Market Introduction
This research report provides insights into the Asia Pacific Medical and Lab Refrigerator market. Medical refrigerators are designed to meet the temperature requirements for safe drug storage. Medical refrigerators are used to store vaccines, pharmaceuticals, chemotherapeutics, blood, plasma, and other samples that require tight temperature control. These are more reliable products for the storage of medicinal products as they emit less heat and less sound into the room.
Market Overview and Dynamics
The Asia Pacific Medical and Lab Refrigerator is expected to reach US$ 913.50 million in 2027 from US$ 623.74 million in 2019; it is estimated to grow at a CAGR of 4.9% from 2020 to 2027. Government support for developing innovative medical products will further accelerate the growth of the business. For example, the Medical Device Directive of the Asia Pacifican Commission employed specific requirements and regulations for the biomedical freezers and refrigerators to protect blood and blood components from storage. Thus, contribute to the growth of the refrigerator market for medical and laboratory applications. Similarly, from 2013 to 2017, the growing investment in medical and health research and development (R&D) in the United States increased by $38.8 billion or 27 percent. The industry continues to invest more than any other sector, representing 67% of total spending in 2017, followed by 22% by the federal government. Federal investment grew from 2016 to 2017, the second year of growth following a 2014-2015 dip. Overall, from 2013 to 2017, federal investment increased by $6.1 billion or 18.4 percent, but growth across federal health agencies has been uneven. Medical and health R&D spending is expected to move upward in 2018 but will continue to fall short on the health and economic impact of primary health threats. In 2017, for example, the direct medical cost of just six chronic conditions – heart disease and stroke, cancer, diabetes, dental conditions, arthritis, and Alzheimer's disease – topped$1.1 trillion, more than six times total medical and health R&D spending that year. This shows the growing need for investments in medical science. Nearly 130,000 people in the United States die at the age of 45 each year because of health threats, which through more significant investment in R&D can help to understand better and ultimately prevent. The growing investment in medical science provides opportunities for growth in the medical and laboratory refrigerator market in the coming years.
Key Market Segments
In terms of product type, the blood bank refrigerator segment held the largest share of the market in 2019; and also is anticipated to register the highest CAGR in the market during the forecast period. The increasing number of road accidents worldwide is one of the significant factors propelling the demand for blood from blood banks and thus increasing the market for blood bank refrigerators. In terms of end use, the pharmaceuticals companies segment held a larger share of the market in 2019 and also is estimated to register a higher market share in the market during the forecast period
Major Sources and Companies Listed
The World Health Organization (WHO), Food and Drug Administration (FDA), are some of the major primary and secondary sources for the Asia Pacific Medical and Lab Refrigerator market included in the report.
Reasons to buy the report
- To understand the Asia Pacific Medical and Lab Refrigerator market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for the Asia Pacific Medical and Lab Refrigerator market
- Efficiently plan M&A and partnership deals in the Asia Pacific Medical and Lab Refrigerator market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form the Asia Pacific Medical and Lab Refrigerator market
- Obtain market revenue forecast for market by various segments from 2019 to 2027 in the region
Asia Pacific Medical and Lab Refrigerator Market Segmentation
- Blood Bank Refrigerators
- Laboratory Refrigerators
- Pharmacy Refrigerators
- Enzyme Refrigerators
- Others
- Blood Banks
- Pharmaceutical Companies
- Hospitals and Pharmacies
- Research Institutes
- Others
Company Profiles
- ZhongkeMeiling Cryogenics Company Limited
- Felix Storch, Inc
- Follett LLC
- Helmer Scientific Inc.
- Haier Biomedical
- Lec Medical
- Philipp Kirsch GmbH
- Thermo Fisher Scientific Inc.
- Vestfrost Solutions
- Blue Star Limited