Medical and Lab Refrigerator Market it is expected to grow at a CAGR of 3.9% from 2020 to 2027

The medical and lab refrigerator market was valued at US$ 2,267.9 million in 2019 and is projected to reach US$ 3,096.6 million by 2027; it is expected to grow at a CAGR of 3.9% from 2020 to 2027. Growing demand for safe storage of blood and blood derivatives from hospitals, pharmacies, clinics, and diagnostic centers is boosting the medical and lab refrigerator market growth across the world. Both in medical research and pharmaceutical sector, rising government funding is expected to increase t


Swapnaja P

6 months ago | 3 min read

According to the new research report titled “Medical
and Lab Refrigerator Market
Forecast to 2027 – COVID-19 Impact and Global
Analysis,” published by The Insight Partners, the market is expected to reach
US$ 3,096.6 million by 2027, registering a CAGR of 3.9% during 2020–2027. 

The integration of advanced technology in biomedical
refrigerators and freezer monitors will enhance its adoption among doctors and
clinicians that will bring sustainable profits to the company. Likewise, Thermo
Fisher Scientific Inc. completed the acquisition of Patheon NV, a leading
global provider of high-quality drug development and delivery solutions for the
pharmaceutical and biopharmaceutical sectors, in August 2017. The development
is expected to create synergy within the company, allowing it to gain a
competitive edge in the North American region's medical and lab refrigerator


Growing demand for the safe storage of blood and blood
derivatives from hospitals, pharmacies, clinics, and diagnostic centers is
boosting market growth around the world. Both in medical research and the
pharmaceutical sector, rising government funding is expected to increase demand
for medical and laboratory refrigerators further. For example, the Medical
Device Directive of the European Commission has used specific requirements and
regulations for biomedical freezers and refrigerators to protect blood and blood
components from being stored. Furthermore, the increasing prevalence of various
chronic diseases such as cancer, cardiac diseases, and infectious diseases
leading to an increase in blood transfusion demand is another critical factor
that will boost the medical and lab refrigerators industry growth. According to
the European Society of Hemapheresis (ESFH), high preference towards
plasmapheresis generally adopted apheresis technique, will raise the
installation of plasma freezers in hospitals, blood banks, and research
organizations for storage of fresh frozen plasma, RBCs and other blood
components. Increasing awareness about blood donation and government
initiatives to encourage donations will also foster business growth.

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Healthcare players in APAC are increasing their investments
in the overall healthcare ecosystem. Strong growth, together with shifting
consumer expectations and changing demographics, will predictably result in significant
transformation. Also, due to the increasing number of diseases along with road
accident cases, the need to maintain adequate stock in blood banks has
increased. The region is witnessing a number of blood donors owing to the
initiatives taken by governments, increasing the number of blood donation
camps, as well as raising awareness for blood donation among people. This is
expected to boost the adoption of medical and lab refrigerators by blood banks.

Few technology giants operating in the market include
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, and Blue Star Limited. The
players in the industry focus on various strategic alliances such as mergers,
acquisitions, and the launch of new products that help them maintain their
market position. For example, Follett announced in February 2017 an expansion
of the features offered in all its refrigerators and freezers of the
medical-grade used in healthcare industries. The company introduced an advanced
user interface on the touch screen to improve data management and product
protection, along with data recording and electronic locking systems.

APAC medical and lab refrigerator market togrow at high CAGR during forecast period

The pharmaceutical market in the APAC is the second largest worldwide, after North
America. Further, it is expected that by 2021, the APAC market will surpass
Western Europe, which is presently in third place. Countries such as India,
China, Japan, Thailand, and Indonesia, are experiencing heavy investments in
global life sciences companies in the field of R&D, manufacturing,
marketing, and sales. Such investments are expected to boost the growth of
medical and lab refrigerators in the APAC.

About Us:

The Insight Partners is a one stop industry research
provider of actionable intelligence. We help our clients in getting solutions
to their research requirements through our syndicated and consulting research
services. We specialize in industries such as Semiconductor and Electronics,
Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare
IT, Manufacturing and Construction, Medical Device, Technology, Media and
Telecommunications, Chemicals and Materials.

Contact Us:

If you have any queries about this report or if you would
like further information,

please contact us:

Contact Person: Sameer Joshi


Phone: +1-646-491-9876


Created by

Swapnaja P







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