The global medical and lab refrigerators market is anticipated to register a CAGR of 4.14% between 2021 and 2028, and is expected to generate revenue of $3279.5 million by 2028.
Medical refrigerators are intended to meet the temperature necessities for the safe storage of drugs. They are used to store plasma, pharmaceuticals, vaccines, chemotherapeutics, blood, and other samples that require tight temperature control.
GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET FORECAST 2021-2028
Global Medical and Lab Refrigerators Market by Product (Laboratory Refrigerators, Pharmacy Refrigerators, Blood Bank Refrigerators, Enzyme Refrigerators, Other Products) Market by End-user (Blood Banks, Pharmaceutical Companies, Hospitals & Pharmacies, Research Institutes, Other End-users) by Geography
The global medical and lab refrigerators market is anticipated to register a CAGR of 4.14% between 2021 and 2028, and is expected to generate revenue of $3279.5 million by 2028.
Medical refrigerators are intended to meet the temperature necessities for the safe storage of drugs. They are used to store plasma, pharmaceuticals, vaccines, chemotherapeutics, blood, and other samples that require tight temperature control.
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Key factors propelling the global medical and lab refrigerators market growth are:
- Increase in blood donations due to awareness initiatives by government organizations and private companies
- Demand for blood banks due to the incidence of accidents, surgery interventions, and other surgeries
- The rising number of accidents and surgical interventions leads to increased demand for blood components, thereby driving the need for medical and laboratory refrigerators.
Major growth restraining factors:
- Preference for refurbished equipment
- The increasing preference for refurbished equipment is expected to hamper the market growth.
- High costs of medical refrigerators
The report scope of the global medical and lab refrigerators market includes the segmentation analysis of product and end-user. One of these segments is further classified to provide a detailed analysis of the studied market.
Market by Product:
- Laboratory Refrigerators
- Laboratory refrigerators held the largest revenue share in the product segment as of 2020.
- Most of the laboratory products requiring refrigeration are highly temperature-sensitive.
- Pharmacy Refrigerators
- Blood Bank Refrigerators
- Blood bank refrigerators are the fastest-growing product.
- The blood bank refrigerator delivers convenient and safe storage of whole blood, reagents, and blood components.
- Enzyme Refrigerators
- Other Products
Geographically, the global medical and lab refrigerators market has been segmented based on four major regions, which includes:
- North America: The United States and Canada
- North America encompasses the largest market share in the global medical and lab refrigerators market.
- Numerous vendors are operating in the North American market. Thus, the medical facilities have a wide variety of options to support the expanding use of these refrigerators.
- Europe: The United Kingdom, Germany, Italy, France, Belgium, Russia, Poland, and Rest of Europe
- Asia-Pacific: Singapore, Australia & New Zealand, Japan, India, China, Indonesia, Malaysia, South Korea, and Rest of Asia-Pacific
- Asia-Pacific is the fastest-growing medical and lab refrigerators market.
- Asia-Pacific is witnessing a number of blood donors owing to the initiatives taken by governments, the growing number of blood donation camps, and the rising awareness of blood donation among people, which is propelling the market growth.
- Rest of World: Latin America, the Middle East & Africa
The major players in the global medical and lab refrigerators market are:
- Blue Star Limited
- Haier Biomedical
- LEC Medical
- Thermo Fisher Scientific Inc
- Vestfrost Solutions
Key strategies adopted by some of the medical and lab refrigerators companies:
In February 2021, Godrej & Boyce Group launched ultra-low temperature freezers and refrigerated mobile vans to help in the conveyance of coronavirus vaccines in India.
Key findings of the global medical and lab refrigerators market:
- Investments in research & development by government organizations benefit market growth.
- Advancements in medical refrigerators technology offer ample growth opportunities.
Frequently Asked Questions (FAQs):
- How is blood donation awareness impacting the global medical and lab refrigerators market?
A: There has been an increase in blood donations due to awareness initiatives by private companies and government organizations, leading to a growing demand for blood storage centers and blood banks, thereby contributing to the market growth.
- What is the role of medical research and development in the global medical and lab refrigerators market?
A: In medical R&D, ensuring temperature monitoring and accuracy are among the major aspects of preserving temperature-sensitive biomedical components. Therefore, with the increasing R&D for creating new drugs, there is a rising preference for medical and lab refrigerators.
- Which is the fastest-growing end-user in the global medical and lab refrigerators market?
A: Blood banks are the fastest-growing end-user in the global medical and lab refrigerators market.
