Medical Refrigeration Market to Reach $ 2.74 Bn by 2031 | CAGR: 6.3% - TMR Study
Widespread uptake in pharmacy, blood banks, and hospitals spurring commercialization of products in medical refrigeration market; ultra-low temperature (ULT) freezers gathering traction in research institutes
Wilmington, Delaware, United States, Oct. 05, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Medical refrigeration companies are geared toward launching systems equipped with wide temperature range and an assortment of tracking and monitoring features, including UHF (Ultra High Frequency) and RFID. New trends in medical refrigeration indicate that solar powered freezers are a major technological advancement, since market stakeholders are keen on adopting renewable energy sources. Leading medical refrigerator manufacturers are looking to gain a competitive edge by commercializing such systems.
The global medical refrigeration market is projected to advance at a CAGR of 6.3% from 2022 to 2031. Many key players have planned to expand the production of medical refrigerators for vaccine storage. The market prospects are reinforced by industry stakeholders committed to ensure a reliable cold chain for vaccines across the globe. Stridently, in recent years, demand for smart vaccine refrigerators has unlocked a value-grab opportunity to all key players in medical refrigeration market.
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Key Findings of Medical Refrigeration Market Study
Rising Adoption of Medical Refrigeration in Pharmaceutical Industry Generating Sizable Revenue Streams: Many globally prominent pharmaceutical and biopharmaceutical companies have grown their investments on drug discovery and development. This has filliped the use of medical refrigeration for the storage of biological specimen, pharmaceutical products such as enzymes and biologics, thereby creating substantial lucrative avenues for firms in the medical refrigeration market.
Advancements in Refrigeration Technologies to Expand Growth Frontiers: The TMR study found that ultra-low temperature (ULT) freezers are widely preferred in storage and transportation of medical products. Indeed, the authors projected that the segment will account for a major market share during the forecast period. Their suitability to store a wide spectrum of medical products is fueling the adoption particularly their massive use in research institutes. New technologies that allow end users to monitor temperature remotely and those related to user interfaces have opened up attractive revenue streams in medical refrigeration market, observed the study analysts.
Application in Safe Storage and Transportation of Vaccines Spurring Adoption: Rise in demand for refrigeration technologies for the storage and transport of vaccines has reinforced the growth prospects of medical refrigeration market. Smart refrigeration systems are gaining currency in ensuring the stability and shelf-life of vaccines, particularly for most common vaccines. Emphasis by global health agencies, notably the WHO, on ensuring universal access to essential vaccines will catalyze the adoption rate of products in the medical refrigeration market.
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Medical Refrigeration Market: Key Drivers
Growing number of organ transplantation and steady increase in blood donations worldwide are steering the need for medical refrigeration in hospitals and healthcare facilities, and thus will drive the market.
Strides in the veterinary care particularly pivoting on adequate vaccinations of pets is a key driver of medical refrigeration market. Furthermore, evolving requirements of storage of biological samples in research institutes and labs will expand the window of opportunities for medical refrigeration companies.
Medical Refrigeration Market: Regional Growth Dynamics
North America was estimated to hold a key share of medical refrigeration market in 2021. The regional market witnessed vast profitable avenues in the rising adoption of the technology in blood banks, hospitals, and research institutes.
Of note, use of low-temperature medical refrigeration especially for vaccine storage applications has risen rapidly, generating tremendous opportunities for companies in the regional market. Furthermore, the demand for commercial medical refrigeration products will propel the future growth.
Asia Pacific is a potentially lucrative market, found the TMR study. They have anticipated the demand for products to grow steadily during the forecast period, thereby fueling the expansion of the regional market.
Medical Refrigeration Market: Key Players
The TMR report found the competition landscape of medical refrigeration market to be highly consolidated, with a few large vendors controlling the majority of stakes.
Some of the key players are Zhongke Meiling Cryogenics Co. Ltd., Vest Frost Solutions, Taylor-Wharton, SunDanzer, Kalstein, Helmer Scientific Inc., Haier Biomedical, Dohmeyer, and Dulas Ltd.
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Medical Refrigeration Market Segmentation
Product Type
Standard Cooling – ULT
Cryogenic Freezers
ULT Freezers
Biomedical Freezers
Standard Cooling – Standard Temperature
Biomedical Freezers
Medical Fridges
Centrifuge Coolers / Freezers
Mobile Cooling – ULT
Active Cooled Transport Boxes
Passive Transport Boxes
Mobile Cooling – Standard Temperature
Solar Powered Medical Fridges
Medical Cooling Transport Boxes with compressor
Medical Cooling Transport Boxes with dry ice
Capacity
Up to 10 Liters
10-50 Liters
50-150 Liters
150-350 Liters
350-650 Liters
Above 650 Liters
Power Source
Solar Powered
Non Solar Powered
Cabinet Type
Vertical Cabinet
Horizontal Cabinet
No. of Doors
Single Door
Double Door
Multi Door
Price Range
Low
Medium
High
Application
Drugs & Vaccines Storage
Pathology
Hospital & Clinics
Others (Blood & Organ Banks, Research & Diagnostic Centers, etc.)
Distribution Channel
Direct Sales
Indirect Sales
Regions
North America
Europe
Asia Pacific
Middle East & Africa
South America
Countries
U.S.
Canada
Germany
U.K.
France
Italy
Russia
China
India
Japan
GCC
Turkey
South Africa
Brazil
Rest of Global
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