At 6.6% CAGR, the Asia Pacific Medical Refrigerators Market is projected to be worth US$ 1,464.92 million by 2028, says Business Market Insights

According to Business Market Insights research, the Asia Pacific medical refrigerators market was valued at US$ 1,064.65 million in 2023 and is expected to reach US$ 1,464.92 million by 2028, registering a CAGR of 6.6% from 2023 to 2028.Growing R&D activities to introduce new drug compounds and blood components are the critical factors attributed to the Asia Pacific medical refrigerators market expansion.               

Pharmaceutical companies focus on R&D to introduce new molecules for various therapeutic applications with enhanced medical and commercial potential. Moreover, significant investments in R&D activities enable them to deliver high-quality and innovative products. Over the years, R&D spending by biopharmaceutical companies has also increased. In the fiscal year 2019/2020, 16 pharmaceutical companies made it to the list of the world’s Top 50 companies in terms of total R&D investment. Novartis, Roche, Johnson & Johnson, Merck & Co, GlaxoSmithKline, and Pfizer are among the world’s Top 10 companies with high R&D investments. In medical R&D departments, ensuring temperature monitoring and its accuracy are among the major aspects of preserving temperature-sensitive biomedical components; a few of these components are frequently used in the development of new drugs. Thus, the growing R&D expenditure to introduce new drug compounds would require reliable storage facilities, thereby driving the Asia Pacific medical refrigerators market growth.  

On the contrary, high costs associated with ultra-low temperature freezers hurdles the growth of Asia Pacific medical refrigerators market.

Based on temperature control range, the Asia Pacific 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 40.3% share of Asia Pacific medical refrigerators market in 2023, amassing US$ 429.24 million. It is projected to garner US$ 605.24 million by 2028 to expand at 7.1% CAGR during 2023–2028.

Based on product type, the Asia Pacific 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 38.8% share of Asia Pacific medical refrigerators market in 2023, amassing US$ 413.53 million. It is projected to garner US$ 552.13 million by 2028 to expand at 6.0% CAGR during 2023–2028. 

Based on design type, the Asia Pacific 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 46.7% share of Asia Pacific medical refrigerators market in 2023, amassing US$ 497.10 million. It is projected to garner US$ 676.80 million by 2028 to expand at 6.4% CAGR during 2023–2028.

Based on end user, the Asia Pacific 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 42.1% share of Asia Pacific medical refrigerators market in 2023, amassing US$ 448.06 million. It is projected to garner US$ 628.61 million by 2028 to expand at 7.0% CAGR during 2023–2028.  

Based on country, the Asia Pacific medical refrigerators market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 28.1% share of Asia Pacific medical refrigerators market in 2023. It was assessed at US$ 299.38 million in 2023 and is likely to hit US$ 406.66 million by 2028, exhibiting a CAGR of 6.3% during the forecast period.  

Key players profiles in the Asia Pacific 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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