Medical Refrigerators Market Size Global Report, 2022

The Medical Refrigerators Global Market Report 2023 by The Business Research Company, provides medical refrigerators market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Medical Refrigerators Global Market Report 2023, the global medical refrigerators market size grew from $4.14 billion in 2022 to $4.43 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global medical refrigerators is expected to grow to $5.8 billion in 2027 at a CAGR of 7.0%.

The rising demand for storing biological products, blood samples, blood reagents, vaccines, DNA samples, and other chemicals is propelling the growth of the medical refrigerator market. The increased demand for biologic products is driven by an increase in the demand for donated blood, an increase in the number of blood donors worldwide, and an increase in the prevalence of infectious illnesses. These products require a constant temperature to preserve and increase their life span to keep them long-lasting. This requirement is fulfilled by the medical refrigerators that can store these products at as low as minus 80-degree Celsius.

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The medical refrigerators market is segmented:

1) By Product Type: Blood Bank Refrigerator And Plasma Freezer, Laboratory Refrigerator And Freezer, Pharmacy Refrigerator And Freezer, Chromatography Refrigerator And Freezer, Enzyme Refrigerator And Freezer, Ultra-Low-Temperature freezers, Cryogenic Storage Systems

2) By Design Type: Explosive-Proof Refirgerators, Undercounter Medical Refrigerators, Countertop Medical Refrigerators, Flammable Material Storage Refrigerators

3) By Temperature Control Range: Between 2 °C and 8 °C, Between 0 °C and -40 °C, and Under -40 °C

4) By Volume: Below 50 Litres, 50-200 Litres, 200-400 Litres, 400-600 Litres, More Than 600 Litres

5) By End-User: Blood Banks, Pharmaceutical Companies, Hospital and Pharmacies, Research Institutes, Medical And Diagnostic Centres

Technological advancements are shaping the medical refrigerator market. Many companies are developing new technologies for medical refrigerators for storing medicines and blood to help the medical industry enhance their storing ability and use products in long run. In February 2021, Godrej Appliances, an India-based home appliance company, launched ultra-low temperature technology freezers. These cutting-edge medical freezers are intended to improve the Indian and international medical cold chains and can maintain life-saving medical supplies, including essential vaccinations, below -80 °C.

The medical refrigerators market report table of contents includes: