Pharmacy Refrigerators Market Outlook (2022 to 2032)

The global pharmacy refrigerators market is estimated to be valued at USD 552.3 million in 2022, rising to USD 1,027 million by 2032 with a CAGR of 5.8 percent during the forecast period.

Attributes Details
Pharmacy Refrigerators Market Size (2022) USD 552.3 Million
Pharmacy Refrigerators Market Size (2032) USD 1,027 Million
Pharmacy Refrigerators Market CAGR 5.8%

The rising number of organ transplants due to an increasing burden of chronic diseases is a major factor boosting the adoption of pharmacy refrigerators during the forecast period.

Vaccine developments during the pandemic convinced a huge number of companies to conduct clinical trials and form alliances, which increased the demand for pharmacy refrigerators. Moreover, due to the increased prevalence of blood transfusion, blood banks used to collect, store, and process blood plasma are in great demand, fuelling the pharmacy refrigerators market growth.

The pharmacy refrigerators market share is growing due to increased genomics research efforts and developments in medication research and development. Increased vaccine wastage due to thermal shock, combined with an increase in the number of adverse responses, drive up sales of pharmacy refrigerators.

What are the Key Drivers of the Pharmacy Refrigerators Market?

The increased prevalence of ailments such as anemia and cancer, as well as the increasing number of surgeries, drive up demand for pharmacy refrigerators. Furthermore, the significance of maintaining optimal temperature and hygiene during the storage and transportation of blood and blood components is anticipated to increase the use of pharmacy refrigerators.

Sales of pharmacy refrigerators are projected to be driven by increased technical and financial aid for the upgrading of healthcare infrastructure offered by government and industry actors. Moreover, pharmacy refrigerators reduce the waste of laboratory chemicals, vaccines, and other biological products caused by insufficient storage conditions. Due to increased government monitoring, the implementation of quality management and GLP procedures drives the pharmacy refrigerators market growth.

Due to the ability to use digital locks that control access to only authorized staff, hospitals, clinics, pharmacies, and diagnostic centers the adoption of pharmacy refrigerators is rising.

The ability to protect temperature excursions caused by power outages, improved airflow, accurate temperature, and monitored alarm systems promote pharmacy refrigerator sales. The development of novel and revolutionary medical refrigerators as a result of Research and Development activity is likely to boost the pharmacy refrigerators' market size.

The global pharmacy refrigerators market share is growing due to robust housing and high-quality components that provide dependability and a long economic lifetime. The ability to reduce the risk of bacterial contamination or volatile substance expansion by maintaining stable temperatures is further propelling the demand for pharmacy refrigerators.

What are the factors that Hinder the Pharmacy Refrigerators Market?

The presence of local players offering affordable alternative products in the market negatively affects the sales of pharmacy refrigerators. Furthermore, the lack of awareness regarding the correct usage of storage refrigerators by upcoming healthcare professionals causing biological products to lose value further impedes the pharmacy refrigerators market growth.

The rising trend of using refurbished equipment across the globe is further anticipated to hamper the demand for pharmacy refrigerators during the forecast period. High cost associated with the integration of medical refrigerators including extensive electricity bills hampers the overall pharmacy refrigerators market size

What are the Growth Opportunities the Pharmacy Refrigerators Market?

The rising Research and Development activities to advance the features of reagent storage refrigerators, and government funding to support research activities on the enhancement of medical freezers, are anticipated to boost the pharmacy refrigerators market share.

Considerable improvement and rising success rates in post-transplant outcomes, and promoting organ transplantation are some of the factors propelling the demand for pharmacy refrigerators. Furthermore, the rising number of sports injuries and accidents resulting in the requirement for blood, plasma, and its components is likely to increase the adoption of pharmacy refrigerators.

Several hematological diseases such as hemophilia, blood clots, bleeding disorders, and blood cancers ensuing demand for plasma, promote the pharmacy refrigerators market growth. Moreover, the growing concerns and preparedness for outbreaks of various illnesses and the need for immunization are likely to positively impact the sales of pharmacy refrigerators.

Regional Analysis of the Pharmacy Refrigerators Market

How is the Performance of the North America Pharmacy Refrigerators Market?

Due to the presence of tight guidelines, particularly in the United States, North America accounts for the highest share of the global pharmacy refrigerators market with a revenue of 35%.

High-quality requirements, as well as significant investment in hospital and healthcare infrastructure, are projected to drive up sales of pharmacy refrigerators in this region.

Reduced pharmaceutical and biological component waste, as well as a high priority to improve patient care, are expected to drive the pharmacy refrigerators market expansion.

What is the Growth Outlook for Europe Pharmacy Refrigerators Market?

Europe is the second most dominating region in the pharmacy refrigerators market share with a revenue of 32%.

The rising geriatric population and increasing prevalence of chronic diseases broaden the global pharmacy refrigerators market size. Furthermore, the lack of low-skilled professionals and technologically advanced systems gaining prominence is anticipated to boost the demand for pharmacy refrigerators.

