The global medical cold storage market size was estimated to be USD 4.56 billion in 2023 and is expected to reach at USD 18.9 billion by 2033 with a CAGR of 13.78% during the forecast period 2023-2033. Growing demand for vaccines & temperature-controlled medications, surge in demand for vaccines & biologics, increasing number of blood donations, rising demand for medical cold storage among the healthcare facilities, growing research & development activities, escalating technological advancements, rising demand for medical cold storage among the healthcare facilities, and increasing introduction of innovative cold storage systems are some of the key factors boosting the market growth.
Increasing introduction of innovative cold storage systems is predicted to boost the market growth during the forecast period. For instance, in February 2023, PHC Corporation of North America has introduced the PHCbi brand VIP ECO® SMART series of ultra-low temperature freezers for the North American and Latin American markets. These freezers are designed for use in various facilities such as medical institutions, universities, and pharmaceutical companies, providing cell preservation and growth products.
By Product, Ultra-low temperature (ULT) freezers was the highest revenue-grossing segment in the global medical cold storage market in 2022 owing to increasing demand to store vaccines, rising research & development activities, surge in development of storage warehouses, rising reliance on temperature-sensitive materials & therapeutics, and increasing launch of new products. For instance, in October 2022, Thermo Fisher Scientific has expanded its environmentally friendly ultra-low temperature (ULT) green portfolio by introducing the Thermo Scientific TDE Series -80°C Chest Freezer. This new freezer utilizes eco-friendly refrigerants and enhanced temperature regulation efficiency, resulting in a significant reduction of approximately 25% in energy consumption compared to the previous model, for most sizes and voltages. Additionally, Blood bank refrigerators is predicted to grow at fastest CAGR during the forecast period owing to the increasing demand for refrigeration facilities by hospitals, & clinics and growing technological advancements.
By Storage, Vaccines was the highest revenue-grossing segment in the global medical cold storage market in 2022 owing to growing vaccination rate for various diseases, rising demand for advanced medications, and increasing initiatives by government & private bodies. For instance, in March 2023, UNICEF has taken measures to maintain the storage quality of vaccines throughout Ukraine by acquiring 26 walk-in cold rooms. These cold rooms will be distributed across 20 oblasts in the country, including the government's central stores. In the initial phase, two walk-in cold rooms have already been set up in Lvivska and Khmelnytska oblasts, providing the capacity to store vaccines for approximately 700,000 children. The installation of the remaining cold rooms is scheduled to be completed within the first half of 2023. Additionally, Blood products is predicted to grow at fastest CAGR during the forecast period owing to the surge in number of specimens & samples in blood banks, hospitals, & other healthcare facilities and increasing technological advancements.
By Technique, Electric refrigeration was the highest revenue-grossing segment in the global medical cold storage market in 2022 owing to increasing consumer awareness, growing development of cutting-edge technologies, and surge in development of hundreds of warehouses with cold chain systems. Additionally, Liquid nitrogen is predicted to grow at fastest CAGR during the forecast period owing to the increasing cryopreservation techniques, rising adoption of advanced technologies, and growing introduction of advanced products. For instance, in June 2023, BioLife Solutions, Inc, has introduced a new addition to its controlled-rate freezer (CRF) product line, the IntelliRate i67C liquid nitrogen (LN2) freezer. With this new tabletop freezer, the company now offers three different form factors in its CRF product range. This expansion comes as a response to the significant customer demand for larger capacity freezers that can accommodate higher volume production of cell therapies.
By End User, Hospitals was the highest revenue-grossing segment in the global medical cold storage market in 2022 owing to growing surgical procedures, rising usage of medications, biologics, & other products, growing number of patient visits, surge in demand for refrigerators for the storage of biological materials, and increasing launch of advanced products. For instance, in March 2023, BioLife Solutions Inc. released the Ultraguard -70o C phase change material accessory, which serves as a backup cooling solution for ultra-low temperature (ULT) freezers and offers an alternative to dry ice for storing biologic materials on benchtops. Additionally, Blood banks is predicted to grow at fastest CAGR during the forecast period owing to the surge in blood donations and growing utilization of blood products in clinical activities & testing.
