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Medical Refrigeration Systems Market (Product - Blood Bank Refrigerators, Laboratory Refrigerators, Vaccine Refrigerators, Pharmaceutical Refrigerators, and Others; Mobility - Portable, and Non-portable; End-user - Hospitals, Pharmacies, Diagnostic Centers, Medical Laboratories, Blood Banks, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : May, 2021

  • Rep Id : HC0069

  • Category : Healthcare & Medical Devices

  • Status : Published

A recent report published by Infinium Global Research on the medical refrigeration systems market provides in-depth analysis of segments and sub-segments in the global as well as regional medical refrigeration systems market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional medical refrigeration systems market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global medical refrigeration systems market. According to the report, the global medical refrigeration systems market is projected to grow at a CAGR of 4.9% over the forecast period of 2020-2026.

 

Market Insight

The healthcare and pharmaceutical sectors store materials such as biological products, samples, reagents, vaccines, and chemicals in large quantities. These materials are needed to be stored at lower temperatures to keep them safe from thermal degradation. Medical refrigeration systems are used to store various types of medical products. Medical refrigeration systems come in different specifications to suit the requirements of different medical products. Moreover, these refrigeration systems are available in portable and non-portable types to fulfill the requirement of end-users. The growing adoption of medical refrigeration systems for different applications drives the range of products in the market.

 

The increasing demand for storage of biological materials for medication, transfusion, and research is the major driving factor for the growth of the medical refrigeration systems market. Biological materials such as biological samples, blood, plasma, vaccines, pharmaceuticals, and others are used for medication and research purposes. These biological materials are required to be stored at lower temperatures in order to maintain their integrity. Moreover, the rise in the prevalence of chronic diseases such as cancer, cardiac diseases, diabetes, and others has augmented the demand for medical refrigeration systems. Treatment of these diseases often requires medication, biological products, and blood, which are stored at a lower temperature in refrigerators and freezers. However, the higher installation cost of medical refrigeration systems is expected to hamper the market growth. Nevertheless, the growing technical and financial support from governments for procuring medical refrigeration systems is anticipated to boost the market over the forecast period.

 

In terms of region, North America accounted for the largest share in the global medical refrigeration systems market. Domination of the North America region in the market is mainly attributed to the higher government spending on healthcare and medical equipment. Moreover, the presence of stringent healthcare regulations and high-quality standards for medical equipment is further driving the growth of the medical refrigeration systems market in North America. On the other hand, the medical refrigeration systems market in the Asia Pacific is anticipated to grow at the fastest rate over the forecast period. This is mainly due to the improving economic conditions in major countries including China, India, South Korea, and others. Furthermore, the larger pool of patients suffering from chronic diseases in the Asia Pacific is anticipated to boost the medical refrigeration systems market further.

 

Segment Covered

The report on global medical refrigeration systems market covers segments such as product, mobility, and end-user. On the basis of product, the sub-markets include blood bank refrigerators, laboratory refrigerators, vaccine refrigerators, pharmaceutical refrigerators, and others. On the basis of mobility, the sub-markets include portable, and non-portable. On the basis of end-user, the sub-markets include hospitals, pharmacies, diagnostic centers, medical laboratories, blood banks, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Thermo Fisher Scientific Inc., Eppendorf AG, Panasonic Healthcare Co., Ltd., Helmer Scientific Inc., Haier Group, Philipp Kirsch GmbH, Follett LLC, Felix Storch, Inc., Zhongke Meiling Cryogenics Company Limited, and Blue Star Limited.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of medical refrigeration systems market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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