iCrowd Newswire – May 19, 2020
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 the 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 store blood and blood components. Furthermore, the increasing prevalence of various chronic diseases such as cancer, cardiac diseases, and infectious diseases is leading to an increase in blood transfusion demand another critical factor that will boost the medical and lab refrigerators market growth. According to the European Society of Hemapheresis (ESFH), high preference toward plasmapheresis will raise the installation of plasma freezers in hospitals, blood banks, and research organizations for the storage of fresh frozen plasma, RBCs, and other blood derivatives. Increasing awareness about blood donation and government initiatives to encourage donations will also foster business growth. However, the high cost of refrigerators and freezers of medical grade, as well as increasing preference for refurbished equipment, may impede the medical and lab refrigerator market growth during the period of analysis.
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The major companies offering products in medical and lab refrigerator market worldwide 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 growing investment in medical and health R&D in the US increased by US$ 38.8 billion (i.e., 27%) from 2013 to 2017. The medical device industry continues to invest more than any other sector, representing 67% of total spending in 2017, followed by 22% by the federal government. From 2013 to 2017, federal investment increased by $6.1 billion or 18.4 percent, but growth across federal health agencies has been uneven. Medical and health R&D spending is expected to move upward in 2018 but will continue to fall short on the health and economic impact of primary health threats. In 2017, for example, the direct medical cost of just six chronic conditions – heart disease and stroke, cancer, diabetes, dental conditions, arthritis, and Alzheimer’s disease – topped$1.1 trillion. Thus, the increasing R&D investment by government organizations in medical science is anticipated to provide growth opportunities for the medical and lab refrigerator market.
The medical and lab refrigerator market is segmented into product type, end user, and geography. Europe held the largest share of the medical and lab refrigerator market, followed by Asia Pacific and North America, in 2019. The market, based on product type, is segmented into blood bank refrigerators, laboratory refrigerators, pharmacy refrigerators, enzyme refrigerators, and others. The blood bank refrigerators segment is expected to hold the largest share of the medical and lab refrigerator market during the forecast period. Further, based on end user, the medical and lab refrigerator market is segmented in blood banks, pharmaceutical companies, hospitals & pharmacies, research institutes, and others. The pharmaceuticals companies segment held the largest share of the market in 2019.
End User-Based Market Insights
The end-user segment of the medical and lab refrigerator market is categorized into blood banks, pharmaceutical companies, hospitals and pharmacies, research institutes, and others. The medical and lab refrigerator market for the hospitals and pharmacies segment dominated the market in 2019. Specialized hospitals and clinics offer complex services, which is associated with the use of modern techniques and equipment, as well as new drug discoveries.
In several cases, refrigeration systems have become vital resources to carry out procedures and maintain ideal conditions of diverse materials. Thus, medical-grade refrigerators are highly used in hospitals. These are commonly used to store blood bags, serums, tissues, and organs for transplant. Proper storage of these components is highly essential to prevent financial loss. Further, improper handling of these components can be life threatening for patients.
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Keywords: Medical and Lab Refrigerator Market, Medical and Lab Refrigerator