The global pharmacy refrigerators market is projected to experience significant growth over the next decade, with market value expected to increase from USD 552.3 million in 2022 to USD 1,027 million by 2032. This represents a compound annual growth rate (CAGR) of 5.8% during the forecast period.
This growth is driven by the rising demand for reliable and efficient storage solutions for pharmaceuticals and vaccines, ensuring the safety and efficacy of temperature-sensitive medications. Pharmacy refrigerators play a crucial role in maintaining optimal storage conditions and compliance with regulatory standards.
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 pharma refrigerators market. The pandemic as well as the post-pandemic era saw 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 market. Also, the number of end-consumers preferring refurbished equipment is on the rise. This is another factor hampering the Pharmacy Refrigerators market.
Future market Insights has entailed these facts with insights in its latest market study entitled ‘Pharmacy Refrigerators Market’. 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 upgradation of healthcare infrastructure flowing from all across, the global Pharmacy Refrigerators market is expected to grow on a splendid note in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from 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 growing frequency of chronic diseases herein.
- The Asia-Pacific is expected to grow at the fastest rate in the Pharmacy Refrigerators market 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, did announce launching LyoQuest Arctic (a new-fangled laboratory freeze dryer operating with the help of natural gases.
- B Medical Systems, in January 2020, did announce tabling a novel medical refrigerator production facility.
- Lec Medical has its Control Plus. IT comes across as a novel range of pharmacy refrigeration measuring fridge’s 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 addressing concerns related to patient sample, medication, blood, and storage of vaccines.
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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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
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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