The Pharmacy Refrigerators Market is on track for a significant surge, driven by the ever-increasing need for safe and secure storage of medications. According to a recent industry analysis, the market, valued at US$552.3 million in 2022, is projected to reach a staggering US$1.03 billion by 2032. This translates to a robust Compound Annual Growth Rate (CAGR) of 5.8%, indicating a promising trajectory for the next decade.
The pharmacy refrigerator market is expanding at an uncontrollable rate in a period where chronic illnesses are getting more common and organ transplant operations are becoming more common. The acceleration of pharmaceutical and genetic research operations is driving this rise and giving the sector more momentum.
One of the critical driving factors behind this surge is the industry’s response to the imperative need to mitigate thermal shock, a phenomenon that often leads to vaccine wastage. As the world grapples with the challenges of vaccine distribution and storage, pharmacy refrigerators play a pivotal role in maintaining the efficacy of vital medications.
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Additionally, optimal temperature, as well as hygiene, need to be maintained during the transportation and storage of blood as well as blood components. Pharmacy Refrigerators also guide against power outages and are built with alarm systems.
Hematological diseases like blood clots, hemophilia, blood cancers, and bleeding disorders are asking for plasma; thereby promulgating the growth of the pharma refrigerators market. The pandemic as well as the post-pandemic era saw the Pharmacy Refrigerators Market grow at an exponential rate and the trend still continues. This could be attributed to the preventive measures taken in the form of vaccines and medications being stored.
At the same time, the fact that local players are floating affordable alternative products can’t be ignored. This factor could restrain the Pharmacy Refrigerators industry. Also, the number of end-consumers preferring refurbished equipment is on the rise. This is another factor hampering the Global Pharmacy Refrigerators Industry.
Future Market Insights has entailed these facts with insights in its latest market study entitled ‘Global Pharmacy Refrigerators Industry’. It has its team of analysts and consultants to deploy a 360-degree approach in its primary, secondary, and tertiary modes of research.
“With financial and technical aid regarding the upgradation of healthcare infrastructure flowing from all across, the global Pharmacy Refrigerators industry is expected to grow on a splendid note in the forecast period”, says an analyst from Future Market Insights.
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Key Takeaways from the Pharmacy Refrigerators Market
- North America holds the largest market share with The US being subject to sizable investment in healthcare and hospital infrastructure. Plus, reduction in biological and pharmaceutical component waste is on the anvil.
- Europe holds the second-largest market share with Germany leading from the front. This could be credited to the growing frequency of chronic diseases herein.
- The Asia-Pacific is expected to grow at the fastest rate in the Global Pharmacy Refrigerators Industry going forward. This could be reasoned with Indonesia, China, and India witnessing a noticeable increase in demand for these refrigerators.
Competitive Refrigerators
- Azbil Corporation, in March 2020, announced the launch of LyoQuest Arctic (a new-fangled laboratory freeze dryer operating with the help of natural gases.
- B Medical Systems, in January 2020, announced tabling a novel medical refrigerator production facility.
- Lec Medical has its Control Plus. It comes across as a novel range of pharmacy refrigeration measuring fridges as well as vaccine’s core temperature.
- Helmer Scientific, in August 2019, came up with professional medical refrigerators abreast with OptiCool cooling technology in its line of GX Solution Refrigerators.
- Helmer Scientific, in March 2021, put forth its very first medical-grade refrigerators containing OptiCool cooling system. The basic purpose is to address concerns related to patient samples, medication, blood, and storage of vaccines.
Pharmacy Refrigerators Market Major Players:
Thermo Fisher Scientific, Helmer Scientific, B Medical System, Philipp Kirsch GmbH, Haier, Accucold, Aegis Scientific, BioMedical Solutions, Inc., Bionics Scientific Technologies (P) Ltd., Coldway and others
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Pharmacy Refrigerators Market Key Segments:
By Temperature:
- 2° to 6°
- 2° to 8°
- 2° to 12°
- 2° to 20°
- 20° to -4°
- 25° to -10°
- Up to -90°
By Application:
- Hospitals
- Pharmacies
- Diagnostic Centers
- Laboratories
- Blood Banks
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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