New York, Oct. 14, 2021 (GLOBE NEWSWIRE) -- The new research study on the Medical Refrigerators Market Size and Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Laboratory Refrigerators & Freezers, Chromatography Refrigerators & Freezers, Ultralow-Temperature Freezers, Blood Bank Refrigerators & Plasma Freezers, Cryogenic Storage Systems, Pharmacy Refrigerators & Freezers, Enzyme Refrigerators & Freezers, Hospital Refrigerators & Freezers, Shock Freezers, and Others), Design Type (Explosion-Proof Refrigerators, Undercounter Medical Refrigerators, Countertop Medical Refrigerators, and Flammable Material Storage Refrigerators), Door Type (Single Door and Double Door), Temperature Control Range (Between 2 and 8, Between 0 and -40, and Under -40), and End User (Hospitals and Pharmacies, Medical Laboratories, Blood Banks, Pharmaceutical Companies, Research Institutes, Diagnostic Centers, and Others), Volume (Below 50 Lts, 50-200 Lts, 200-400 Lts, 400-600 Lts, 600 Lts and above), and Geography with COVID-19 Impact and Global Analysis available at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00006857
Medical Refrigerators Market: Competition Landscape and Key Developments
Thermo Fisher Scientific Inc., Philipp Kirsch GmbH, Godrej & Boyce Manufacturing Company Limited, Haier Group Corporation, Blue Star Limited, Helmer Scientific Inc., Vestfrost Solutions, PHC Holdings Corporation, FOLLETT LLC, and Lec Medical are among the key companies operating in the medical refrigerators market. Leading players focus on expanding as well as diversifying their market presence and acquiring new customer base, thereby tapping prevailing business opportunities.
In December 2020, Tobin Scientific and PHCbi collaborated on solution for regional distribution of COVID-19 vaccine to address ultra-low temperature requirements. In April 2020, Thermo Fisher Scientific had signed a partnership agreement with DKSH to distribute its Revco RDE Series Ultra Low Temperature (ULT) freezers. This agreement is mainly focused on clinical sector. In December 2020, Follett LLC had announced the expansion of its manufacturing facilities in Forks Township. A $12 million, 90,000 square foot addition will bring the total manufacturing and office space under roof to approximately 250,000 square feet. The expansion and related investments are expected to be complete by mid-2021. In July 2019, PHC Corporation had acquired anatomical pathology business from Thermo Fisher Scientific, Inc. and established Epredia brand that offers diagnostic solutions including microtomes.
In North America, the U.S. is the largest market for medical refrigerators. The region is expected to witness a consistent growth owing to factors such as rising research activities for the treatment of diseases, increasing occurrence of chronic and infectious diseases, and the replacement of older medical refrigerators with newer and more advanced energy-efficient cold storage device. The Asia Pacific region is expected to account for the fastest growth in the medical refrigerators market. In India and China, the market is expected to grow rapidly owing to factors such as the research activities & pharmaceutical manufacturing and increasing investments by leading players and respective government agencies in emerging APAC countries.
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There has been a vast increase in clinical trials in the last 10 years. In August 2019, the US Food and Drug Administration (FDA) announced 12 new clinical trial research grants for principal investigators from academia and industry across the country. Thus, it plans to grant more than US$ 15 million over the next four years to enhance the development of medical products for patients with rare diseases. The FDA awarded these grants through the Orphan Products Clinical Trials Grants Program, funded by the Congress to encourage clinical development of drugs, biologics, medical devices, and medical food for the treatment of rare diseases. The grants are further intended to substantially contribute to the marketing approval of rare disease treatment products or to provide essential data needed for the development of such products. For more than 35 years, the FDA has been providing much-needed financial support for clinical trials of potentially life-changing treatments for patients with rare diseases. To date, the Orphan Products Clinical Trials Grants Program’s grants have supported research that led to the marketing approval of more than 60 treatments for rare diseases.
Vaccine development to fight COVID-19 pandemic is picking up pace with a large number of companies starting clinical trials and forming collaborations to ensure rapid growth and sufficient production capacity. The US government provided US$ 483 million in funds for the COVID-19 vaccine trials of Moderna Inc. The UK government has committed to provide £84 million in funding along with facilitating manufacturing support to researchers working on the COVID-19 vaccine programs. Additionally, the European Commission has been funding projects to develop vaccines, treatments, and diagnostics via grants from Horizon 2020 and the Innovative Medicines Initiative (IMI); the commission has announced up to USD 50 million in public grants.
Hence, government funding for supporting research activities and clinical trials would boost the adoption of ULT freezers for the preservation of samples as well as substances derived from human cells, which are susceptible to temperature change and are most often stored at temperature ranging from -70°C to -90°C.
