According to our new research study on “Medical Refrigerators Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Temperature Control Range, Product Type, Design Type, End User, and Geography,” the market is expected to grow from US$ 4,665.97 million in 2022 to US$ 6,499.18 million by 2028; it is estimated to record a CAGR of 5.8% during 2023–2028. The growth of the medical refrigerators market is attributed to key driving factors such as increasing demand for blood and blood components, technological advancements in medical refrigerators, and growing R&D activities to introduce new drug compounds. However, growing use of refurbished equipment and high costs associated with ultra-low temperature freezers are hampering the medical refrigerators market growth.   

Increasing Demand for Blood and Blood Components Drive Growth of Medical Refrigerators Market 

Blood and blood components perform many vital functions in the body. Severe blood loss may consequently result in life-threatening conditions such as hypovolemic/hemorrhagic shock, which require an immediate blood transfusion to prevent organ failure and death. Blood transfusion is one of the important steps in many surgical procedures, as well as in chemotherapy, stem cell therapy, and organ transplantation procedures; it is also employed in the treatment of acute and chronic diseases caused by deficiencies or defects in plasma proteins or cellular blood components to avoid complications such as life-threatening hemorrhage or to improve the quality of life by blood-related diseases. For instance, as per the data provided by WHO, anemia affects ~25% of the population, i.e., ~1.6 billion people, worldwide; the prevalence of the condition is highest, i.e., 47.4%, among toddlers and children of preschool age. As per the estimates of the National Hemophilia Foundation, more than 400,000 people in the world are affected by hemophilia. According to the American National Red Cross 2018 data findings, ~7,000 units of platelets and 10,000 units of plasma are required daily in the US, and ~21 million blood components are transfused each year in the US. 

According to the International Journal of Drug Regulatory Affairs, with more than 1,200 road accidents occurring every day, 60 million surgeries are performed in India every year; further, 240 million primary operations, 331 million cancer-related procedures such as chemotherapy, and 10 million pregnancy complications are handled by the healthcare sector in the country per year. These procedures require a severe call for blood transfusion. The need for blood transfusion may arise anytime in urban and rural areas. Unfortunately, millions of people are supplied with unsafe blood due to poor storage and inappropriate checking practices. Blood and blood components can be stored safely in laboratory freezers by adhering to strict regulations. Blood bank refrigerators have evolved to become more than just reliable cold storage devices. These refrigeration units are equipped with compressors and insulated cabinets required of any refrigeration device, and they provide advanced control over temperature, storage contents, warning alarms, and so on.

The increasing demand for safe blood and blood components for transfusion has encouraged the manufacturing or development of various types of blood bank freezers; it has also triggered the adoption of ULT freezers for secure storage due to the strict guidelines imposed by the WHO for the storage of blood samples, thereby contributing to the medical refrigerators market growth.     

Thermo Fisher Scientific Inc., Philipp Kirsch GmbH, Godrej & Boyce Manufacturing Company Limited, Haier Group Corporation, Blue Star Limited, Helmer Scientific Inc., Vestfrost Solutions, PHC Holdings Corporation, FOLLETT LLC, and Lec Medical are among a few prominent players operating in the medical refrigerators market.   

The report segments the global medical refrigerators market as follows:

The medical refrigerators market, by product type, is segmented into laboratory refrigerators and freezers, blood bank refrigerators and plasma freezers, pharmacy refrigerators and freezers, cryogenic freezers and storage systems (including LN2 cryogenic storage system), vaccine refrigerator/freezer, and others. The medical refrigerators market, by design type, is divided into countertop medical refrigerators, undercounter medical refrigerators, explosion-proof refrigerators, and flammable material storage refrigerators. The medical refrigerators market, by temperature control range, is categorized into between −1°C and −50°C, between 2°C and 8°C, between −51°C and −150°C, and below −151°C. The medical refrigerators market, by end user, is segmented into hospitals and pharmacies, blood banks, pharmaceutical companies, diagnostic centers, research institutes, and others. By geography, the medical refrigerators market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East (the UAE, Saudi Arabia, Kuwait, Egypt, and the Rest of Middle East), South & Central America (Brazil, Argentina, and the Rest of South & Central America), and Africa (South Africa, Nigeria, Kenya, and Rest of Africa).

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