The global pharmacy refrigerators market is set for substantial growth over the next decade, with an estimated valuation of USD 552.3 million in 2022. By 2032, the market is projected to rise to USD 1,027 Million, reflecting a steady compound annual growth rate (CAGR) of 5.8% during the forecast period.
Pharmacy refrigerators, essential for the storage of temperature-sensitive medical products such as vaccines, medications, and biological samples, are witnessing increased demand globally. Factors driving this growth include the expansion of the pharmaceutical and biotechnology sectors, the rising prevalence of chronic diseases, and the need for reliable cold storage solutions in healthcare facilities.
As healthcare providers prioritize product efficacy and safety, the demand for advanced refrigeration technologies continues to grow. The pharmacy refrigerators market is poised to benefit from ongoing innovations and stricter regulations regarding the storage of pharmaceuticals.
With the growing frequency of organ transplants in the wake of increasing incidences of chronic diseases, the global Pharmacy Refrigerators market is bound to grow on an unstoppable note in the near future.
Besides, there is a steep increase in research efforts related to genomics along with medication-related research. Thermal shock does result in wastage of vaccines as well. These are the other factors driving Pharmacy Refrigerators market and the scenario is expected to remain unchanged even in the forecast period.
Additionally, optimal temperature as well as hygiene need to be maintained during 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
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 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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