According to a new report published by UnivDatos Markets Insights, the medical refrigerator market is expected to grow at a CAGR of around 6% from 2022-2028. The analysis has been segmented into Product Type (Blood Bank Refrigerator & Plasma Freezer, Laboratory Refrigerator & Freezer, Pharmacy Refrigerator & Freezer, Chromatography Refrigerator & Freezer, Enzyme Refrigerator & Freezer, and Others); End-Use (Blood Banks, Pharmaceutical Companies, Hospital & Pharmacies, Research Institutes, and Others); Region/Country.

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The medical refrigerator market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the medical refrigerator market. The medical refrigerator market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the medical refrigerator market at the global and regional levels.

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Market Overview

The medical refrigerator market is expected to witness a CAGR of around 6% during the forecast period. The medical refrigerator in a laboratory is one of the most important pieces of equipment. Its function is to maintain, in a controlled environment and it is used to store various types of samples of biological components such as blood, derivatives of blood, biological reagents, vaccines, medicines, flammable chemicals, RNA, and DNA. Moreover, the rising utilization of these in treating serious hypoglycemia has likewise expanded market interest. To ensure the safe storage of drugs, developing economies are anxious to take on new clinical refrigeration advances for the cold chain. Furthermore, the rising number of laboratories is also the main factor in the development of the medical refrigerator market. For instance, according to ILAC MRA (International Laboratory Accreditation Cooperation) and Signatories, in 2021, almost 85,000 laboratories, almost 13,000 inspection bodies, over 600 proficiency testing providers, and 250 reference material producers were accredited globally.

Some of the major players operating in the market include Thermo Fisher Scientific Inc., Haier Biomedical, Helmer Scientific Inc., PHC Holdings Corporation, Follett LLC, Blue Star Ltd, AUCMA Co. Ltd., Standex International Corporation, Godrej & Boyce Mfg. Co. Ltd., Vestfrost Solutions.

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COVID-19 Impact

Due to the supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for medical refrigerator manufacturers. Furthermore, COVID-19 has led to a surge in demand for medical refrigerators in the hospital and home care settings. Manufacturers are increasingly focusing on expanding their portfolios to meet the growing need for these devices. During the first quarter of 2020, the market witnessed a rise in demand for medical refrigerators in response to the pandemic. However, the demand and adoption of medical refrigerators have been constant throughout the year.

The global medical refrigerator market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

·       Based on product type, the market is segmented into blood bank refrigerator & plasma freezer, laboratory refrigerator & freezer, pharmacy refrigerator & freezer, chromatography refrigerator & freezer, enzyme refrigerator & freezer, and others. Among these, the blood bank refrigerator & plasma freezer category is to witness lucrative growth during the forecast period owing to its bag capacity, shelf count, safety features, construction material, and, most importantly, standards and certifications such as ISO and CE.

·       On the basis of end-use, the market is categorized into blood banks, pharmaceutical companies, hospital & pharmacies, research institutes, and others. Among these, the blood banks category holds significant growth during the forecast period. This is mainly due to the rising blood donation globally, as well as vaccines and other medical or pharmaceutical supplies. Moreover, the rising demand for safe blood due to the high prevalence of blood transfusion cases is driving the growth of this market.

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Medical refrigerator market Geographical Segmentation Includes:

·       North America (United States, Canada, and Rest of North America)

·       Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)

·       Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)

·       Rest of the World

For a better understanding of the market adoption of the All-Terrain Vehicle industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the rising R&D projects in the pharmaceutical industry or universities, blood donation, drug & vaccine development, and rising government funding are the factors which will drive the market growth in the region. For instance, according to the Federally Funded Research and Development Centers (FFRDC), in 2019, R&D expenditures totaled USD 22.7 billion, with the federal government funding USD 22.3 billion.

The major players targeting the market include

·       Thermo Fisher Scientific Inc.

·       Haier Biomedical

·       Helmer Scientific Inc.

·       PHC Holdings Corporation

·       Follett LLC

·       Blue Star Ltd

·       AUCMA Co. Ltd.

·       Standex International Corporation

·       Godrej & Boyce Mfg. Co. Ltd.

·       Vestfrost Solutions

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the medical refrigerator market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the medical refrigerator market?

• Which factors are influencing the medical refrigerator market over the forecast period?

• What are the global challenges, threats, and risks in the medical refrigerator market?

• Which factors are propelling and restraining the medical refrigerator market?

• What are the demanding global regions of the medical refrigerator market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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