Report : Europe 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 5.4% CAGR, the Europe Medical Refrigerators Market is speculated to be worth US$ 1,624.80 million by 2028, says Business Market Insights
According to Business Market Insights research, the Europe medical refrigerators market was valued at US$ 1,250.57 million in 2023 and is expected to reach US$ 1,624.80 million by 2028, registering a CAGR of 5.4% from 2023 to 2028.Technological advancements in medical refrigerators and government support for research activities and clinical trials are the critical factors attributed to the Europe medical refrigerators market expansion.
The healthcare sector is witnessing massive developments accelerating the adoption and acceptance of medical refrigerators. As a result, the companies focus on manufacturing energy-efficient natural refrigerants and inverter compressors to effectively reduce power consumption through slow-speed rotation control. In December 2016, Panasonic introduced the VIP Ultra, a low-temperature freezer that uses hydrocarbon refrigerants to minimize energy consumption and reduce environmental impact. Furthermore, in December 2019, PHCbi launched a new ultralow-temperature freezer named MDF-DU901VHL (large 900 L) that features the latest cabinet design and intuitive LCD control in the ECO version. Also, the freezers operate by managing energy consumption and balancing temperature performance. Biological research specimens need storage at temperatures below −80°C, i.e., at ultralow temperature (ULT) values. The ULT feature provides an alternative to standard compressor-based cooling technology that keeps improving with advanced technology. Innovative products offered by Haier Biomedical include smart frequency conversion technology ULT freezers that are presumed to achieve an unparalleled energy consumption figure of just 8.2 Kwhr/day with a unit capacity of 829 L/29.2 ft3. In May 2018, PHCbi, with its distributor, SIFO Technology Corporation, introduced its new VIP, TwinGuard Deep Freezers, at Kaohsiung International Instruments & Chemtech Expo. Similarly, other technologies such as unique default passwords for smart freezers, shared freezers, solid-state cooling, 2D barcode systems, and mobile lab freezers are gathering significant attention.
On the contrary, high costs associated with ultra-low temperature freezers hurdles the growth of Europe medical refrigerators market.
Based on temperature control range, the Europe 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 37.7% share of Europe medical refrigerators market in 2023, amassing US$ 471.79 million. It is projected to garner US$ 629.16 million by 2028 to expand at 5.9% CAGR during 2023–2028.
Based on product type, the Europe 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 42.2% share of Europe medical refrigerators market in 2023, amassing US$ 528.31 million. It is projected to garner US$ 668.42 million by 2028 to expand at 4.8% CAGR during 2023–2028.
Based on design type, the Europe 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 47.7% share of Europe medical refrigerators market in 2023, amassing US$ 597.06 million. It is projected to garner US$ 767.66 million by 2028 to expand at 5.2% CAGR during 2023–2028.
Based on end user, the Europe 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 40.5% share of Europe medical refrigerators market in 2023, amassing US$ 506.78 million. It is projected to garner US$ 671.70 million by 2028 to expand at 5.8% CAGR during 2023–2028.
Based on country, the Europe medical refrigerators market is segmented into Germany, France, the UK, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 24.3% share of Europe medical refrigerators market in 2023. It was assessed at US$ 304.43 million in 2023 and is likely to hit US$ 391.74 million by 2028, exhibiting a CAGR of 5.2% during the forecast period.
Key players profiles in the Europe medical refrigerators market report FOLLETT LLC, Godrej & Boyce Manufacturing Co Ltd, Haier Biomedical, Helmer Scientific Inc., Lec Medical, PHC Holdings Corporation, Philipp Kirsch GmbH, Thermo Fisher Scientific Inc, and Vestfrost Solutions, among others.
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