CHICAGO, Aug. 20, 2019 /PRNewswire/ -- According to the new market research report "Medical Refrigerators Market by Product Type, End Use (Blood Banks, Pharmaceutical Companies, Hospitals, & Pharmacies, Research Institutes, Medical Laboratories, and Diagnostic Centers), Region - Global Forecast to 2024", published by MarketsandMarkets™, the Medical Refrigerators Market is projected to grow from USD 3.3 billion in 2019 to USD 4.2 billion by 2024, at a CAGR of 5.3% from 2019 to 2024.
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The blood banks segment is projected to lead the market during the forecast period.
Based on end use, the blood banks segment is estimated to account for the largest market share, in terms of both value and volume, from 2019 to 2024. Apart from blood banks, the end uses for medical Refrigerators include hospitals, pharmacies, research institutes, and pharmaceutical companies. Increase in geriatric population and high demand for safe blood due to the high prevalence of transfusion transmissible infections, such as HIV and hepatitis B, across the globe is driving the growth of the blood banks segment. Furthermore, a surge in the prevalence of hematological diseases and the rise in accident cases are leading to the rise in demand for blood transfusion procedures, which subsequently drive the growth of the blood banks segment.
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The blood bank refrigerators & plasma freezers segment is projected to lead the market from 2019 to 2024.
Among product types, the blood bank refrigerators & plasma freezers segment, in terms of both value and volume, during the forecast period. Blood bank refrigerators & plasma freezers are extensively used for the safe storage of fresh frozen plasmas, red blood cells, cryoprecipitate and platelet concentrates, whole blood, and blood components and reagents, among various other applications.
The market in the Middle East & Africa is projected to grow at the highest rate during the forecast period.
Based on region, the Middle East & Africa medical refrigerators industry is projected to register the highest CAGR, in terms of both value and volume, from 2019 to 2024. Saudi Arabia, Egypt, the UAE, and South Africa are key countries contributing to the increased demand for medical Refrigerators in this region. Factors such as the increasing aging population, growing awareness about healthcare, rising prevalence of chronic diseases, and an increase in discretionary incomes have led to the increased demand for healthcare services in this region. Furthermore, investments by major pharmaceutical companies, coupled with the availability of government funds for promoting R&D activities in this region, are driving the growth of the laboratory freezers market in the Middle East & Africa.
Thermo Fisher Scientific Inc. (US), Blue Star Limited (India), Helmer Scientific (US), Vestfrost Solutions (Denmark), Felix Storch, Inc. (US), Philipp Kirsch GmbH (Germany), Haier Biomedical (China), Follett LLC (US), PHC Holdings Corporation (Japan), LEC Medical (United Kingdom), and Zhongke Meiling Cryogenics Company Limited (China) are some of the leading players operating in the Medical Refrigerators Market. These players have adopted various growth strategies, such as new product launches, expansions, acquisitions, new product developments, collaborations, partnerships, and agreements, to enhance their position in the market.
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