How is the Performance of the Asia Pacific Pharmacy Refrigerators Market?

The Asia Pacific is expected to witness lucrative growth in the pharmacy refrigerators market share. Increasing expenditure on healthcare infrastructure and medical services owing to high economic development in countries such as India, China, and Indonesia is projected to increase the demand for pharmacy refrigerators.

Significant resources invested by governments and private sectors in this region to achieve quality service expand the global pharmacy refrigerators market share.

How is the Start-up Ecosystem in the Pharmacy Refrigerators Market?

The rising demand for pharmacy refrigerators is likely to generate significant possible opportunities for startups in pharmacy refrigerators. Furthermore, manufacturers in the market are focused on Research and Development investment and the introduction of improved plasma freezers in order to expand their product line and global reach.

Vestfrost Solutions, Haier Biomedical, PHCbi, Terumo BCT, etc. are start-up companies that are changing the face of the pharmacy refrigerators market by adopting traditional refrigeration systems, as well as improving them with more innovative solutions - such as natural gas refrigerants, offering 40 to 60 percent lower energy consumption.

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.

Report Scope

Report Attribute Details
Growth Rate CAGR of 5.8% from 2022 to 2032
The base year for estimation 2021
Historical data 2016 to 2021
Forecast period 2022 to 2032
Quantitative units Revenue in USD million and CAGR from 2022 to 2032
Report Coverage Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis,
Segments Covered Temperature, Application, and Region.
Regional scope North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia, and New Zealand
Country scope United States of America, Canada, Mexico, Germany, United Kingdom, France, Italy, Spain, Russia, Belgium, Poland, Czech Republic, China, India, Japan, Australia, Brazi, Argentina, Colombia, Saudi Arabia, UAE, Iran, South Africa
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.
Customization scope Free report customization (equivalent to up to 8 analysts' working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options Avail customized purchase options to meet your exact research needs.

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

Table of Content

  • 1. Executive Summary | Pharmacy Refrigerators Market
  • 2. Market Overview
  • 3. Market Background
  • 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
  • 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product
    • 5.1. Refrigerator
      • 5.1.1. Stand Alone
      • 5.1.2. Portable
    • 5.2. Freezer
      • 5.2.1. Low temperature
      • 5.2.2. Ultra-low temperature
  • 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End User
    • 6.1. Hospitals
    • 6.2. Diagnostic Laboratories
    • 6.3. Contract Research Organizations
    • 6.4. Academic Institutes
  • 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
    • 7.1. North America
    • 7.2. Latin America
    • 7.3. Europe
    • 7.4. Asia Pacific
    • 7.5. Middle East and Africa
  • 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
  • 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
  • 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
  • 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
  • 12. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
  • 13. Key Countries Market Analysis
  • 14. Market Structure Analysis
  • 15. Competition Analysis
    • 15.1. Thermo Fisher Scientific
    • 15.2. Helmer Scientific
    • 15.3. B Medical System
    • 15.4. Philipp Kirsch GmbH
    • 15.5. Haier
    • 15.6. Accucold
    • 15.7. Aegis Scientific
    • 15.8. BioMedical Solutions, Inc.
    • 15.9. Bionics Scientific Technologies (P) Ltd.
    • 15.10. Coldway
  • 16. Assumptions & Acronyms Used
  • 17. Research Methodology

List of Tables

Table 1: Global Market Value (US$ Million) Forecast by Region, 2017 to 2032

Table 2: Global Market Value (US$ Million) Forecast by Product, 2017 to 2032

Table 3: Global Market Value (US$ Million) Forecast by End User, 2017 to 2032

Table 4: North America Market Value (US$ Million) Forecast by Country, 2017 to 2032

Table 5: North America Market Value (US$ Million) Forecast by Product, 2017 to 2032

Table 6: North America Market Value (US$ Million) Forecast by End User, 2017 to 2032

Table 7: Latin America Market Value (US$ Million) Forecast by Country, 2017 to 2032

Table 8: Latin America Market Value (US$ Million) Forecast by Product, 2017 to 2032

Table 9: Latin America Market Value (US$ Million) Forecast by End User, 2017 to 2032

Table 10: Europe Market Value (US$ Million) Forecast by Country, 2017 to 2032

Table 11: Europe Market Value (US$ Million) Forecast by Product, 2017 to 2032

Table 12: Europe Market Value (US$ Million) Forecast by End User, 2017 to 2032

Table 13: Asia Pacific Market Value (US$ Million) Forecast by Country, 2017 to 2032

Table 14: Asia Pacific Market Value (US$ Million) Forecast by Product, 2017 to 2032

Table 15: Asia Pacific Market Value (US$ Million) Forecast by End User, 2017 to 2032

Table 16: Middle East and Africa Market Value (US$ Million) Forecast by Country, 2017 to 2032

Table 17: Middle East and Africa Market Value (US$ Million) Forecast by Product, 2017 to 2032

