Market Snapshot:
The growing prevalence of chronic diseases, rising demand for storing biological products, blood samples, blood reagents, vaccines, DNA samples and other chemicals, these factors are anticipated to drive the growth of the Medical Refrigerator Market. In addition, the need to provide thermal insulation and avoid product degradation is a critical factor boosting the usage rates. Medical grade refrigerators are heavy-duty refrigerators and freezers of various sizes which are designed to meet specific demands, and to maintain medical equipment/vaccines/specimens at a constant temperature. They are used by medical professionals in Hospital, research laboratories, crime labs, surgery centers and other medical facilities.The research analyst at AMA estimates Medical Refrigerator market to grow at a compounded annual growth rate of 4.2%
Segment Analysis
AMA Research have segmented the market of Global Medical Refrigerator market by Type, Application and Region. On the basis of Type, Plasma Freezer are dominating the market in the year 2020
On the basis of geography, the market of Medical Refrigerator has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020.
Market Trend
Increasing Use of Green Technologies in Medical Refrigerators & Freezers which is acting as a transformational trend for this market.
Market Drivers
Medical Treatment Such as Organ Transplant, Cellular Therapy Are Driving This Market, Increasing Government Initiatives towards Research Activities and Clinical Trials, Rising Usage of Medical Refrigeration in order to Store DNA & RNA and other biological samples and Increase in Geriatric population, Prone to a Common Health Condition
Opportunities
Rise in Research Activities & High Demand for Blood Transfusion and Personalized Medicines is providing an Opportunity for this Market.
Restraints
- Emission of Harmful Gases by the Medical Refrigerators
- Lesser Affordability of Biomedical Refrigerators and Freezers
- Stringent Regulatory Scenario may hamper the Growth of the Market
In addition to the aforementioned factor, Medical Treatment Such as Organ Transplant, Cellular Therapy Are Driving This Market
is expected to propel the growth of the market over the forecast period.
Competitive Landscape
The market appears to be fragmented with high competition among market players. The players of the market are competing based on technological factors, product pricing, service quality, and distribution network. For instance, In February 2017, Follett announced the expansion of features offered in all its medical-grade refrigerators and freezers used in healthcare industries. The company introduced an advanced touch screen user interface for enhanced data management and product protection along with data recording and electronic locking systems.
The key Players profiled in the study are Godrej Group (India), Tema Sinergie S.p.A (Italy), Esco Group LLC (United States), Biobase (Germany), Dulas Limited (United Kingdom), Equitec (Spain), Gram Commercial (United Kingdom), B Medical Sytems (Luxemborg), Telestar Life Science Solutions (Spain), Haier (China), Panasonic Biomedical (Japan), Meditech Technologies (India), Blue Star Limited (India), Thermo Fisher Scientific (United States), Helmer Scientific (United States), Philip Kirsch (Germany), Vestfrost Solution (United States), Flores Valles (Spain) and Follett (United States). A lot of United States players are profiled in the research study indicating a strong market dependence.