Report : North America Medical Refrigerators Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Temperature Control Range (Between -2°C and -8°C, Between - 1°C and - 50°C, Between - 51°C and - 150°C, and Below - 151°C), Product Type (Laboratory Refrigerators and Freezers, Blood Bank Refrigerators and Plasma Freezers, Pharmacy Refrigerators and Freezers, Cryogenic Storage Systems, Vaccine Refrigerators, and Others); Design Type (Explosion-Proof Refrigerators, Undercounter Medical Refrigerators, Countertop Medical Refrigerators, and Flammable Material Storage Refrigerators), and End User ( Hospitals and Pharmacies, Blood Banks, Pharmaceutical Companies, Research Institutes, Diagnostic Centers, and Others)
At 6.1% CAGR, the North America Medical refrigerators market is speculated to be worth US$ 2,795.95 million by 2028, says Business Market Insights
According to Business Market Insights research, the North America medical refrigerators market was valued at US$ 2,075.80 million in 2023 and is expected to reach US$ 2,795.95 million by 2028, registering a CAGR of 6.1% from 2023 to 2028.Increasing demand for blood and blood components and government support for research activities and clinical trials are the critical factors attributed to the North America medical refrigerators market expansion.
Blood and blood components perform many vital functions in the body. Consequently, severe blood loss could result in life-threatening conditions such as hypovolemic/hemorrhagic shock, which require an immediate blood transfusion to prevent organ failure and death. Blood transfusion is one of the important steps in many surgical procedures, as well as in chemotherapy, stem cell therapy, and organ transplantation procedures; it is also employed in the treatment of acute and chronic diseases caused by deficiencies or defects in plasma proteins or cellular blood components to avoid complications such as life-threatening hemorrhage or to improve the quality of life by blood-related diseases. For instance, as per the data provided by WHO, anemia affects ~25% of the population, i.e., ~1.6 billion people, worldwide; the prevalence of the condition is highest, i.e., 47.4%, among toddlers and children of preschool age. As per the estimates of the National Hemophilia Foundation, more than 400,000 people in the world are affected by hemophilia. According to the American National Red Cross 2018 data findings, ~7,000 units of platelets and 10,000 units of plasma are required daily in the US, and ~21 million blood components are transfused each year in the US. The need for blood transfusion may arise anytime in urban and rural areas. Unfortunately, millions of people are supplied with unsafe blood due to poor storage and inappropriate checking practices. Blood and blood components can be stored safely in laboratory freezers by adhering to strict regulations. Blood bank refrigerators have evolved to become more than just reliable cold storage devices. These refrigeration units are equipped with compressors and insulated cabinets required of any refrigeration device, and they provide advanced control over temperature, storage contents, warning alarms, and so on. The increasing demand for safe blood and blood components for transfusion has encouraged the manufacturing or development of various types of blood bank freezers; it has also triggered the adoption of ULT freezers for secure storage due to the strict guidelines imposed by the WHO for the storage of blood samples, thereby contributing to the North America medical refrigerators market growth.
On the contrary, high costs associated with ultra-low temperature freezers hurdles the growth of North America medical refrigerators market.
Based on temperature control range, the North America medical refrigerators market is segmented into between 2°c and 8°c, between - 1°c and - 50°c, between – 51°c and - 150°c, and below - 151°c. The between - 1°c and - 50°c segment held 38.9% share of North America medical refrigerators market in 2023, amassing US$ 807.59 million. It is projected to garner US$ 1,115.89 million by 2028 to expand at 6.7% CAGR during 2023–2028.
Based on product type, the North America medical refrigerators market is segmented into laboratory refrigerators and freezers, blood bank refrigerators and plasma freezers, pharmacy refrigerators and freezers, cryogenic storage systems, vaccine refrigerators, and others. The laboratory refrigerators and freezers segment held 40.9% share of North America medical refrigerators market in 2023, amassing US$ 848.29 million. It is projected to garner US$ 1,110.70 million by 2028 to expand at 5.5% CAGR during 2023–2028.
Based on design type, the North America medical refrigerators market is segmented into explosion-proof refrigerators, undercounter medical refrigerators, countertop medical refrigerators, flammable material storage refrigerators. The countertop medical refrigerators segment held 47.3% share of North America medical refrigerators market in 2023, amassing US$ 980.95 million. It is projected to garner US$ 1,307.45 million by 2028 to expand at 5.9% CAGR during 2023–2028.
Based on end user, the North America medical refrigerators market is segmented into hospitals and pharmacies, blood banks, pharmaceutical companies, research institutes, diagnostic centers, and others. The hospitals and pharmacies segment held 41.4% share of North America medical refrigerators market in 2023, amassing US$ 859.85 million. It is projected to garner US$ 1,180.90 million by 2028 to expand at 6.6% CAGR during 2023–2028.
Based on country, the North America medical refrigerators market is segmented into the U.S., Canada, Mexico. Our regional analysis states that the US captured 81.5% share of North America medical refrigerators market in 2023. It was assessed at US$ 1,691.72 million in 2023 and is likely to hit US$ 2,297.99 million by 2028, exhibiting a CAGR of 6.3% during the forecast period.
Key players profiles in the North America medical refrigerators market report Thermo Fisher Scientific Inc; Philipp Kirsch GmbH; Godrej & Boyce Manufacturing Co Ltd; Blue Star Ltd; Helmer Scientific Inc.; Vestfrost Solutions; PHC Holdings Corporation; FOLLETT LLC; and Haier Biomedical, among others.
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