CHICAGO, Feb. 16, 2022 /PRNewswire/ -- According to the new market research report "Medical Refrigerators Market by Type, End Use(Blood Banks, Pharmaceutical Companies, Hospital & Pharmacies, Research Institutes, Medical Laboratories, Diagnostic Centre), & Region(North America, Europe, APAC, MEA, South America) - Global Forecast to 2026", published by MarketsandMarkets, the Medical Refrigerators Market was valued at USD 3.5 billion in 2020 and is projected to reach USD 4.9 billion by 2026, at a CAGR of 6.0% during the forecast period, owing to an increase in demand of medical refrigerators in hospitals, clinics, surgery centers, research laboratories, pharmacies, and other medical facilities.
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By product type, laboratory refrigerators & freezers segment is expected to account for largest share during forecast period, in terms of volume
The laboratory refrigerators segment is expected to account for the largest share market during 2021 to 2026, in terms of volume. These refrigerators are required to maintain a consistent temperature in order to minimize the risk of bacterial contamination and explosion of volatile materials. Growth of this market is mainly attributed to the rising demand for highly advanced laboratory refrigerators & freezers to store blood plasma, tissues, cells, and critical biological samples.
By end use, blood banks segment is expected to account for largest share during forecast period, in terms of volume
The blood banks segment is expected to account for the largest share during 2021 to 2026, in terms of volume. Increase in population and high demand for safe blood due to the high prevalence of transfusion transmissible infections, such as HIV and hepatitis B, across the globe is driving the growth of the blood banks segment
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North America accounted for the largest share in 2020 in the medical refrigerators market
In 2020, North America accounted for the largest share of the global medical refrigerators market by region. The demand for medical refrigerators & freezers is increasing in North America owing to the significant rise in life sciences research activities on the treatment of diseases by academic & research institutes. In addition, the increasing occurrence of chronic and infectious diseases and rising demand for personalized medicines are driving the market growth.
The key market players include Thermo Fisher Scientific Inc. (US), Blue Star Limited (India), Haier Biomedical (China), Aucma (China), Standex International Corporation (US), Godrej & Boyce Manufacturing Co Ltd. (India), Helmer Scientific Inc. (US), Vestfrost Solutions (Denmark), Zhongke Meiling Cryogenics Company Limited (China), Fiochetti (Italy), PHC Holdings Corporation (Japan), Follett LLC (US), Labcold (UK), Dulas Ltd. (UK), HMG India (India). These players have adopted product launches, expansions, contract, partnerships, and agreements as their growth strategies.
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