The Medical and Lab Refrigerator Market size is projected to reach US$ 3.68 billion by 2031 from US$ 2.54 billion in 2022. The market is expected to register a CAGR of 4.3% in 2023–2031. Technological advancement in medical and lab refrigerators are likely to remain key Medical and Lab Refrigerator Market trends.
Medical and Lab Refrigerator Market Analysis
An increase in surgical interventions, trauma cases, and others has increased the demand for blood components along with an increase in blood donations has increased the demand for medical and lab refrigerators. Additionally, the increase in vaccinations and drug usage has increased the demand for proper storage conditions which in turn contributes to the market growth. Moreover, the surge in technological advancement has led to the development of innovative products and new product launches in the market driving market growth.
Medical and Lab Refrigerator Market Overview
The increasing research activities for the treatment of diseases, increasing the occurrence of chronic and infectious diseases, and replacing older medical refrigerators with newer and more advanced energy-efficient cold storage devices are driving the growth of the medical and lab refrigerators market in this region. North America is expected to account for major market share closely followed by Europe. Moreover, Asia Pacific's demand for medical and laboratory refrigerators is expected to grow at a lucrative pace over the forecast period due to rising R&D spending, developments in the pharmaceutical and biotechnology sectors. Besides, expansion strategies adopted by leading market players in medical and laboratory refrigerators will further foster growth in the industry. Advances in clinical applications, patient blood management, and cellular therapies administration have created potential growth opportunities for the medical and lab refrigerators market.
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Medical and Lab Refrigerator Market: Strategic Insights
Market Size Value in US$ 2,267.9 Million in 2019 Market Size Value by US$ 3,096.6 Million by 2027 Growth rate CAGR of 3.9% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Medical and Lab Refrigerator Market: Strategic Insights
| Market Size Value in | US$ 2,267.9 Million in 2019 |
| Market Size Value by | US$ 3,096.6 Million by 2027 |
| Growth rate | CAGR of 3.9% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Medical and Lab Refrigerator Market Drivers and Opportunities
Growing Demand for Blood Storage Centers and Blood Banks to Favor Market
Blood donation awareness levels have increased by educating individuals about the benefits and misconceptions associated with the process, allowing them to become more open-minded and volunteer to donate blood, leading to growth in demand for blood storage centers and blood banks. Added to this, there has also been an increase in blood donations due to awareness initiatives by government organizations and private companies, as well as educational institutions. According to World Health Organization, around 118.54 million blood donations taken place globally in 2023, out of these 40% are from high income countries accounts for 16% of the global population. The collected blood is primarily used in surgical procedures, general medicine, hematology, and blood diseases, and for accident and emergency cases, driving the demand for blood bank refrigerators.
Increasing Research & Development Investments in Medical Science by Government Organizations – An Opportunity in Medical and Lab Refrigerator
Government support for developing innovative medical products will further accelerate the growth of the business. For example, the Medical Device Directive of the European Commission employed specific requirements and regulations for the biomedical freezers and refrigerators to protect blood and blood components from storage. Thus, contribute to the growth of the refrigerator market for medical and laboratory applications.
According to National Center for Science and Engineering Statistics (NCSES), companies estimated US$ 84.1 billion increase from 2021 to 2022 in R&D expenditure. Additionally, in 2021, companies invested $130 billion in research, representing 22% of the total business investment for R&D which accounts for 49% of total U.S. research funding. In 2023, 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 US$1.1 trillion, more than six times total medical and health R&D spending that year. This shows the growing need for investments in medical science. Nearly 130,000 people in the United States die at the age of 45 each year because of health threats, which through more significant investment in R&D can help to understand better and ultimately prevent. The growing investment in medical science provides opportunities for growth in the medical and laboratory refrigerator market in the coming years.
Medical and Lab Refrigerator Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Medical and Lab Refrigerator Market analysis are product type and end user.
- Based on product type, the Medical and Lab Refrigerator Market is segmented into blood bank refrigerators, laboratory refrigerators, pharmacy refrigerators, enzyme refrigerators, and others. The laboratory refrigerators segment held a larger market share in 2023.
- In terms of end user, the market is classified into blood banks, pharmaceutical companies, hospitals & pharmacies, research institutes, and others. The pharmaceutical companies segment dominated the market in 2023.
Medical and Lab Refrigerator Market Share Analysis by Geography
The geographic scope of the Medical and Lab Refrigerator Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the Medical and Lab Refrigerator Market owing to the increasing investments in research activities for the treatment of diseases, rising occurrence of infectious and chronic diseases, as well as the replacement of older refrigerators with more advanced energy-efficient refrigerators. Complete adoption of medical-grade refrigeration remains to be a precedence for hospitals and pharmacists. In addition, keeping regulatory compliance for temperature-sensitive medications and vaccines, as well as safeguarding patient safety, normally drives the investment decision in medical-grade refrigeration. Agencies such as State Departments of Health, CDC, State Boards of Pharmacy, and Joint Commission, among others, include refrigeration in the course of inspections and audits. It signifies that hospitals, laboratories, and pharmacists should take refrigerator performance into consideration as an important aspect. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Medical and Lab Refrigerator Market Report Scope
Medical and Lab Refrigerator Market News and Recent Developments
The Medical and Lab Refrigerator Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Medical and Lab Refrigerator and strategies:
- The company has launched TSV series lab refrigerators and freezers in India focused on the storage needs of academic, research, and healthcare laboratories. (Source: Healthcare Radius, Newsletter, 2023)
- The company launched 22 all-new models, including 15 new pharmaceutical refrigerators and seven new biomedical freezers. Each new model has been carefully designed, from the ground up, to offer the superior features and reliability needed for pharmaceutical and biomedical applications while maintaining an attractive purchase price and low ongoing cost of ownership. (Source: Arctiko, Press Release, 2023)
- The company launched new smart TM TSG series refrigerators due to the demand for safe and reliable storage of temperature-sensitive medical supplies has reached unprecedented heights, making the introduction of the TSG series refrigerators a significant milestone. (Source: Thermo Fischer Scientific, Newsletter, 2021)
Medical and Lab Refrigerator Market Report Coverage and Deliverables
The “Medical and Lab Refrigerator Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Medical and Lab Refrigerator Market Forecast to 2027 - Covid-19 Impact and Global Analysis - By Product Type ; End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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