The global medical and lab refrigerators market is predicted to record a CAGR of 4.14% during the forecast period, 2021-2028. The growing demand for blood banks due to rising surgery inventions and accidents and increasing blood donations due to awareness initiatives by private companies and government organizations are accredited to market growth.
Medical refrigerators are used to store chemotherapeutics, plasma, vaccines, plasma, blood, and other samples that need rigid temperature control. They are designed to meet the temperature requirements for safe drug storage. In addition, they are considered reliable since they emit less and heat and sound into the room. Also, the growing requirement for plasma has resulted in an increased need for plasma refrigerators and freezers at blood banks.
Further, the rising number of accidents and surgical interventions like organ, bone marrow transplants, cancer, nephrology, dialysis, general surgery, and cardiovascular surgery has led to increased demands for blood components. This further propels the demand for medical and laboratory refrigerators. For instance, as per the American Cancer Society (ACS), almost 1.7 million people were diagnosed with cancer in 2017. As a result, some needed blood during chemotherapy.
Moreover, the lack of timely access to safe blood transfusion has increased the demand for blood banks with the availability of secure, real-time, and efficient blood units. Thus, several organizations are involved in launching innovative product solutions in the market. However, the market growth is restricted by high costs and a preference for refurbished equipment.
The global medical and lab refrigerators market growth assessment includes the regional analysis of Europe, Asia-Pacific, North America, and Rest of World. North America is witnessing rising investments in research activities for disease treatment and is hence, the dominating region in the global market with the highest revenue share.
The market rivalry is attributed to the highly fragmented market. Several global vendors offer a vast portfolio of branded products. Blue Star Limited, Godrej & Boyce Manufacturing Company Limited, Felix Storch Inc, Follett Llc, etc., are among the key players in the market.
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