Europe Medical Refrigerators Market Overview
The Europe medical refrigerators market was valued at USD 1.08 billion in 2021 and is expected to reach USD 1.54 billion, exhibiting a CAGR of 5.4% during the forecast period (2023-2030). Medical refrigerators are developed to fulfill the temperature prerequisites for safe drug storage.
Medical refrigerators store vaccines, pharmaceuticals, plasma, blood, chemotherapeutics, and other samples that need specific temperature management. These are more dependable for storing medicinal products, as they radiate less heat and less sound into the room.
Europe Medical Refrigerators Market Dynamics and Trends
The major factors that drive the Europe medical refrigerators market are the large vaccine production capacity, growing government initiatives, and an increased demand for vaccine storage increasing in Europe.
The production of large quantities of vaccines and initiatives by various entities are expected to drive the market growth.
The production of large quantities of vaccines in Europe indicates an increased need for vaccine storage refrigerators in this region, thereby boosting the growth of the vaccine refrigerators market in Europe.
For instance, according to Vaccines Europe, a specialized group of EFPIA, every year, 1.7 billion vaccines are produced in Europe, i.e., 76% of global vaccine production happens in Europe. Overall, 11 European countries manufacture vaccines across 27 vaccine production sites. Also, as of May 31, 2022, European Union exported 2,440.4 million doses accounting for 39.6% of the world's exports.
Moreover, the increasing government initiatives to deliver immunizations contribute to the region's market growth. For example, in June 2020, the European Commission introduced the EU Vaccines Strategy to accelerate vaccines' development, manufacturing, and deployment against COVID-19.
Also, in April 2022, with USAID funding, UNICEF procured 80 refrigerators and 285 freezers to boost Armenia's national cold chain capacity and boost COVID-19 immunization programs. These refrigerators and freezers will be distributed to 250 primary healthcare facilities across Armenia, enhancing the availability of vaccines for all communities.
The high cost of medical refrigerators and the availability of refurbished products at lower prices in Europe are restraining the growth of the Europe medical refrigerators market.
However, the high cost of these medical refrigerators is the key factor restraining the market growth, as their making cost is high and medical experts are required to handle and use these refrigerators, making them more expensive. For instance, the medical refrigerator cost from US$ 880 to US$ 13,740 (€806 to €12541) based on its features such as adjustable temperature (°C) range, availability of a data logger, and others. Moreover, the availability of refurbished medical refrigerators at a lower price also restraints Europe's market growth.
COVID-19 Impact on Europe Medical Refrigerators Market
The rapid growth of COVID-19 cases in Europe has significantly impacted the European economy. With the rapid spread of the disease, researchers redirected their focus toward investigating potential therapy options and deciding the potential of existing therapy options. Also, the medical refrigerator market players were aspiring to fulfill the needs of the organizations working on this problem. For example, in March 2021, CoolMed shifted its storehouse to a bigger building to house the raised volumes of medical refrigerators produced in reaction to the raised need. Such developments during the pandemic have positively impacted Europe medical refrigerators market.
Europe Medical Refrigerators Market Segment Analysis
Blood bank refrigerators & plasma freezers segment is expected to witness significant growth in the medical refrigerators market during the forecast period (2023-2030)
The blood bank refrigerators & plasma freezers segment accounts for the highest market share. It is expected to exhibit the highest CAGR during the forecast period, as blood bank refrigerators & plasma freezers are widely used to store fresh frozen plasmas, red blood cells, cryoprecipitate, and platelet concentrate, whole blood, and blood components and reagents.
There is a rising demand for the safe storage of blood units and plasma from hospitals, pharmacies, clinics, and diagnostic centers. Blood plasma is processed into various components and requires stringent preparation and storage requirements for preserving the clotting factors.
The plasma is placed in a specially designed blast freezer to freeze plasma to −18 °C or colder rapidly. It is then placed in a plasma freezer, typically stored at −30 °C for up to one year. Owing to the high availability of several blood bank refrigerators and plasma freezers, the blood bank refrigerators & plasma freezers segment dominates the market.
For instance, KIRSCH's blood plasma freezers provide thick housing insulation and innovations as standard equipment. It comprises robust housing and high-quality components. It provides reliability and a long economic lifetime, and includes an electronic switching, monitoring, warning device, and minimum/maximum temperature memory.
Europe Medical Refrigerators Market Geographical Share
The U.K. is expected to hold dominant position in the Europe medical refrigerators market
The U.K. accounts for the majority of the medical refrigerators market in Europe, owing to the vast life science firms in the U.K., investments in R&D and government initiatives for vaccination campaigns. For example, the U.K. currently has over 1,057 active high-growth life sciences firms, consisting of biotech and pharmaceutical companies innovating in the sector. Moreover, the R&D investments of around US$ 5.5 billion (5 billion euros) in 2020 indicate that the U.K. holds dominant position in the Europe medical refrigerators market.
Also, the Financial Times reports that the U.K. government placed its centerpiece vaccine manufacturing facility near Oxford on the auction block to recoup about 215 million pounds (US$ 287 million) it had invested in the site. The facility has already attracted several offers, according to the newspaper. In addition, the U.K. government has set a target to give the first COVID-19 vaccine to 15 million people in four key groups by mid-February. The success of this huge immunization program will need to be bolstered by a strong and sustainable cold chain. Thus, the mentioned data indicates that the U.K. will dominate Europe medical refrigerators market over the forecast period.
Europe Medical Refrigerators Companies and Competitive Landscape
The key players operating in the Europe medical refrigerators market are CoolMed Ltd, THERMO FISHER SCIENTIFIC INC., Philipp Kirsch GmbH, Haier Group Corporation, Vestfrost Solutions, PHC Holdings Corporation, FOLLETT LLC, Lec Medical, Dulas Ltd, and LABCOLD among others.
The key players are embracing various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the growth of the medical refrigerators market in Europe. For instance, in June 2021, Thermo Fisher Scientific launched the advanced TSX Series ULT Freezers, which is the only system now that offer an exterior illumination option. It has frost management capability, providing a cabinet heater that reduces the frost and increases wireless monitoring functionality that maintains optimal conditions.
Philipp Kirsch GmbH
Overview:
Philipp Kirsch GmbH develops and manufactures professional freezers and refrigerators for the healthcare and laboratory industries. The company has strong brand visibility internationally and domestically, delivering a competitive benefit and facilitating a large market share. It is headquartered in Offenburg, Germany.
Product Portfolio:
The company’s portfolio has ULTIMATE: touch-display, elegant glass design, simple operation via a capacitive touch display, access control with a log, graphical display of the temperature curve and min/max temperature, digital data documentation with KIRSCH Datanet software, quick-start, touch operation with laboratory gloves is possible, intuitive help with alarm messages and troubleshooting in plain text, operation via remote control is possible, including the benefits of the PRO-ACTIVE line.
The Europe medical refrigerators report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.