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(Health-NewsWire.Net, October 03, 2021 ) The global medical refrigerators market is projected to grow from USD 3.3 billion in 2019 to USD 4.2 billion by 2024, at a CAGR of 5.3% from 2019 to 2024. Technological advancements, such as wireless temperature monitoring, and remote sensor technologies, among others, made in the medical refrigerators by many prominent players, are one of the key factors driving the growth of the medical refrigerators market across the globe.
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Medical refrigerators and freezers are heavy-duty refrigerators and freezers of various sizes, capacities, and temperature ranges designed to meet specific demands and to maintain medical devices, vaccines, specimens, blood, blood derivates, and biological reagents at specified temperatures. These refrigerators are used by medical experts in hospitals, blood banks, research laboratories, and medical institutes.
Based on product type, the medical refrigerators market has been segmented into blood bank refrigerators & plasma freezers, laboratory refrigerators & freezers, pharmacy refrigerators & freezers, chromatography refrigerators & freezers, enzyme refrigerators & freezers, ultra-low-temperature freezers, and cryogenic storage systems. The ultra-low-temperature freezers segment is projected to grow at the highest CAGR from 2019 to 2024, in terms of both value and volume. Ultra-low temperature freezers (ULT freezers) are used for the storage of drugs, enzymes, chemicals, bacteria, viruses, cell preparations, and tissue samples, among others.
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Based on end-use, the medical refrigerators market has been segmented into blood banks, pharmaceutical companies, hospitals, pharmacies, research institutes, medical laboratories, and diagnostic centers. The blood banks segment is projected to lead the market, in terms of both value and volume, during the forecast period. A blood bank is a place where blood or blood plasma is collected, stored, typed, and processed under refrigeration for future use in blood transfusion procedures. After processing of blood into blood components, safe and adequate storage of these components is important for maintaining therapeutic efficacy and life span of the constituents to prevent bacterial growth. Factors such as an increase in the number of geriatric populations, the surge in prevalence of hematological diseases, and rise in the number of accidents are raising the demand for plasma for use in plasma fractionation procedures, resulting in the hike in demand for plasma freezers in blood banks.
North America, Europe, and Asia Pacific are significant regional markets for medical refrigerators & freezers. The increasing demand for blood bank refrigerators & plasma freezers has led to the growth of the medical refrigerators market across the globe. The growth in this market is mainly attributed to the growing demand for blood and blood components. An increasing number of surgical procedures worldwide is also boosting the growth of the market. Various leading manufacturers of medical refrigerators have adopted the strategies of new product launches, expansions, acquisitions, new product developments, collaborations, partnerships, and agreements to cater to the increased demand for medical refrigerators from various end-use industries.
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