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Medical Refrigerators Market: Segmental Overview
Based on product type, the market is further segmented into laboratory refrigerators and freezers, chromatography refrigerators and freezers, ultra-low-temperature freezers, blood bank refrigerators and plasma freezers, cryogenic storage systems, pharmacy refrigerators and freezers, enzyme refrigerators and freezers, hospital refrigerators and freezers, shock freezers, and other. The blood bank refrigerators and plasma freezers segment is expected to account for a larger market share in 2020. It is further expected to register a higher CAGR in the market during 2020–2028. Based on design type, the market is further segmented into explosion-proof refrigerators, undercounter medical refrigerators, countertop medical refrigerators, and flammable material storage refrigerators. The countertop medical refrigerators segment led the market in 2020 with a market share of 47.50%, and it is expected to retain its dominance during the forecast period. Based on door type, the medical refrigerators market is segmented into single door, and double door. The double door segment would hold the largest market share in 2021. However, the market for single door segment is expected to grow at a CAGR of 6.2% during the forecast period. Based on temperature control range, the market is further segmented into between 2 and 8, between 0 and -40, and under -40. The between 2 and 8 segment led the market in 2020 with a market share of 54.03%, and it is expected to retain its dominance during the forecast period. Based on end user, the medical refrigerators market is segmented into hospitals and pharmacies, medical laboratories, blood banks, pharmaceutical companies, research institutes, diagnostic centers, and others. The blood banks segment would hold the largest market share in 2020. Also, the same segment is anticipated to register the highest CAGR of 7.0% in the market during the forecast period. Based on volume, the medical refrigerators market is segmented into below 50 Lts, 51-200 Lts, 201-400 Lts, 401-600 Lts, and 601 Lts and above. The 51-200 Lts and above segment would hold the largest market share in 2020. However, the market for the 601 Lts and above segment is expected to grow at a CAGR of 6.0% during the forecast period.
The COVID-19 virus outbreak was first detected in Wuhan (China) in December 2019, and it has since spread to over 100 countries, prompting the World Health Organization (WHO) to declare it a public health emergency. The global impacts of COVID-19 are being felt across several markets. Market players focusing on fulfilling the requirements in the pandemic. For instance, In December 2020, Danby Appliances, one of North America’s leading manufacturers and distributors of compact appliances, announced its efforts to once again assist in the fight against COVID-19 by producing a new line of -122.8°F (-80°C) freezers. With the recent development of COVID-19 vaccinations going to trial, several vaccine candidates, including Pfizer and Moderna, have disclosed the requirement for the vaccine storage to be at low temperatures.
The rapid growth of COVID-19 cases in Europe has had a major impact on the European economy. Spain, Italy, Germany, France, and the United Kingdom are among the European countries most affected. Moreover, In January 2021, The UK Government has set a target to give the first dose of the COVID-19 vaccine to 15 million people in four key groups by mid-February. The success of this huge immunization program will need to be bolstered by a strong and sustainable cold chain. Countries in the Asia Pacific are facing challenges due to increasing incidences of COVID-19. The COVID-19 pandemic has put a major strain on the health systems of many countries around the world. Testing capacity in many Asia Pacific countries was limited and of low quality in the initial days of the pandemic, which led to a surge in the COVID-19 cases. However, many countries, such as South Korea, Japan, and Singapore, were efficiently contained the situation through robust tracking and testing. The restrictions imposed by countries in response to the recent COVID-19 outbreak have impacted ongoing clinical research.
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In December 2020, Godrej Appliances ramped up its medical refrigerator production capacity for the COVID-19 vaccine cold chain in India. The company has a range of vaccine refrigerators that operate in the precise temperature band of 2-8°C and now, also offers advanced medical freezers with cooling up to -20°C. Godrej Appliances has already ramped up medical refrigerator production capacity from 10,000 units per annum to 35,000 units per annum to meet the growing demand. The brand has received multiple orders worth Rs 150 crore from the central government, various state governments, and international aid bodies for COVID-19 vaccine storage. The COVID-19 vaccination drive will lead to an up to 40% increase in revenues from medical refrigeration equipment for Godrej & Boyce in FY21. Therefore, the factors mentioned above are providing growth prospects for the market in the coming years.
Economic uncertainties and ongoing conflicts are worsening the condition in the Middle East and Africa. For instance, countries such as Syria, Libya, and Yemen are suffering violent conflict and cannot implement any public health measures. Iran was in deep economic recession due to the US sanctions. Also, the major source of economic stabilization in Middle East countries is oil production and export. However, the recent pandemic is causing turbulence to the economies of the Middle East region. The COVID-19 pandemic presented numerous impacts on health systems, social life, and human behavior worldwide. It remains a challenge for local communities. In Brazil, a decrease in the number of treated patients was observed in the medical refrigerators department despite efforts to keep the treatment routine as normal as possible. Nevertheless, a higher decrease in the total number of sessions was detected, indicating a smaller number of fractions/patients overall. The market players in the Brazil adopting organic and inorganic developmental strategies for market growth. For instance, Biotecno a brazil-based company donated an intelligent conservation chamber to the Covid-19 treatment sector at Hospital Vida & Saúde, Dom Bosco Unit. The company's headquarters city, Santa Rosa, RS, receives this important reinforcement in its health system at the most critical moment of the pandemic.
Key Questions to Request for Medical Refrigerators Market:
- What is medical refrigerator?
- What are the driving factors for the medical refrigerators market across the globe?
- What is the market CAGR value of medical refrigerators market during forecast period?
- Which product type led the medical refrigerators market?
- Which design type held the largest share in the medical refrigerators market?
- Which door type held the largest share in the medical refrigerators market?
- Which temperature control range held the largest share in the medical refrigerators market?
- Which end-user held the largest share in the medical refrigerators market?
- Which volume held the largest share in the medical refrigerators market?
- Who are the key players in the medical refrigerators market?
- Which are the top companies that hold the market share in medical refrigerators market?
- Which region is expected to witness significant demand for medical refrigerators market in the coming years?
- What is the COVID 19 impact on the medical refrigerators market in the coming years?
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