. For instance, the government of India announced a 21-day lockdown on March 24, 2020, while Australia was locked down on March 23, 2020. Various APAC and European countries are doing this in an attempt to control the spread of COVID-19, which has infected millions around the globe.

The coronavirus outbreak has impacted all industries — some positively and others negatively. It has had a considerable impact on the medical refrigerators market as hospitals are overflowing with patients and equipment, machinery, and tools used in the healthcare sector are observing a sudden surge in demand. For instance, China built a 1000-bed hospital in Wuhan within 10 days to treat infected patients. Reliance Industries Limited (RIL) has also set up India’s first COVID-19 dedicated hospital in Mumbai. Likewise, different nations are trying to expand their healthcare facilities. Also, recently, the American Hospital Association conducted an annual survey of hospitals in the U.S. and found that in the U.S. alone, there are 6,146 hospitals. This increment in hospitals due to COVID-19 has created demand for medical refrigerators in different nations. However, due to disruptions in the supply chain and the lack of workforce, the demand remains far from fulfilled. Also, manufacturing companies are working at half capacity to prevent the risk of transmission.

Medical Refrigerators Market: Prominent Players

Some of the leading or tier 1 players operating in the medical refrigerators market are listed below.

  • Helmer Scientific
  • Vestfrost Solutions
  • Thermo Fisher Scientific Inc.
  • Felix Storch, Inc.
  • Philipp Kirsch GmbH
  • Haier Biomedical
  • Follett LLC
  • PHC Holdings Corporation
  • LEC Medical
  • Zhongke Meiling Cryogenics Company Limited
  • Blue Star Limited

Other players, which are considered as tier 2 and 3 players, in the medical refrigerator market include Migali Scientific, Standex, Fiocchetti, So-Low Environmental Equipment Co., Inc., Aucma, Labcold, Temparmour Refrigeration, Indrel, Dulas, and Godrej Group. Companies have adopted several differential strategies such as acquisition, expansion, new product development, collaboration, and competitive pricing, to sustain in the competitive market and enhance their market position.

  • In June, 2016, Godrej Appliances launched new medical refrigerators with a 50% lower pricetag.
  • In December 2018, Vestfrost Solutions, a Danish company that manufactures and sells medical refrigerators, invested USD 15.4 million for the expansion of its manufacturing facility to manufacture and store medical refrigerators at its plant in Csongrad, Southern Hungary. This investment also helped the plant carry out R&D activities.
  • In August 2017, Thermo Fisher Scientific Inc. announced that it has completed the acquisition of Patheon NV, a U.S.-based leading global provider of high-quality delivery systems and drug development, to the biopharma and pharmaceuticals sectors.

Medical Refrigerators Market Segmentation

By Type

  • Blood bank refrigerators and plasma freezers
  • Laboratory refrigerators and freezers
  • Pharmacy refrigerators and freezers
  • Chromatography refrigerators and freezers
  • Enzyme refrigerators and freezers
  • Ultra-low-temperature freezers
  • Cryogenic storage systems

By End Use

  • Blood banks
  • Pharmaceutical companies
  • Medical laboratories
  • Hospitals
  • Pharmacies
  • Research institutes
  • Diagnostic centers
  • Others

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • Germany
  • France
  • The U.K.
  • Italy
  • Spain
  • The Netherlands
  • Russia
  • The Rest of Europe

Asia-Pacific

  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Malaysia
  • Singapore
  • Vietnam
  • The Rest of Asia-Pacific

Central and South America and the Caribbean

  • Brazil
  • Argentina
  • Colombia
  • The Rest of Central and South America and the Caribbean

The Middle East

  • Saudi Arabia
  • The UAE
  • Oman
  • Bahrain
  • The Rest of Middle East

Africa

  • Nigeria
  • South Africa
  • Ghana
  • Tanzania
  • The Rest of Africa

Market Overview

The global medical refrigerators market is competitive and fragmented on account of the rising innovation and sophistication in healthcare. Medical refrigerators are designed to store vaccines and other medical products at the required temperatures (+4 Degree Celsius to +15 Degree Celsius).

Medical Refrigerators Market to Grow in Tandem with the Healthcare Sector

The medical sector is growing at a fast pace around the globe as each nation is trying to enhance hospitals and medical facilities to provide the best treatment to its citizens. In line with this, governments are funding healthcare sectors to increase the number of hospitals, clinics, diagnostic centers, and labs and improve the existing facilities. For instance, the Indian finance minister, Nirmala Sitharaman, in February 2020, allocated around USD 9,207 for the health sector and announced plans to expand the government's Ayushman Bharat scheme, billed as the world's largest government-funded health insurance scheme. Medical refrigerators are essential in such facilities to store vaccine as well as other medical products and thus, investments in healthcare will directly propel market growth.

