Global Medical Refrigerators Market 2019-2024: Focus on Blood Banks, Pharmaceutical Companies, Hospitals, & Pharmacies, Research Institutes, Medical Laboratories, and Diagnostic Centers
The medical refrigerators & freezers market was valued at USD 3.1 billion in 2018. The North America region is estimated to be the largest growing market with a 44.5% share in 2019, in terms of value. The North America region is projected to be the largest market by 2024, with a size of USD 1.9 billion, followed by Europe with market share 25.5%.
Growth of the market in this region is due to the presence of developed healthcare systems in the US, Canada and Mexico and rising R&D spending on the pharmaceutical and life-sciences industries in these regions. However, the significant rise in life science research activities for disease treatment from academic & research institutes, increasing occurrence of chronic and infectious diseases and rising demand for personalized medicines drive the market growth. Replacement of older medical refrigerator & freezers by new advanced energy-efficient cold storage devices is driving the growth of the North American medical refrigerator & freezers market.
Medical refrigerators and freezers are heavy-duty refrigerators & freezers of various sizes and capacities that meet specific demands and maintain medical equipment/specimens/vaccines/flammable chemicals at constant temperatures. They are used by medical experts in hospitals, clinics, surgery centers, research laboratories, pharmacies, and other medical facilities.
The medical refrigerators & freezers differ from daily use refrigerators, as these require the maintenance of specific temperatures all the times. They are available in various sizes and models to fit any settings. Most medical refrigerators & freezers are equipped with alarms that warn about significant temperature deviations, as well as monitoring systems that record temperature alterations. Medical refrigerators & freezers are available in various sizes, from benchtop to upright models for the convenient storage of larger quantities of reagents and freeze-dried product.