The global pharmacy refrigerators market is experiencing significant growth, with an estimated valuation of US$ 552.3 million in 2022. This value is projected to nearly double, reaching US$ 1,027 million by 2032, driven by a steady CAGR of 5.8% during the forecast period from 2022 to 2032.
Pharmacy refrigerators are essential for storing temperature-sensitive medical products such as vaccines, biologics, and medications, ensuring their efficacy and safety. The increasing prevalence of chronic diseases, the rising demand for immunization programs, and advancements in biopharmaceuticals are fueling the need for reliable cold storage solutions, propelling the growth of the pharmacy refrigerators market.
Market Drivers:
- Rising Immunization Programs: Global efforts to combat infectious diseases through vaccination are increasing the demand for pharmacy refrigerators capable of maintaining precise temperature control.
- Growth in Biopharmaceuticals: The growing production and use of biologics, which require stringent storage conditions, are boosting market expansion.
- Healthcare Infrastructure Development: Investments in healthcare infrastructure, particularly in emerging markets, are driving the adoption of advanced pharmacy refrigeration systems.
- Technological Advancements: Innovations such as energy-efficient models and IoT-enabled temperature monitoring are enhancing the functionality of pharmacy refrigerators.
A Full Report Overview – https://www.futuremarketinsights.com/reports/pharmacy-and-reagent-storage-refrigerators-market
Key Takeaways:
- The pharmacy refrigerators market is expected to grow from US$ 552.3 million in 2022 to US$ 1,027 million by 2032, with a CAGR of 5.8%.
- Increasing reliance on temperature-sensitive medications and vaccines is a primary driver of market growth.
- Technological advancements, including smart refrigeration systems, are enhancing operational efficiency and monitoring capabilities.
- Expanding healthcare and pharmaceutical sectors in emerging economies are contributing to rising demand for pharmacy refrigerators.
As the healthcare industry continues to advance, the pharmacy refrigerators market will play a crucial role in supporting medical breakthroughs and ensuring the safe storage of life-saving treatments.
Regional Insights
- The market is expected to show significant growth across various regions, particularly in North America and Europe, where there is a high demand for advanced healthcare solutions and stringent regulatory frameworks.
Challenges
- High Initial Costs: The cost associated with purchasing and maintaining advanced pharmacy refrigeration systems may be a barrier for some smaller pharmacies or healthcare facilities.
- Market Competition: Intense competition among manufacturers can lead to pricing pressures, affecting profit margins.
What is the Competitive Landscape of the Pharmacy Refrigerators Market?
Key market players are attempting to enhance laboratory pharmaceutical quality control and raise standards, which is fuelling the use of pharmacy refrigerators.
Some of the key participants of the pharmacy refrigerators market are 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.
Safety and proper care for blood and plasma surge technological developments in manufacturing medical refrigerators, which key players are bringing to the forefront.
Some of the recent developments in the pharmacy refrigerators market are:
- In June 2015, Godrej Appliances launched medical refrigerators with Sure Chill technology for providing precise cooling solutions for vaccines and blood, despite long power outages.
- In August 2017, Thermo Fisher Scientific Inc. acquired Patheon NV, a leading contract development and manufacturing organization (CDMO) serving the pharmaceutical and biotechnology sectors.
- In November 2018, Lec Medical launched Control Plus – a new range of medical refrigeration that measures the core temperature of the fridge and the vaccine itself.
- In January 2020, the opening of a new medical refrigerator manufacturing facility in India was announced by B Medical Systems.
- In March 2020, Azbil Corporation subsidiary company Telstar announced the launch of LyoQuest Arctic, a new laboratory freeze dryer operating with natural gases.
Key companies profiled
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.
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
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author By:
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 areas such as 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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