North America region is anticipated for the highest revenue share during the forecast period owing to the surge in improvement of the warehouse network, increasing financial support for the construction of the logistics infrastructure, rising research & development activities, and growing investment by major market players. For instance, in February 2023, Carrier Global Corporation, a prominent worldwide supplier of sustainable, safe, and intelligent building and cold chain solutions, has recently made a new investment in Ember LifeSciences, a pioneering company in the pharmaceutical cold chain sector, through Carrier Ventures. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing advancements in warehouse management & refrigerated transportation, rising government financial assistance to grow the cold chain sector, surge in technological advancements, and increasing launch of novel products by market players. For instance, in February 2021, Blue Star Limited has unveiled a new collection of commercial refrigeration products and solutions, optimized for vaccine storage purposes. The range includes custom-designed refrigerators and transporters with precise temperature control, essential for establishing a strong vaccine distribution ecosystem in India.
Increasing introduction of innovative cold storage systems is predicted to boost the market growth during the forecast period. For instance, in February 2023, PHC Corporation of North America has introduced the PHCbi brand VIP ECO® SMART series of ultra-low temperature freezers for the North American and Latin American markets. These freezers are designed for use in various facilities such as medical institutions, universities, and pharmaceutical companies, providing cell preservation and growth products.
By Product, Ultra-low temperature (ULT) freezers was the highest revenue-grossing segment in the global medical cold storage market in 2022 owing to increasing demand to store vaccines, rising research & development activities, surge in development of storage warehouses, rising reliance on temperature-sensitive materials & therapeutics, and increasing launch of new products. For instance, in October 2022, Thermo Fisher Scientific has expanded its environmentally friendly ultra-low temperature (ULT) green portfolio by introducing the Thermo Scientific TDE Series -80°C Chest Freezer. This new freezer utilizes eco-friendly refrigerants and enhanced temperature regulation efficiency, resulting in a significant reduction of approximately 25% in energy consumption compared to the previous model, for most sizes and voltages. Additionally, Blood bank refrigerators is predicted to grow at fastest CAGR during the forecast period owing to the increasing demand for refrigeration facilities by hospitals, & clinics and growing technological advancements.
By Storage, Vaccines was the highest revenue-grossing segment in the global medical cold storage market in 2022 owing to growing vaccination rate for various diseases, rising demand for advanced medications, and increasing initiatives by government & private bodies. For instance, in March 2023, UNICEF has taken measures to maintain the storage quality of vaccines throughout Ukraine by acquiring 26 walk-in cold rooms. These cold rooms will be distributed across 20 oblasts in the country, including the government's central stores. In the initial phase, two walk-in cold rooms have already been set up in Lvivska and Khmelnytska oblasts, providing the capacity to store vaccines for approximately 700,000 children. The installation of the remaining cold rooms is scheduled to be completed within the first half of 2023. Additionally, Blood products is predicted to grow at fastest CAGR during the forecast period owing to the surge in number of specimens & samples in blood banks, hospitals, & other healthcare facilities and increasing technological advancements.
By Technique, Electric refrigeration was the highest revenue-grossing segment in the global medical cold storage market in 2022 owing to increasing consumer awareness, growing development of cutting-edge technologies, and surge in development of hundreds of warehouses with cold chain systems. Additionally, Liquid nitrogen is predicted to grow at fastest CAGR during the forecast period owing to the increasing cryopreservation techniques, rising adoption of advanced technologies, and growing introduction of advanced products. For instance, in June 2023, BioLife Solutions, Inc, has introduced a new addition to its controlled-rate freezer (CRF) product line, the IntelliRate i67C liquid nitrogen (LN2) freezer. With this new tabletop freezer, the company now offers three different form factors in its CRF product range. This expansion comes as a response to the significant customer demand for larger capacity freezers that can accommodate higher volume production of cell therapies.
