Northbrook, IL 60062 -- (SBWIRE) -- 05/11/2023 -- The report "Medical Refrigerators Market by Type, End Use (Blood Banks, Pharmaceutical Companies, Hospital & Pharmacies, Research Institutes, Medical Laboratories, Diagnostic Centre), & Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2026", was valued at USD 3.5 Billion in 2020 and is projected to reach USD 4.9 Billion by 2026, at a CAGR of 6.0% during the forecast period, owing to an increase in demand of medical refrigerators in hospitals, clinics, surgery centers, research laboratories, pharmacies, and other medical facilities.

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262 market data Tables
46 Figures
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Increasing prevalence of chronic diseases, such as cardiac diseases, cancer, and infectious diseases, is an important factor for the need for blood transfusion, thereby increasing the demand for blood, cellular therapies, personalized medicine, organ transplant, and vaccines, which are fueling the demand for blood bank refrigerators & plasma freezers across the globe. Similarly, ultra-low temperature freezers are also commonly used by pharmaceutical companies on a large scale for drug discovery and clinical testing processes. The invention of energy-saving medical refrigerators is expected to generate significant demand in this market in the future.

By product type, laboratory refrigerators & freezers segment is expected to account for largest share during forecast period, in terms of volume
The laboratory refrigerators segment is expected to account for the largest share market during 2021 to 2026, in terms of volume. These refrigerators are required to maintain a consistent temperature in order to minimize the risk of bacterial contamination and explosion of volatile materials. The freezers are also designed for the low-temperature storage of temperature-sensitive preparations under optimum conditions, with multiple controls and safety warning features. Growth of this market is mainly attributed to the rising demand for highly advanced laboratory refrigerators & freezers to store blood plasma, tissues, cells, and critical biological samples.

By end use, blood banks segment is expected to account for largest share during forecast period, in terms of volume
The blood banks segment is expected to account for the largest share during 2021 to 2026, in terms of volume. Increase in population and high demand for safe blood due to the high prevalence of transfusion transmissible infections, such as HIV and hepatitis B, across the globe is driving the growth of the blood banks segment. Furthermore, surge in the prevalence of hematological diseases and rise in accident cases are the factors leading to the rising demand for plasma for use in plasma fractionation procedures, in turn, resulting in an increase in the demand for plasma freezers in blood banks.

North America accounted for the largest share in 2020 in the medical refrigerators market
In 2020, North America accounted for the largest share of the global medical refrigerators market by region. The demand for medical refrigerators & freezers is increasing in North America owing to the significant rise in life sciences research activities on the treatment of diseases by academic & research institutes. In addition, the increasing occurrence of chronic and infectious diseases and rising demand for personalized medicines are driving the market growth. The replacement of older medical refrigerators & freezers with new advanced energy-efficient cold storage devices is also driving the growth of the North American market.

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Moreover, there is a significant rise in the spending on R&D for pharmaceuticals & biotechnology by the private and public sectors in this region. Extensive R&D spending is one of the key factors contributing to the increasing demand for medical equipment among research institutes and pharmacies in North America.

The key market players include Thermo Fisher Scientific Inc. (US), Blue Star Limited (India), Haier Biomedical (China), Aucma (China), Standex International Corporation (US), Godrej & Boyce Manufacturing Co Ltd. (India), Helmer Scientific Inc. (US), Vestfrost Solutions (Denmark), Zhongke Meiling Cryogenics Company Limited (China), Fiochetti (Italy), PHC Holdings Corporation (Japan), Follett LLC (US), Labcold (UK), Dulas Ltd. (UK), HMG India (India).