According to the new research report titled “Medical and Lab Refrigerator Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 3,096.6 million by 2027, registering a CAGR of 3.9% during 2020–2027.
The integration of advanced technology in biomedical refrigerators and freezer monitors will enhance its adoption among doctors and clinicians that will bring sustainable profits to the company. Likewise, Thermo Fisher Scientific Inc. completed the acquisition of Patheon NV, a leading global provider of high-quality drug development and delivery solutions for the pharmaceutical and biopharmaceutical sectors, in August 2017. The development is expected to create synergy within the company, allowing it to gain a competitive edge in the North American region’s medical and lab refrigerator market. IRS Industrial Refrigeration Solutions is Perth’s most trusted source for commercial and industrial refrigeration repairs, maintenance and 24/7 breakdown servicing.
THERMOFISHER KIRSCH, HELMER SCIENTIFC, AND HAIER BIOMEDICAL – PROMINENT MARKET PLAYERS IN THE MEDICAL AND LAB REFRIGERATOR MARKET
Growing demand for the safe storage of blood and blood derivatives from hospitals, pharmacies, clinics, and diagnostic centers is boosting market growth around the world. Both in medical research and the pharmaceutical sector, rising government funding is expected to increase demand for medical and laboratory refrigerators further. For example, the Medical Device Directive of the European Commission has used specific requirements and regulations for biomedical freezers and refrigerators to protect blood and blood components from being stored. Furthermore, the increasing prevalence of various chronic diseases such as cancer, cardiac diseases, and infectious diseases leading to an increase in blood transfusion demand is another critical factor that will boost the medical and lab refrigerators industry growth.
According to the European Society of Hemapheresis (ESFH), high preference towards plasmapheresis generally adopted apheresis technique, will raise the installation of plasma freezers in hospitals, blood banks, and research organizations for storage of fresh frozen plasma, RBCs and other blood components. Increasing awareness about blood donation and government initiatives to encourage donations will also foster business growth.
Healthcare players in APAC are increasing their investments in the overall healthcare ecosystem. Strong growth, together with shifting consumer expectations and changing demographics, will predictably result in significant transformation.
Also, due to the increasing number of diseases along with road accident cases, the need to maintain adequate stock in blood banks has increased. The region is witnessing a number of blood donors owing to the initiatives taken by governments, increasing the number of blood donation camps, as well as raising awareness for blood donation among people. This is expected to boost the adoption of medical and lab refrigerators by blood banks.
Few technology giants operating in the market include ZhongkeMeiling Cryogenics Company Limited, FELIX STORCH, INC., FOLLETT LLC, Helmer Scientific Inc., Haier Biomedical, Lec Medical, Philipp Kirsch GmbH, THERMO FISHER SCIENTIFIC INC., Vestfrost Solutions, and Blue Star Limited. The players in the industry focus on various strategic alliances such as mergers, acquisitions, and the launch of new products that help them maintain their market position. For example, Follett announced in February 2017 an expansion of the features offered in all its refrigerators and freezers of the medical-grade used in healthcare industries. The company introduced an advanced user interface on the touch screen to improve data management and product protection, along with data recording and electronic locking systems.
APAC medical and lab refrigerator market to grow at high CAGR during forecast period
The pharmaceutical market in the APAC is the second largest worldwide, after North America. Further, it is expected that by 2021, the APAC market will surpass Western Europe, which is presently in third place. Countries such as India, China, Japan, Thailand, and Indonesia, are experiencing heavy investments in global life sciences companies in the field of R&D, manufacturing, marketing, and sales. Such investments are expected to boost the growth of medical and lab refrigerators in the APAC.
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