Medical Refrigerators Market Size, Share, Industry, Forecast and outlook (2024-2031)

Medical Refrigerators Market is segmented By Product Type (Blood Bank Refrigerators & Plasma Freezers, Laboratory Refrigerators & Freezers, Pharmacy Refrigerators & Freezers, Pharmacy Refrigerators & Freezers, Chromatography Refrigerators & Freezers, Enzyme Refrigerators & Freezers, Ultra-Low Temperature Freezers, Cryogenic Storage Systems), By Design Type (Countertop Medical Refrigerator, Undercounter Medical Refrigerator, Flammable Material Storage Refrigerator, Explosion-Proof Refrigerator), By Door Type (Single Door, Double Door), By End-Users (Blood Banks, Pharmaceutical Companies, Hospitals & Pharmacies, Research Institutes, Medical Laboratories, Diagnostic Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Medical Refrigerators Market Overview

Global Medical Refrigerators market to grow at a CAGR Of 6.0% during the forecast period 2024-2031. 

These devices are equipped with precise cooling techniques, state-of-the-art temperature monitoring software, and remote warning features. The increasing need for medical refrigerators owing to the growing cases of chronic diseases, market developments, and technological advancements among other factors are driving the global medical refrigerators market growth.

Medical Refrigerators Market Summary

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Medical Refrigerators Market Dynamics

The Increasing Market Developments Are Driving The Global Medical Refrigerators Market Growth.

The increasing market developments such as product launches, mergers, acquisitions, collaborations investments, funding, and expansion among others are driving the global medical refrigerators market in the forecast period. For instance, in January 2022, B Medical System announced its huge investment in freezers and vaccine refrigerators and the opening of a manufacturing facility in India.

The Use of Refurbished Equipment is Hampering the Global Medical Refrigerators Market Growth.

The growing trend of using refurbished equipment is hampering the global medical refrigerators market growth. For instance, American Instrument Exchange consistently stocks a wide variety of refurbished refrigerators from numerous manufacturers including Thermo Scientific, VWR, General Electric, Fisher Isotemp, Sanyo, Revco, and more. The American Instrument Exchange gives savings of up to 60% off the cost of refurbished models.

Medical Refrigerators Market Segmentation Analysis

The global medical refrigerators market is segmented based on product type, design type, door type, and region.

The Double-door Segment is Expected to Hold a Dominant Position in the Market Over The Forecast Period.

Owing to the increasing product launches of double-door refrigerators, the segment is estimated to hold around 58.6% market share. For instance, in January 2022, Thermo Fisher Scientific high-performance pharmacy refrigerators and freezers already certified for lab and clinical-grade storage are among the first to be certified by the NSF International/American National Standards Institute (NSF/ANSI) 456 Vaccine Storage Standard. The certification assures customers of consistent thermal performance across all potential storage locations, loads, and uses.

Medical Refrigerators Market Geographical Share

North America Holds the Largest Share of the Global Medical Refrigerators Market.

North America is estimated to hold around 41.8% of the global medical refrigerators market share, owing to the increasing product authorization by distinct authorities. For instance, in January 2022, Follett received certification from the NSF/ANSI Joint Committee on Vaccine Storage, a team of representatives from the CDC, NIST, healthcare providers, vaccine suppliers, and equipment manufacturers for its high-performance 20 and 25 cu ft refrigerators NSF 456 standard for vaccine storage.

Medical Refrigerators Market Companies 

The major global players in the market include Thermo Fisher Scientific, Helmer Scientific Inc., Haier Biomedical, LABCOLD, Philipp Kirsch GmbH., LEC Medical, Zhongke Meiling Cryogenics Company Limited, Vestfrost Solutions, Blue Star Limited, and PHC Holding Corporation among others.

COVID-19 Impact on Medical Refrigerators Market 

Russia-Ukraine War Impact Analysis

The war has negatively impacted the global vaccine refrigerators market to a slight extent as the WHO has recorded 703 attacks on health infrastructure since Russia's attack started. Moreover, as Russian armed forces progress deeper into the heart of neighbouring Ukraine, costs of key raw materials such as aluminium, copper, steel, and plastic, separated from general inflation, are currently threatening additional cost escalation for white goods commodities. However, despite the War, Ukraine continues to provide necessary health services to patients.

Global Recession Impact Analysis

The healthcare industry is not completely immune to recession, as healthcare institutions thought firings and employment during past financial downturns. That stated, the industry does cope finer than other sectors because of its essential nature. However, the danger of recession threatens the market as inflation persists increasing. Their remains the elevated extent of tension about the persistent recession.

Artificial Intelligence Impact Analysis

Artificial intelligence is estimated to have a positive impact on the global medical refrigerator market in the upcoming years. The combination of artificial intelligence (AI) and Internet of Things (IoT) technology (AIoT) can become the biggest disruption to the industrial refrigeration industry since the invention of the first commercial ice-making machine two centuries ago.

The global medical refrigerators market report would provide approximately 53 tables, 54 figures, and 195 Pages.