The global medical refrigerators market is likely to observe increasing demand due to rising occurrence of chronic disorders including infectious diseases. Better ventilation is encouraged, accurate alarm systems and temperature are monitored, and a dependable cold-chain for biologics is made feasible. Biological products are also safeguarded from temperature excursions caused by power outages. In order to limit access to just authorized staff, they can also utilize digital locks, which is one of the new trends in medical refrigeration. The global market for medical and lab refrigerators is being driven by an increase in demand from clinics, pharmacies, hospitals, and diagnostic centers for safe blood derivative and blood storage. Medical refrigerators for vaccine storage are also gaining momentum, particularly at tge backdrop of Covid-19 outbreak.
Additionally, more than 1.6 million individuals suffer from cancer or an associated illness, and the cost of treatment increased to US$ 174 Bn by 2020, as per the CDC. As a consequence, as the prevalence of different chronic conditions grows, so does the need for biological products, blood transfusions, and also DNA-based medicines. Blood transfusions are another method of treating hypovolemic or hemorrhagic shock. The incidence of traumatic and fatal accidents, as well as hematological illnesses, has increased, thereby raising the need for blood products and commercial medical refrigeration products.
Increasing in Traffic and Traumatic Accidents to Fuel Growth of the Global Market
The market for medical refrigerators is being driven by the increasing use of these systems to preserve the quality of blood and plasma products. Advances in transfusion medicine have widened the medical refrigeration market companies by raising physicians’ as well as healthcare professionals’ knowledge of GMP for fresh frozen plasmas. The treatment of hypovolemic/hemorrhagic shock also involves blood transfusion. The use of blood products has increased as a result of rising rates of hematological illnesses and traumatic and traffic injuries.
Medical refrigerators are increasingly being used to store insulin, chemotherapy medications, and a variety of topical medicines, which is likely to boost the market’s revenue streams. The demand has also increased because to the expanding usage of these in the treatment of severe hypoglycemia. In order to guarantee the safety of medication storage, developing countries are eager to implement innovative medical refrigeration technology for the cold chain.
In order to introduce technologically advanced solutions in the global medical refrigerators market, biotech manufacturers are continuously improving used materials, storage capacity, and sensors. Modern technologies assist market players in meeting the strict guidelines for protecting the integrity of items in medical and pharmaceutical industries. Leading companies are putting their efforts on the development of advanced innovative technologies or systems to adapt to the shifting regulatory conditions.
There are several players who provide visual displays and include user-friendly online interfaces. In order to improve functioning, several medical refrigerator manufacturers have developed low and ultra-low temperature settings as well as data collection and management systems.
North America to Dominate the Global Market due to Advancements in Pharmaceutical and Biotechnology Industries
With regard to revenue share, the North America region is likely to dominate the global Medical Refrigeration market. The region’s rapid expansion is attributed to higher R&D expenditure as well as advancements in the pharmaceutical and biotechnology industries. Growing use of biomedical freezers and refrigerators as well as growing cancer rates in the US is likely to help the regional market grow. In 2018, there were 599,265 cancer-related fatalities and 1,708,921 new cancer diagnoses in the US, as per the CDC. Furthermore, the number of diagnostic labs, pharmacies, and blood banks nationwide is expanding quickly. In addition to that, the global medical refrigeration market is likely to make gains from the existence of major medical refrigeration companies in the US.
Additionally, a high growth rate is anticipated for the Asia Pacific region in the overall market owing to the advancements of technology and growing interest in people’s cleanliness and health. A number of firms are moving their manufacturing operations to the Asia Pacific region, where labor is more affordable and skilled, making it the regional category one of the rapidly growing ones. In emerging nations like China and India, the market for medical refrigerators is predicted to rise quickly given the increasing need for them.