LONDON, July 14, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company's research report on the medical refrigerators market, the rising demand for storing biological products, blood samples, blood reagents, vaccines, DNA samples, and other chemicals is propelling the growth of the medical refrigerator market. The increased demand for biologic products is driven by an increase in the demand for donated blood, an increase in the number of blood donors worldwide, and an increase in the prevalence of infectious illnesses. These products require a constant temperature to preserve and increase their life span to keep them long-lasting. This requirement is fulfilled by the medical refrigerators that can store these products at as low as minus 80 degrees Celsius. According to the report published by the World Health Organization, a specialized agency of the United Nations responsible for international public health, in 2020, 118.5 million blood donations were obtained globally. In low-income nations, children under the age of five account for up to 54% of all blood transfusions, but in high-income countries, the most frequently transfused patient group is over 60 years old, accounting for up to 75% of all transfusions. Thus, the high demand for biological materials such as blood samples, DNA samples, and vaccines, among others, is expected to support the growth of medical refrigerators during the forecast period.
Request for a sample of the global medical refrigerators market report
The global medical refrigerators market share is expected to grow from $3.88 billion in 2021 to $4.12 billion in 2022 at a compound annual growth rate (CAGR) of 6.1%. The medical refrigerators market growth is expected to reach $5.23 billion in 2026 at a CAGR of 6.2%.
Technological advancements are shaping the medical refrigerator market. Many companies are developing new technologies for medical refrigerators for storing medicines and blood to help the medical industry enhance their storing ability and use products in the long run. In 2019, Helmer Scientific, a US-based cold storage and processing equipment company, launched professional medical refrigerators with OptiCool cooling technology in its GX Solution Refrigerator line. GX Solutions are optimal temperature management (uniformity, recovery, and stability), noise management, and energy management solutions for special vital healthcare applications. GX Solutions is powered by OptiCoolTM cooling technology, which combines a variable-capacity compressor (VCC) with hydrocarbons (HC) to produce performance characteristics that provide a better storage environment, lower energy use, and enhance environmental sustainability.
Major players in the medical refrigerators market are Thermo Fisher Scientific Inc., Blue Star Limited, Haier Biomedical, Helmer Scientific Inc., Vestfrost Solutions, Zhongke Meiling Cyrogenics Company Limited, Philips Kirsch GmbH, LEC Medical, Panasonic, Froilabo SAS, LabRepCo LLC, Aucma, Standex International Corporation, Godrej Group, Fiochetti, PHC Holdings Corporation, Follett LLC, Labcold, Dulas Ltd, HMG India, Felix Storch Inc, SO-LOW, Indrel, Eppendorf AG, and Migali Scientific.
The global medical refrigerators industry analysis is segmented by product type into blood bank refrigerator and plasma freezer, laboratory refrigerator and freezer, pharmacy refrigerator and freezer, chromatography refrigerator and freezer, enzyme refrigerator and freezer, ultra-low-temperature freezers, cryogenic storage systems; by design type into explosive-proof refrigerators, undercounter medical refrigerators, countertop medical refrigerators, flammable material storage refrigerators; by temperature control range into between 2°C and 8°C, between 0°C and -40°C, under -40°C; by volume into below 50 litres, 50-200 litres, 200-400 litres, 400-600 litres, more than 600 litres; by end-user into blood banks, pharmaceutical companies, hospital and pharmacies, research institutes, medical and diagnostic centres
North America was the largest region in the medical refrigerators market in 2021. The regions covered in the medical refrigerators market forecast report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Medical Refrigerators Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide medical refrigerators market overviews, medical refrigerators market analyze and forecast market size and growth for the whole market, medical refrigerators market segments and geographies, medical refrigerators market trends, medical refrigerators market drivers, medical refrigerators market restraints, medical refrigerators market leading competitors' revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors' approaches.
Not the market you are looking for? Check out some similar market intelligence reports:
Stem Cell/Cord Blood Banking Global Market Report 2022 – By Cell Type (Adult Stem Cells, Umbilical Cord Blood Stem Cells, Embryonic Stem Cells), By Service (Collection, Processing, Analysis, Storage), By Bank Type (Public, Private), By Application (Leukemia, Anemia, Thalassemia, Autism, Cerebral Palsy, Diabetes) – Market Size, Trends, And Global Forecast 2022-2026
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
The Business Research Company Europe: +44 207 1930 708 Asia: +91 8897263534 Americas: +1 315 623 0293 Email: info@tbrc.info LinkedIn: https://in.linkedin.com/company/the-business-research-company Twitter: https://twitter.com/tbrc_info YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ Blog: http://blog.tbrc.info/
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
