Market Introduction
This research report provides insights into the Middle East & Africa 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 Middle East & Africa Medical and Lab Refrigerator is expected to reach US$ 390.17 million in 2027 from US$ 280.52 million in 2019; it is estimated to grow at a CAGR of 4.2% from 2020 to 2027. The Middle East & Africa region is witnessing significant growth in its healthcare sector. Factors including urbanization, aging population, and increasing incidences of chronic diseases have resulted in influencing the growth of the market.
Several hospital projects in the MENA region are under-construction. For instance, Thumbay Hospital Dubai Expansion, Dubai; Long Term Care Facility Health Project, Al Mamzar; Danat Al Emarat Hospital for Women and Children – Phase 2, Abu Dhabi; King Khalid Medical City, Dammam; King Faisal Medical City, Asir; and Children’s Cancer Hospital Egypt 57357 Extension, Cairo; among others.
Moreover, medical tourism in the GCC is rapidly transforming. Governments are encouraging the role of the private sector and have mandated insurance coverage. Recently, Abu Dhabi’s Department of Culture and Tourism signed an agreement with the Medical Tourism Association (MTA) to promote it as a tourism destination in markets such as China, Russia, and the GCC. Also, the Dubai government has taken several initiatives to boost its medical tourism sector.
Also, the pharmaceutical sector in MENA has noticed high growth over the past few years. In terms of manufacturing, Saudi Arabia leads the GCC region, with ~20 pharmaceutical manufacturers operating in the country. Moreover, owing to the presence of better logistics infrastructure, the UAE is transforming into a hub for the pharmaceutical supply chain.
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 Middle East & Africa Medical and Lab Refrigerator market included in the report.
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- Obtain market revenue forecast for market by various segments from 2019 to 2027 in the region
Middle East & Africa 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