The countertop medical refrigerators segment by design type is estimated to lead the market growth during the forecast period.
According to a new market research study of “Asia Pacific Medical Refrigerators Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product Type, Design Type, Door Type, Temperature Control Range, End-user, and Country.” The Asia Pacific medical refrigerators market is expected to reach US$ 1,135.45 million by 2028 from US$ 729.10 million in 2021; it is estimated to grow at a CAGR of 5.8% from 2021 to 2028. The report highlights trends prevailing in the Asia Pacific medical refrigerators market and the factors driving market along with those that act as hindrances.
The Asia Pacific medical refrigerators market, by design type, is segmented into explosion-proof refrigerators, undercounter medical refrigerators, countertop medical refrigerators, and flammable material storage refrigerators. The countertop medical refrigerators segment held the largest share of the market in 2020. However, the undercounter medical refrigerators segment is anticipated to register the highest CAGR in the market during the forecast period. The healthcare sector is currently witnessing massive developments that accelerate 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. For instance, in July 2018, PHC Corporation launched the VIP ECO series of new -85°C ultralow-temperature freezers in the Japanese market. These freezers, including models MDF-DU702VHS1-PJ and DU502VHS1-PJ (single-phase 100V), use natural refrigerants and new inverter compressors, and they are mainly designed for pharmaceutical companies, research, and medical institutions. 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. Pharmaceutical companies are focussing 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. Thus, the growing R&D efforts to introduce new drug compounds are highlighting the need of reliable storage facilities, which drives the medical refrigerators market growth.
Countries in the Asia Pacific are facing challenges due to failure to control the spread of COVID-19 for long terms. As a result, researchers have shifted their focus toward exploring possible treatment options along with determining the potential of existing treatment options. In addition, the COVID-19 vaccination drives have been started in the region, which is demanding an efficient cold storage infrastructure for the proper management of these programs. The ultralow-temperature freezers are suitable for the storage and handling of mRNA-based vaccines that are being administered in the region. To meet the surge in demands, manufacturers have scaled up the production of medical refrigerators.
The market growth is attributed to factors such as increasing demand for blood and blood components, technological advancements in medical refrigerators, and growing R&D activities to introduce new drug compounds. However, growing use of refurbished equipment and high costs associated with ultralow-temperature freezers restrict the market growth.
THERMO FISHER SCIENTIFIC INC. Philipp Kirsch GmbH, Godrej & Boyce Manufacturing Company Limited, Haier Group Corporation, Vestfrost Solutions, PHC Holdings Corporation, Blue Star Limited and FOLLETT LLC are among the leading companies operating in the Asia Pacific medical refrigerators market.
The Asia Pacific medical refrigerators market, by design type, is segmented into explosion-proof refrigerators, undercounter medical refrigerators, countertop medical refrigerators, and flammable material storage refrigerators. The countertop medical refrigerators segment held the largest share of the market in 2020. However, the undercounter medical refrigerators segment is anticipated to register the highest CAGR in the market during the forecast period. The healthcare sector is currently witnessing massive developments that accelerate 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. For instance, in July 2018, PHC Corporation launched the VIP ECO series of new -85°C ultralow-temperature freezers in the Japanese market. These freezers, including models MDF-DU702VHS1-PJ and DU502VHS1-PJ (single-phase 100V), use natural refrigerants and new inverter compressors, and they are mainly designed for pharmaceutical companies, research, and medical institutions. 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. Pharmaceutical companies are focussing 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. Thus, the growing R&D efforts to introduce new drug compounds are highlighting the need of reliable storage facilities, which drives the medical refrigerators market growth.
Countries in the Asia Pacific are facing challenges due to failure to control the spread of COVID-19 for long terms. As a result, researchers have shifted their focus toward exploring possible treatment options along with determining the potential of existing treatment options. In addition, the COVID-19 vaccination drives have been started in the region, which is demanding an efficient cold storage infrastructure for the proper management of these programs. The ultralow-temperature freezers are suitable for the storage and handling of mRNA-based vaccines that are being administered in the region. To meet the surge in demands, manufacturers have scaled up the production of medical refrigerators.
The market growth is attributed to factors such as increasing demand for blood and blood components, technological advancements in medical refrigerators, and growing R&D activities to introduce new drug compounds. However, growing use of refurbished equipment and high costs associated with ultralow-temperature freezers restrict the market growth.
THERMO FISHER SCIENTIFIC INC. Philipp Kirsch GmbH, Godrej & Boyce Manufacturing Company Limited, Haier Group Corporation, Vestfrost Solutions, PHC Holdings Corporation, Blue Star Limited and FOLLETT LLC are among the leading companies operating in the Asia Pacific medical refrigerators market.
The report segments in Asia Pacific Medical Refrigerators Market as follows:
By Product Type
- 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
- Other
By Design Type
- Explosion-Proof Refrigerators
- Undercounter Medical Refrigerators
- Countertop Medical Refrigerators
- Flammable Material Storage Refrigerators
By Door Type
- Single Door
- Double Door
By Temperature Control Range
- Between 2 and 8
- Between 0 and -40
- Under -40
By End-user
- Hospitals and Pharmacies
- Medical Laboratories
- Blood Banks
- Pharmaceutical Companies
- Research Institutes
- Diagnostic Centers
- Others
By Country
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Reasons to buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific medical refrigerators market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific medical refrigerators market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
Frequently Asked Questions about the Asian Pacific Medical Refrigerators Market
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Who are the key companies in the Asian Pacific Medical Refrigerators Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 173 |
| Published | July 2021 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 729.1 Million |
| Forecasted Market Value ( USD | $ 1135.45 Million |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Asia Pacific |
Table of Contents
1. Introduction
3. Research Methodology
4. Asia Pacific Medical Refrigerators Market - Market Landscape
5. Medical Refrigerators Market - Key Market Dynamics
6. Medical Refrigerators Market - Asia Pacific Analysis
7. Medical Refrigerators Market Analysis - By Product Type
8. Medical Refrigerators Market Analysis - By Design Type
9. Medical Refrigerators Market Analysis - By Door Type
10. Medical Refrigerators Market Analysis - By Temperature Control Range
11. Medical Refrigerators Market Analysis - By End User
12. Medical Refrigerators Market - Asia Pacific Analysis
13. Impact of COVID-19 Pandemic on Asia Pacific Medical Refrigerators Market
14. Medical Refrigerators Market - Industry Landscape
15. Company Profiles
16. Appendix
List of Tables
List of Figures
Companies Mentioned
A selection of companies mentioned in this report includes:
- Thermo Fisher Scientific Inc.
- Philipp Kirsch GmbH
- Godrej & Boyce Manufacturing Company Limited
- Blue Star Limited
- Haier Group Corporation
- Vestfrost Solutions
- PHC Holdings Corporation
- Follett Llc