- RESEARCH SCOPE & METHODOLOGY
- STUDY OBJECTIVES
- SCOPE OF STUDY
- METHODOLOGY
- ASSUMPTIONS & LIMITATIONS
- EXECUTIVE SUMMARY
- MARKET SIZE & ESTIMATES
- MARKET OVERVIEW
- MARKET DYNAMICS
- KEY DRIVERS
- INCREASE IN BLOOD DONATIONS DUE TO AWARENESS INITIATIVES
- DEMAND FOR BLOOD BANKS DUE TO ACCIDENTS, SURGERY INTERVENTIONS, AND OTHER SURGERIES
- KEY RESTRAINTS
- PREFERENCE FOR REFURBISHED EQUIPMENT
- HIGH COSTS OF MEDICAL REFRIGERATORS
- KEY DRIVERS
- KEY ANALYTICS
- IMPACT OF COVID-19 ON MEDICAL AND LAB REFRIGERATORS MARKET
- KEY MARKET TRENDS
- PORTER’S FIVE FORCES ANALYSIS
- BUYERS POWER
- SUPPLIERS POWER
- SUBSTITUTION
- NEW ENTRY
- INDUSTRY RIVALRY
- OPPORTUNITY MATRIX
- VENDOR LANDSCAPE
- MARKET BY PRODUCT
- LABORATORY REFRIGERATORS
- PHARMACY REFRIGERATORS
- BLOOD BANK REFRIGERATORS
- ENZYME REFRIGERATORS
- OTHER PRODUCTS
- MARKET BY END-USER
- BLOOD BANKS
- PHARMACEUTICAL COMPANIES
- HOSPITALS & PHARMACIES
- RESEARCH INSTITUTES
- OTHER END-USERS
- GEOGRAPHICAL ANALYSIS
- NORTH AMERICA
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- UNITED STATES
- CANADA
- EUROPE
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- GERMANY
- FRANCE
- UNITED KINGDOM
- ITALY
- RUSSIA
- BELGIUM
- POLAND
- REST OF EUROPE
- ASIA-PACIFIC
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- CHINA
- JAPAN
- INDIA
- AUSTRALIA & NEW ZEALAND
- SOUTH KOREA
- MALAYSIA
- INDONESIA
- SINGAPORE
- REST OF ASIA-PACIFIC
- REST OF WORLD
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- REGIONAL ANALYSIS
- LATIN AMERICA
- MIDDLE EAST & AFRICA
- NORTH AMERICA
- COMPETITIVE LANDSCAPE
- KEY STRATEGIC DEVELOPMENTS
- MERGERS & ACQUISITIONS
- PRODUCT LAUNCHES & DEVELOPMENTS
- PARTNERSHIPS & AGREEMENTS
- BUSINESS EXPANSIONS, ANNOUNCEMENTS, AND DIVESTITURES
- COMPANY PROFILES
- BLUE STAR LIMITED
- FELIX STORCH INC
- FOLLETT LLC
- GODREJ & BOYCE MANUFACTURING COMPANY LIMITED
- HAIER BIOMEDICAL
- HELMER SCIENTIFIC INC
- LEC MEDICAL
- MIGALI SCIENTIFIC
- PHC HOLDINGS CORPORATION
- PHILIPP KIRSCH GMBH
- TEMPARMOUR REFRIGERATION
- THERMO FISHER SCIENTIFIC INC
- VESTFROST SOLUTIONS
- ZHONGKEMEILING CRYOGENICS COMPANY LIMITED
- KEY STRATEGIC DEVELOPMENTS
LIST OF TABLES
TABLE 1: MARKET SNAPSHOT – MEDICAL AND LAB REFRIGERATORS
TABLE 2: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY PRODUCT, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 3: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY PRODUCT, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 4: GLOBAL LABORATORY REFRIGERATORS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 5: GLOBAL LABORATORY REFRIGERATORS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 6: GLOBAL PHARMACY REFRIGERATORS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 7: GLOBAL PHARMACY REFRIGERATORS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 8: GLOBAL BLOOD BANK REFRIGERATORS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 9: GLOBAL BLOOD BANK REFRIGERATORS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 10: GLOBAL ENZYME REFRIGERATORS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 11: GLOBAL ENZYME REFRIGERATORS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 12: GLOBAL OTHER PRODUCTS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 13: GLOBAL OTHER PRODUCTS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 14: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY END-USER, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 15: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY END-USER, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 16: GLOBAL BLOOD BANKS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 17: GLOBAL BLOOD BANKS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 18: GLOBAL PHARMACEUTICAL COMPANIES MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 19: GLOBAL PHARMACEUTICAL COMPANIES MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 20: GLOBAL HOSPITALS & PHARMACIES MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 21: GLOBAL HOSPITALS & PHARMACIES MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 22: GLOBAL RESEARCH INSTITUTES MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 23: GLOBAL RESEARCH INSTITUTES MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 24: GLOBAL OTHER END-USERS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 25: GLOBAL OTHER END-USERS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 26: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 27: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 28: NORTH AMERICA MEDICAL AND LAB REFRIGERATORS MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 29: NORTH AMERICA MEDICAL AND LAB REFRIGERATORS MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 30: LEADING PLAYERS OPERATING IN NORTH AMERICA MEDICAL AND LAB REFRIGERATORS MARKET
TABLE 31: EUROPE MEDICAL AND LAB REFRIGERATORS MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 32: EUROPE MEDICAL AND LAB REFRIGERATORS MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 33: LEADING PLAYERS OPERATING IN EUROPE MEDICAL AND LAB REFRIGERATORS MARKET
