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.
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.
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,
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.
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.