Medical Refrigerators Market by Product Type, End Use, Region - Global Forecast to 2024 - ResearchAndMarkets.com

DUBLIN--()--The "Medical Refrigerators Market by Product Type, End Use (Blood Banks, Pharmaceutical Companies, Hospitals, & Pharmacies, Research Institutes, Medical Laboratories, and Diagnostic Centers), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Medical Refrigerators Market is Projected to Grow from USD 3.3 Billion in 2019 to USD 4.2 Billion by 2024, at a CAGR of 5.3%

The increasing demand for medical refrigerators from end-users, such as blood banks and pharmaceutical companies, drives the global medical refrigerators market. Factors such as extra cost required in the usage of medical refrigerators as well as the rising demand for refurbished medical equipment around the world are restraining the growth of the medical equipment & freezers market.

The blood banks segment is projected to lead the medical refrigerators market, in terms of both value and volume during the forecast period

Based on end-use, the blood banks segment led the medical refrigerators market in 2018, in terms of both value and volume. The growth of this segment can be attributed to an increase in the number of geriatric population and the high demand for safe blood due to the prevalence of transfusion transmissible infections, such as HIV and hepatitis B, across the globe. Furthermore, the surge in prevalence of hematological diseases and a rise in the number of accidents are raising the demand for plasma for use in plasma fractionation procedures, resulting in the hike in demand for plasma freezers in blood banks.

The blood bank refrigerators & plasma freezers type segment is projected to lead the medical refrigerators market, in terms of both value and volume, from 2019 to 2024

Based on product type, the blood bank refrigerators & plasma freezers segment accounted for the largest share of the medical refrigerators market in 2018. This segment is projected to lead the market, in terms of both value and volume, during the forecast period as well. Blood bank refrigerators are specially designed for safe storage of whole blood, blood components, and reagents at a temperature ranging from 2C to 6C. These refrigerators are used in blood bank centers, hospitals, and laboratories. Plasma freezers are used for safe storage of fresh frozen plasma, red blood cells, and cryoprecipitate and platelet concentrates at a temperature as low as -30C and -40C. These special freezers are typically used in blood banks and research centers for the conservation of plasma and blood derivatives.

North America is projected to lead the medical refrigerators market during the forecast period, in terms of both value and volume

The North America region is projected to lead the medical refrigerators market from 2019 to 2024, in terms of both value and volume. The demand for medical refrigerators is increasing in North America owing to the significant rise in life science research activities for disease treatment from academic & research institutes. Also, the increasing occurrence of chronic and infectious diseases and rising demand for personalized medical care drive the market growth in this region. Replacement of older medical refrigerators with newer and more advanced energy-efficient cold storage devices is also contributing to the growth of the North American medical refrigerator & freezers market.

Market Dynamics

Drivers

  • Increasing Demand for Blood Storage Centers and Blood Banks
  • Technological Advancements in Medical Refrigerators

Restraints

  • Use of Refurbished Devices

Opportunities

  • Increasing Research & Development Investments in Medical Science By Government Organizations
  • High Life Expectancy

Challenges

  • High Cost of Equipment
  • Lack of Awareness About Medical Equipment

Companies Mentioned

  • Aucma
  • Blue Star Limited
  • Dulas
  • Felix Storch, Inc.
  • Fiocchetti
  • Follett LLC
  • Godrej
  • Haier Biomedical
  • Helmer Scientific
  • Indrel
  • Labcold
  • LEC Medical
  • Migali Scientific
  • PHC Holdings Corporation
  • Philipp Kirsch GmbH
  • So-Low Environmental Equipment Co., Inc.
  • Standex
  • Temparmour Refrigeration
  • Thermo Fisher Scientific Inc.
  • Vestfrost Solutions
  • Zhongke Meiling Cryogenics Company Limited

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900