Global medical refrigeration market is projected to witness a CAGR of 5.97% during the forecast period 2024-2031, growing from USD 4.01 billion in 2023 to USD 6.38 billion in 2031.
Rapidly evolving medical technology and higher demand for medical supply post-COVID-19 fuel the demand for medical supply preservation equipment. Medical refrigerators and freezers have gained prominence over the years as refrigerator technology has become efficient and effective. Furthermore, it has raised the demand for refrigeration equipment with state-of-the-art temperature management features. Medical technology has advanced, making these gadgets more sophisticated, effective, and consumer friendly. As a result, the medical refrigeration market is rapidly expanding throughout the world. Furthermore, a growing number of pharmaceutical and medical products, particularly in the oncology sector, require fixed temperature conditions.
Development in technology has led to improved energy efficiency, acoustics in machines, and better outcomes in temperature regulation. Contemporary medical refrigerators are furnished with smart features, vital alerts, recordkeeping, digital displays, and microprocessor temperature controllers, among other characteristics. Medical refrigerators come in a variety of forms, including freestanding, built-in, portable, and chest types.
For instance, in August 2023, Arctiko A/S announced the launch of 22 all-new models of pharmaceutical refrigerators and biomedical freezers. Every new model has been crafted from the ground to provide the best features and dependability required for biomedical and pharmaceutical applications while keeping an affordable initial cost of ownership and a competitive purchase price.
Medical Supply Preservation and Wide Range of Products to Fuel Market Growth
Due to the large variety of refrigerator types available and the growing need for temperature-controlled storage options for medical supplies, the medical refrigerator market has grown significantly. Medical equipment, such as medical refrigerators, is in high demand due to the COVID-19 and post-pandemic research. To deliver the best treatment possible, most hospitals and healthcare facilities are currently attempting to extend patient monitoring to home care settings or other temporary setups.
The medical refrigerator market has expanded due to the increase in demand. Insulin, chemotherapy medications, and other topical medicines are being kept in medical refrigerators on a growing basis, driving the market's revenue sources. The market demand has expanded due to their increasing use in treating severe hypoglycemia. The advent of ultra-low temperature freezers with silent and highly efficient functioning in medical research labs and other pharmaceutical sample storage functions is expected to rise the global medical refrigeration market demand.
Increased Investment in Medical Research to Fuel the Global Market Expansion
Technologically advanced biomedical refrigerators will remain in high demand in the healthcare sector due to rising expenditure in research and development. The market is anticipated to grow rapidly globally over the projected period as high-end medical and pharmaceutical research is fueling the sales of refrigeration solutions. It is anticipated that educational and research institutions will place a substantial demand for medical freezers and refrigerators. Due to these reasons, it is anticipated that during the forecast years, the global market for refrigerators and freezers will expand significantly.
More drug companies are expanding their portfolios to address the demand for temperature-controlled storage solutions for new drug compounds in servicing institutions, such as clinics, hospitals, and research centers, and for applications that involve storing blood in the form of packed platelets or fresh whole blood cells. Governments are pushing pharmaceutical research through tax cuts and investments.
For instance, in January 2024, India's Ministry of Finance announced the Promotion of Research and Innovation in Pharma-MedTech Program to improve research and innovation in the pharmaceutical and medical technology sector. The government allocated a budget of USD 598 million for the program. The long-term scheme aims to fortify pharmaceutical infrastructure and propel research across six transformative areas.
Portable Ultra-Low-Temperature Freezers Segment is Expected to Have a Higher Growth Rate
Based on the product, the portable ultra-low temperature (ULT) freezers segment is expected to grow at a higher pace in the global medical refrigeration market. The requirement for ULT freezers has increased due to the rising incidence of chronic illnesses and the growth of biobanking operations. For the safe storage of temperature-sensitive biological materials, such as DNA, RNA, tissues, blood, and other clinical specimens used in medical research and diagnostics, these freezers are indispensable. The need for ULT freezers has expanded due to the pharmaceutical industry's push to create novel medications, vaccines, and gene treatments. Enzymes, other than materials utilized in the drug research and production process, and heat-sensitive medicinal compounds depend on these specialized freezers to maintain their integrity. The global biobanking industry's growth has been one of the main factors propelling the ULT freezer market. These freezers are necessary for biobanks to handle and preserve vast amounts of biological material for long-term study and medical uses.
For instance, in April 2024, Thermo Fisher Scientific Inc. introduced a new ultra-low temperature freezer named TSX Universal Series ULT. The TSX Universal Series ULT freezers can adapt to scientists' workflows in a variety of lab environments. Cold storage solutions are frequently needed when it comes to lab samples, particularly when it comes to storage, in addition to the creation of novel treatments or advancing research.
North America Dominates Medical Refrigeration Market
The world-class medical infrastructure, high-end research & development, and rising investment are anticipated to fuel the market. North America is at the forefront of adopting advanced technologies in medical refrigerators. Key players in the market are launching technologically superior products with features such as automated defrost, energy efficiency, and precise temperature control to attract more consumers. The growing pharmaceutical research and development activities in North America fuel the demand for medical refrigerators. These specialized refrigerators are crucial for preserving the integrity of heat-sensitive drug compounds, enzymes, and other materials used in drug discovery and manufacturing. The rise of biobanking activities in North America has been a major driver for the medical refrigerator market. Biobanks require ultra-low temperature freezers to store and manage large volumes of biological samples for long-term research and clinical applications.
For instance, in February 2024, a new model in the PHCbi brand VIP ECO SMART ultra-low temperature (ULT) freezer series was introduced for use in medical facilities, universities, and pharmaceutical companies. PHC Corporation of North America (PHCNA) is the supplier of the PHCbi brand of cell preservation and growth products in the North American and Latin American markets.
Future Market Scenario (2024 – 2031F)
- The increasing demand for vaccine storage and expansion of healthcare infrastructure is anticipated to garner the global medical refrigeration market growth in the forecast period.
- The technological advancements and rapidly expanding pharmaceutical research and development are anticipated to garner market expansion.
- Expanding biobanking and new pharmaceutical manufacturing facilities are projected to add value to the global medical refrigeration market.
Report Scope
“Medical Refrigeration Market Assessment, Opportunities and Forecast, 2017-2031F”,is a comprehensive report by Markets and Data, that provides in-depth analysis and qualitative and quantitative assessment of the current state of the global medical refrigeration market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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