The global Pharmacy Refrigerators Industry exhibited a value of US$ 552.3 Million in 2022, and it’s poised for remarkable growth, projected to soar to US$ 1.03 Billion by 2032, marking an impressive CAGR of 5.8% during the 10 years.
In an era marked by an escalating prevalence of chronic diseases and a surge in organ transplant procedures, the Pharmacy Refrigerators industry is on an inexorable trajectory toward expansion.
Furthermore, the intensification of genomics and pharmaceutical research activities has created an additional impetus for market growth. The imperative need to mitigate thermal shock, which leads to vaccine wastage, also contributes significantly to the industry’s momentum.
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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 industry 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 Pharmacy Refrigerators industry.
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 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 Industry
- 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 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.
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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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