Medical Refrigerators Market: Segmentation Overview

On the basis of end use, the blood bank segment is expected to record the highest growth during the forecast period in terms of value and volume. Every day, 1,214 road crashes occur in India. The high number of accidents and road crashes is one of the prime reasons behind the high demand for plasma, which is used in plasma fractionation procedures. This demand has, in turn resulted in the growth of blood bank and plasma freezers. Also, the increasing prevalence of hematological diseases is another key factor responsible for the hike in the sales of blood bank and plasma freezers.

Medical Refrigerators Market: Regional Overview

Asia-Pacific is pegged as the fastest growing market for medical refrigerators, while North America is expected to be the largest shareholder, followed by Europe. The U.S. is a key consumer of medical refrigerators owing to the vast healthcare sector and the large number of private and government hospitals. In addition, rising research activities for the treatment of several diseases, increasing infectious and chronic diseases, and the replacement of older refrigerators with advanced energy-efficient refrigerators are responsible for the growth of the medical refrigerators market in North America.

Medical Refrigerators Market: COVID-19 Impact Analysis

The COVID-19 pandemic has wreaked havoc around the globe, with death tolls increasing every day at a concerning rate. It has put several restraints on the global economy and brought international trade to a standstill. Many countries in Asia-Pacific have been enforcing nationwide lockdowns. For instance, the government of India announced a 21-day lockdown on March 24, 2020, while Australia was locked down on March 23, 2020. Various APAC and European countries are doing this in an attempt to control the spread of COVID-19, which has infected millions around the globe.

The coronavirus outbreak has impacted all industries — some positively and others negatively. It has had a considerable impact on the medical refrigerators market as hospitals are overflowing with patients and equipment, machinery, and tools used in the healthcare sector are observing a sudden surge in demand. For instance, China built a 1000-bed hospital in Wuhan within 10 days to treat infected patients. Reliance Industries Limited (RIL) has also set up India’s first COVID-19 dedicated hospital in Mumbai. Likewise, different nations are trying to expand their healthcare facilities. Also, recently, the American Hospital Association conducted an annual survey of hospitals in the U.S. and found that in the U.S. alone, there are 6,146 hospitals. This increment in hospitals due to COVID-19 has created demand for medical refrigerators in different nations. However, due to disruptions in the supply chain and the lack of workforce, the demand remains far from fulfilled. Also, manufacturing companies are working at half capacity to prevent the risk of transmission.

Medical Refrigerators Market: Prominent Players

Some of the leading or tier 1 players operating in the medical refrigerators market are listed below.

  • Helmer Scientific
  • Vestfrost Solutions
  • Thermo Fisher Scientific Inc.
  • Felix Storch, Inc.
  • Philipp Kirsch GmbH
  • Haier Biomedical
  • Follett LLC
  • PHC Holdings Corporation
  • LEC Medical
  • Zhongke Meiling Cryogenics Company Limited
  • Blue Star Limited

Other players, which are considered as tier 2 and 3 players, in the medical refrigerator market include Migali Scientific, Standex, Fiocchetti, So-Low Environmental Equipment Co., Inc., Aucma, Labcold, Temparmour Refrigeration, Indrel, Dulas, and Godrej Group. Companies have adopted several differential strategies such as acquisition, expansion, new product development, collaboration, and competitive pricing, to sustain in the competitive market and enhance their market position.

  • In June, 2016, Godrej Appliances launched new medical refrigerators with a 50% lower pricetag.
  • In December 2018, Vestfrost Solutions, a Danish company that manufactures and sells medical refrigerators, invested USD 15.4 million for the expansion of its manufacturing facility to manufacture and store medical refrigerators at its plant in Csongrad, Southern Hungary. This investment also helped the plant carry out R&D activities.
  • In August 2017, Thermo Fisher Scientific Inc. announced that it has completed the acquisition of Patheon NV, a U.S.-based leading global provider of high-quality delivery systems and drug development, to the biopharma and pharmaceuticals sectors.

Medical Refrigerators Market Segmentation

By Type

  • Blood bank refrigerators and plasma freezers
  • Laboratory refrigerators and freezers
  • Pharmacy refrigerators and freezers
  • Chromatography refrigerators and freezers
  • Enzyme refrigerators and freezers
  • Ultra-low-temperature freezers
  • Cryogenic storage systems

By End Use

  • Blood banks
  • Pharmaceutical companies
  • Medical laboratories
  • Hospitals
  • Pharmacies
  • Research institutes
  • Diagnostic centers
  • Others

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • Germany
  • France
  • The U.K.
  • Italy
  • Spain
  • The Netherlands
  • Russia
  • The Rest of Europe

Asia-Pacific

  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Malaysia
  • Singapore
  • Vietnam
  • The Rest of Asia-Pacific

Central and South America and the Caribbean

  • Brazil
  • Argentina
  • Colombia
  • The Rest of Central and South America and the Caribbean

The Middle East

  • Saudi Arabia
  • The UAE
  • Oman
  • Bahrain
  • The Rest of Middle East

Africa

  • Nigeria
  • South Africa
  • Ghana
  • Tanzania
  • The Rest of Africa