TABLE 34: ASIA-PACIFIC MEDICAL AND LAB REFRIGERATORS MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 35: ASIA-PACIFIC MEDICAL AND LAB REFRIGERATORS MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 36: LEADING PLAYERS OPERATING IN ASIA-PACIFIC MEDICAL AND LAB REFRIGERATORS MARKET
TABLE 37: REST OF WORLD MEDICAL AND LAB REFRIGERATORS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 38: REST OF WORLD MEDICAL AND LAB REFRIGERATORS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 39: LEADING PLAYERS OPERATING IN REST OF WORLD MEDICAL AND LAB REFRIGERATORS MARKET
TABLE 40: LIST OF MERGERS & ACQUISITIONS
TABLE 41: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS
TABLE 42: LIST OF PARTNERSHIPS & AGREEMENTS
TABLE 43: LIST OF BUSINESS EXPANSIONS, ANNOUNCEMENTS & DIVESTITURES
LIST OF FIGURES
FIGURE 1: KEY MARKET TRENDS
FIGURE 2: PORTER’S FIVE FORCES ANALYSIS
FIGURE 3: OPPORTUNITY MATRIX
FIGURE 4: VENDOR LANDSCAPE
FIGURE 5: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY PRODUCT, IN 2020
FIGURE 6: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY LABORATORY REFRIGERATORS, 2021-2028 (IN $ MILLION)
FIGURE 7: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY PHARMACY REFRIGERATORS, 2021-2028 (IN $ MILLION)
FIGURE 8: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY BLOOD BANK REFRIGERATORS, 2021-2028 (IN $ MILLION)
FIGURE 9: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY ENZYME REFRIGERATORS, 2021-2028 (IN $ MILLION)
FIGURE 10: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY OTHER PRODUCTS, 2021-2028 (IN $ MILLION)
FIGURE 11: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY END-USER, IN 2020
FIGURE 12: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY BLOOD BANKS, 2021-2028 (IN $ MILLION)
FIGURE 13: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY PHARMACEUTICAL COMPANIES, 2021-2028 (IN $ MILLION)
FIGURE 14: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY HOSPITALS & PHARMACIES, 2021-2028 (IN $ MILLION)
FIGURE 15: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY RESEARCH INSTITUTES, 2021-2028 (IN $ MILLION)
FIGURE 16: GLOBAL MEDICAL AND LAB REFRIGERATORS MARKET, BY OTHER END-USERS, 2021-2028 (IN $ MILLION)
FIGURE 17: NORTH AMERICA MEDICAL AND LAB REFRIGERATORS MARKET, COUNTRY OUTLOOK, 2020 & 2028 (IN %)
FIGURE 18: UNITED STATES MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 19: CANADA MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 20: EUROPE MEDICAL AND LAB REFRIGERATORS MARKET, COUNTRY OUTLOOK, 2020 & 2028 (IN %)
FIGURE 21: GERMANY MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 22: FRANCE MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 23: UNITED KINGDOM MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 24: ITALY MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 25: RUSSIA MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 26: BELGIUM MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 27: POLAND MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 28: REST OF EUROPE MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 29: ASIA-PACIFIC MEDICAL AND LAB REFRIGERATORS MARKET, COUNTRY OUTLOOK, 2020 & 2028 (IN %)
FIGURE 30: CHINA MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 31: JAPAN MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 32: INDIA MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 33: AUSTRALIA & NEW ZEALAND MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 34: SOUTH KOREA MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 35: MALAYSIA MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 36: INDONESIA MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 37: SINGAPORE MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 38: REST OF ASIA-PACIFIC MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 39: REST OF WORLD MEDICAL AND LAB REFRIGERATORS MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)
FIGURE 40: LATIN AMERICA MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
FIGURE 41: MIDDLE EAST & AFRICA MEDICAL AND LAB REFRIGERATORS MARKET, 2021-2028 (IN $ MILLION)
- MARKET BY PRODUCT
- LABORATORY REFRIGERATORS
- PHARMACY REFRIGERATORS
- BLOOD BANK REFRIGERATORS
- ENZYME REFRIGERATORS
- OTHER PRODUCTS
- MARKET BY END-USER
- BLOOD BANKS
- PHARMACEUTICAL COMPANIES
- HOSPITALS & PHARMACIES
- RESEARCH INSTITUTES
- OTHER END-USERS
- GEOGRAPHICAL ANALYSIS
- NORTH AMERICA
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- UNITED STATES
- CANADA
- EUROPE
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- GERMANY
- FRANCE
- UNITED KINGDOM
- ITALY
- RUSSIA
- BELGIUM
- POLAND
- REST OF EUROPE
- ASIA-PACIFIC
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- CHINA
- JAPAN
- INDIA
- AUSTRALIA & NEW ZEALAND
- SOUTH KOREA
- MALAYSIA
- INDONESIA
- SINGAPORE
- REST OF ASIA-PACIFIC
- REST OF WORLD
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- REGIONAL ANALYSIS
- LATIN AMERICA
- MIDDLE EAST & AFRICA
- NORTH AMERICA
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