According to the projections put forth by Inkwood Research, the Global Medical and Lab Refrigerators Market is anticipated to record a CAGR of 4.14% in terms of revenue during the forecasting years of 2021-2028.
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spread over 208 Pages, along with an in-depth TOC on the Global Medical and Lab
Refrigerators Market Forecast 2021-2028.”
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Medical refrigerators store varied samples
of biological origin like medicines, vaccines, deoxyribonucleic acid (DNA),
ribonucleic acid (RBA), blood, blood derivatives, etc. They offer efficient
storage conditions and are extensively used in diagnostic centers, research
laboratories, educational institutions, hospitals, etc.
Increasing
Blood Donations propel Market Growth
Governments and private companies worldwide
are initiating awareness programs about blood donation. This includes educating
about the misconceptions associated with the process and its benefits. Also,
there is a growing need for blood banks and blood donation. For instance, as
per the 2018 American National Red Cross data, the US needs almost 7000
platelet units and 10,000 plasma units. In addition, around 21 million blood
components are transfused annually in the country. Moreover, the other factors
propelling the demand for blood bank refrigerators are emergency and accident
cases, blood diseases, hematology, general medicine, surgical procedures, etc.
Furthermore, with the evolving modern
healthcare systems, rising incidences of numerous diseases, and increased life
expectancy, there is a growing need for blood and blood derivatives. Also,
small and medium-sized vendors have improved their product offerings to fulfill
the standards set by the shifting end-user requirements and governing bodies.
As a result, the rising need for blood banks and blood storage centers drives the
market growth.
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Major
End-User: Pharmaceutical Companies
Pharmaceutical companies rely on
specifically designed refrigeration units to maintain certain temperatures. Given
their application, the supplies need to be kept away from spoiling, since they
are considered valuable. Also, a slight malfunctioning or temperature change
can cause damage to stored supplies. In addition, pharmaceutical companies are
continuously engaged in multiple drugs manufacturing. Therefore, it becomes
necessary to store different supplies at varying temperatures. Consequently,
this will require a large number of refrigerators.
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Fastest-Growing
Region: Asia-Pacific
The increasing R&D activities for new
drug compounds, growing demand for blood components, and technologically
advanced medical refrigerators fuel market growth in the region. Also, the
healthcare sector is witness to developments that accelerate the adoption of
medical refrigerators. Moreover, companies focus on energy-efficient inverter
compressors and natural refrigerators to minimize power consumption through
slow-speed rotation control.
Several well-established manufacturers are
increasing their market through the launch of advanced technology-based
products and competitive prices. This has increased the competition among the
existing players. LEC Medical, Thermo Fisher Scientific Inc, Blue Star Limited,
Vestfrost Solutions, Haier Biomedical, etc., are some of the key companies in
the market.
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About Inkwood Research
Inkwood Research specializes in syndicated
& customized research reports and consulting services. Market intelligence
studies with relevant fact-based research are customized across industry
verticals such as technology, automotive, chemicals, materials, healthcare, and
energy, with an objective comprehension that acknowledges the business
environments. Our geographical analysis comprises North & South America,
CEE, CIS, Middle East, Europe, Asia, and Africa.
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