June 19, 2020
As per the report titled ‘Medical and Lab Refrigerator Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type; End User, available with Market Study Report LLC, global medical and lab refrigerator market is expected to reach USD 3,096.6 million registering a CAGR of 3.9% through 2027.
Medical refrigerators are utilized for storage of plasma, vaccines, chemotherapeutics, pharmaceuticals, blood, and other samples that require optimum storage temperature.
As medical refrigerators are operationally quiet and emit less heat, they are ideal for storage of medicinal products. Surge in accidents and increasing hematological disorders have augmented the demand of plasma in plasma fractionation operations. This has resulted in increased demand for plasma refrigerators which is anticipated to catalyze the growth of medical and lab refrigerator market in the approaching years.
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The report cites that due to the spread of infectious and chronic diseases, demand of customized drugs has increased. This is expected to add momentum to the market growth. Furthermore, modernization of products, and increasing R&D is anticipated to boost the sales of medical and lab refrigerators.
Global medical and lab refrigerator market is classified based on product type, region, and end-user spectrum.
Based on product type, the market is bifurcated in terms of enzyme refrigerators, laboratory refrigerators, blood bank refrigerators, pharmacy refrigerators, and others.
Speaking of end-user spectrum, the market is divided into pharmaceutical companies, hospitals & pharmacies, blood banks, research institutes, and others.
Major companies operating in global medical and lab refrigerator market are Felix Storch, Inc., Thermo Fisher Scientific Inc., Follett LLC, Philipp Kirsch GmbH, Haier Biomedical, Lec Medical, ZhongkeMeiling Cryogenics Company Limited, Vestfrost Solutions, Helmer Scientific Inc., and Blue Star Limited among others.