Medical Refrigeration Market Size to Hit USD 2.74 billion by 2031, Expanding at a CAGR of 6.3% Says, Transparency Market Research

Jun 30, 2023

The increasing investment in research & development and rapid growth in pharmaceutical industry are anticipated to positively impact the development of equipment such as medical refrigerators.

Wilmington, Delaware, United States, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global medical refrigeration market is projected to flourish at a CAGR of 6.3% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 2.74 billion is anticipated for the market in 2031. As of 2023, the market for medical refrigeration is expected to close at US$ 1.68 billion.

The increasing expansion of healthcare facilities, including hospitals, clinics, and laboratories drives the demand for medical refrigeration systems to store medications, vaccines, blood products, and biological samples.

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Competitive Landscape

The global medical refrigeration market is consolidated, with a few large-scale vendors controlling a majority of the share. Most firms are spending significantly in comprehensive research and development activities. Diversification of product portfolios and mergers & acquisitions are important strategies adopted by key players.

Dulas Ltd.

Dohmeyer

Haier Biomedical

Helmer Scientific Inc.

Kalstein

So-Low Environmental Equipment Co., Inc.

SunDanzer

Taylor-Wharton

Vest Frost Solutions

Zhongke Meiling Cryogenics Co. Ltd.

Key Developments in the Medical Refrigeration Market

Helmer Scientific has been working on enhancing the connectivity and data management capabilities of its medical refrigeration systems. They have launched products with advanced monitoring and remote access features to provide real-time data to healthcare professionals.

Haier Biomedical developed the Smart Vaccination Solution, by improving the conventional vaccination process, adopting advanced refrigeration technology, automation and intelligent vaccine delivery by incorporating IoT technologies.

Liebherr has been investing in medical refrigeration systems with advanced temperature control and monitoring capabilities. Their recent developments include products designed for the storage of vaccines and biologics, ensuring compliance with regulatory requirements.

In April 2020 - Taylor-Wharton announced recent expansion of distribution of its cryogenic Liquid Cylinder, MicroBulk, Bulk Tanks and LNG products in Europe, Middle East, and Northern Africa.

In August 2021, GT Scien launched its ultimate vaccine refrigerator. This smart refrigerator has the ability to efficiently and accurately control & manage the distribution of vaccines.

Increasing demand for specialized medications, biologics, and vaccines require precise storage conditions, thus driving the demand for advanced medical refrigeration solutions. Incresed rate of organ donation is anticipated to drive the demand for medical refrigeration in hospitals and other medical facilities.

Increasing demand for laboratory equipment in educational institutes such as schools, colleges, medical institues for development of biological labs, drive the demand for medical refrigeration, for the storage of dead animals, plants, and blood samples for study purposes.

Key Takeaways from the Market Study

As of 2022, the medical refrigeration market was valued at US$ 1.58 billion

Based on capacity, the 150-350 liters segment is estimated to account for a notable share of the market during the forecast period, as it is considered an ideal paradigm for storing, keeping, and retaining samples for a longer period of time.

Based on product type, the ULT freezers segment is anticipated to dominate the medical refrigeration market during the forecast period

Based on application, the drug and vaccine storage segment is expected to generate significant revenue during the forecast period.

Medical Refrigeration: Key Trends and Opportunistic Frontiers

Increasing technological advances and continuous development of refrigeration technology has led to more precise temperature control, energy efficiency, and advanced monitoring capabilities, making medical refrigeration systems more reliable and attractive to healthcare facilities.

players operating in the market are emphasizing research and development activitie and increasingly shifting their focus toward the production of smart vaccine refrigerators, which can help control and manage the lifecycle of the vaccine.

Medical Refrigeration Market – Regional Analysis

North America held a prominent share of the global medical refrigeration market owing to the increased application in hospitals, blood banks, research institutes, and biological pharmaceutical businesses to retain biomedical samples at low temperatures in the region.

Asia Pacific accounts for a significant share in the medical refrigeration during the forecast period The increasing demand for specialized refrigeration systems for medical applications contributes to market growth. The growing pharmaceutical industries and the need to maintain cold chain integrity for vaccines drive the adoption of medical refrigeration systems.

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Medical Refrigeration Market – Key Segments

Product Type

Standard Cooling – ULT

Cryogenic Freezers

ULT Freezers

Biomedical Freezers

Standard Cooling – Standard Temperature

Biomedical Freezers

Medical Fridges

Centrifuge Coolers / Freezers

Mobile Cooling – ULT

Active Cooled Transport Boxes

Passive Transport Boxes

Mobile Cooling – Standard Temperature

Solar Powered Medical Fridges

Medical Cooling Transport Boxes with compressor

Medical Cooling Transport Boxes with dry ice

Capacity

Up to 10 Liters

10-50 Liters

50-150 Liters

150-350 Liters

350-650 Liters

Above 650 Liters

Power Source

Solar Powered

Non Solar Powered

Cabinet Type

Vertical Cabinet

Horizontal Cabinet

No. of Doors

Single Door

Double Door

Multi Door

Price Range

Low

Medium

High

Application

Drugs & Vaccines Storage

Pathology

Hospital & Clinics

Others (Blood & Organ Banks, Research & Diagnostic Centers, etc.)

Distribution Channel

Direct Sales

Indirect Sales

Region

North America

Europe

Asia Pacific

Middle East & Africa

South America

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Biomedical Refrigerators and Freezers Market (Product Type - Ultra Low Temperature (ULT) Freezers, Plasma Freezers, Shock Freezers, Blood Bank Refrigerators, Laboratory/Pharmacy/Medical Refrigerators, Laboratory/Pharmacy/Medical Freezers; End use - Hospitals, Research Laboratories, Pharmacies, Diagnostic Centers, Blood Banks, Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027

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