By End User, Hospitals was the highest revenue-grossing segment in the global medical cold storage market in 2022 owing to growing surgical procedures, rising usage of medications, biologics, & other products, growing number of patient visits, surge in demand for refrigerators for the storage of biological materials, and increasing launch of advanced products. For instance, in March 2023, BioLife Solutions Inc. released the Ultraguard -70o C phase change material accessory, which serves as a backup cooling solution for ultra-low temperature (ULT) freezers and offers an alternative to dry ice for storing biologic materials on benchtops. Additionally, Blood banks is predicted to grow at fastest CAGR during the forecast period owing to the surge in blood donations and growing utilization of blood products in clinical activities & testing.
North America region is anticipated for the highest revenue share during the forecast period owing to the surge in improvement of the warehouse network, increasing financial support for the construction of the logistics infrastructure, rising research & development activities, and growing investment by major market players. For instance, in February 2023, Carrier Global Corporation, a prominent worldwide supplier of sustainable, safe, and intelligent building and cold chain solutions, has recently made a new investment in Ember LifeSciences, a pioneering company in the pharmaceutical cold chain sector, through Carrier Ventures. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing advancements in warehouse management & refrigerated transportation, rising government financial assistance to grow the cold chain sector, surge in technological advancements, and increasing launch of novel products by market players. For instance, in February 2021, Blue Star Limited has unveiled a new collection of commercial refrigeration products and solutions, optimized for vaccine storage purposes. The range includes custom-designed refrigerators and transporters with precise temperature control, essential for establishing a strong vaccine distribution ecosystem in India.
Segmentation: Medical Cold Storage Market Report 2022 - 2033
Medical Cold Storage Market Analysis & Forecast by Product 2022 - 2033 (Revenue USD Bn)
- Blood Bank Refrigerators
- Low Temperature Refrigerators
- Low Temperature Freezers
- Ultra-Low Temperature (ULT) Freezers
- Others
Medical Cold Storage Market Analysis & Forecast by Storage 2022 - 2033 (Revenue USD Bn)
- Blood Products
- Vaccines
- Laboratory Specimens
- Medications & Biologics
- Others
Medical Cold Storage Market Analysis & Forecast by Technique 2022 - 2033 (Revenue USD Bn)
- Liquid Nitrogen
- Dry Ice
- Gel Packs
- Electrical Refrigeration
- Others
Medical Cold Storage Market Analysis & Forecast by End-user 2022 - 2033 (Revenue USD Bn)
- Blood Banks
- Academic Institutes & Research Laboratories
- Clinics
- Hospitals
- Pharmacies
- Others
Medical Cold Storage Market Analysis & Forecast by Region 2022 - 2033 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Medical Cold Storage Market: Product Estimates & Trend Analysis
8. Medical Cold Storage Market: Storage Estimates & Trend Analysis
9. Medical Cold Storage Market: Technique Estimates & Trend Analysis
10. Medical Cold Storage Market: End-user Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Medical Cold Storage Market
13. Europe Global Medical Cold Storage Market
14. Asia Pacific Global Medical Cold Storage Market
15. Latin America Global Medical Cold Storage Market
16. MEA Global Medical Cold Storage Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- Alloga
- Lonza
- Cardinal Health
- PHC Corporation
- BioLife Solutions
- Blue Star Limited
- Carrier Global Corporation
- CRS Cold Storag
- Modular Coldrooms
- Glacier Coldrooms UK
- Thermo Fisher Scientific Inc.
- Helmer Scientific Inc
- Roemer Industries
- GATI KAUSAR
- Philipp Kirsch GmbH
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | August 2023 |
| Forecast Period | 2022 - 2033 |
| Estimated Market Value ( USD | $ 4.56 Billion |
| Forecasted Market Value ( USD | $ 18.9 Billion |
| Compound Annual Growth Rate | 13.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