Table 18: Middle East and Africa Market Value (US$ Million) Forecast by End User, 2017 to 2032

List of Figures

Figure 1: Global Market Value (US$ Million) by Product, 2022 to 2032

Figure 2: Global Market Value (US$ Million) by End User, 2022 to 2032

Figure 3: Global Market Value (US$ Million) by Region, 2022 to 2032

Figure 4: Global Market Value (US$ Million) Analysis by Region, 2017 to 2032

Figure 5: Global Market Value Share (%) and BPS Analysis by Region, 2022 to 2032

Figure 6: Global Market Y-o-Y Growth (%) Projections by Region, 2022 to 2032

Figure 7: Global Market Value (US$ Million) Analysis by Product, 2017 to 2032

Figure 8: Global Market Value Share (%) and BPS Analysis by Product, 2022 to 2032

Figure 9: Global Market Y-o-Y Growth (%) Projections by Product, 2022 to 2032

Figure 10: Global Market Value (US$ Million) Analysis by End User, 2017 to 2032

Figure 11: Global Market Value Share (%) and BPS Analysis by End User, 2022 to 2032

Figure 12: Global Market Y-o-Y Growth (%) Projections by End User, 2022 to 2032

Figure 13: Global Market Attractiveness by Product, 2022 to 2032

Figure 14: Global Market Attractiveness by End User, 2022 to 2032

Figure 15: Global Market Attractiveness by Region, 2022 to 2032

Figure 16: North America Market Value (US$ Million) by Product, 2022 to 2032

Figure 17: North America Market Value (US$ Million) by End User, 2022 to 2032

Figure 18: North America Market Value (US$ Million) by Country, 2022 to 2032

Figure 19: North America Market Value (US$ Million) Analysis by Country, 2017 to 2032

Figure 20: North America Market Value Share (%) and BPS Analysis by Country, 2022 to 2032

Figure 21: North America Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032

Figure 22: North America Market Value (US$ Million) Analysis by Product, 2017 to 2032

Figure 23: North America Market Value Share (%) and BPS Analysis by Product, 2022 to 2032

Figure 24: North America Market Y-o-Y Growth (%) Projections by Product, 2022 to 2032

Figure 25: North America Market Value (US$ Million) Analysis by End User, 2017 to 2032

Figure 26: North America Market Value Share (%) and BPS Analysis by End User, 2022 to 2032

Figure 27: North America Market Y-o-Y Growth (%) Projections by End User, 2022 to 2032

Figure 28: North America Market Attractiveness by Product, 2022 to 2032

Figure 29: North America Market Attractiveness by End User, 2022 to 2032

Figure 30: North America Market Attractiveness by Country, 2022 to 2032

Figure 31: Latin America Market Value (US$ Million) by Product, 2022 to 2032

Figure 32: Latin America Market Value (US$ Million) by End User, 2022 to 2032

Figure 33: Latin America Market Value (US$ Million) by Country, 2022 to 2032

Figure 34: Latin America Market Value (US$ Million) Analysis by Country, 2017 to 2032

Figure 35: Latin America Market Value Share (%) and BPS Analysis by Country, 2022 to 2032

Figure 36: Latin America Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032

Figure 37: Latin America Market Value (US$ Million) Analysis by Product, 2017 to 2032

Figure 38: Latin America Market Value Share (%) and BPS Analysis by Product, 2022 to 2032

Figure 39: Latin America Market Y-o-Y Growth (%) Projections by Product, 2022 to 2032

Figure 40: Latin America Market Value (US$ Million) Analysis by End User, 2017 to 2032

Figure 41: Latin America Market Value Share (%) and BPS Analysis by End User, 2022 to 2032

Figure 42: Latin America Market Y-o-Y Growth (%) Projections by End User, 2022 to 2032

Figure 43: Latin America Market Attractiveness by Product, 2022 to 2032

Figure 44: Latin America Market Attractiveness by End User, 2022 to 2032

Figure 45: Latin America Market Attractiveness by Country, 2022 to 2032

Figure 46: Europe Market Value (US$ Million) by Product, 2022 to 2032

Figure 47: Europe Market Value (US$ Million) by End User, 2022 to 2032

Figure 48: Europe Market Value (US$ Million) by Country, 2022 to 2032

Figure 49: Europe Market Value (US$ Million) Analysis by Country, 2017 to 2032

Figure 50: Europe Market Value Share (%) and BPS Analysis by Country, 2022 to 2032

Figure 51: Europe Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032

Figure 52: Europe Market Value (US$ Million) Analysis by Product, 2017 to 2032

Figure 53: Europe Market Value Share (%) and BPS Analysis by Product, 2022 to 2032

Figure 54: Europe Market Y-o-Y Growth (%) Projections by Product, 2022 to 2032

Figure 55: Europe Market Value (US$ Million) Analysis by End User, 2017 to 2032

Figure 56: Europe Market Value Share (%) and BPS Analysis by End User, 2022 to 2032

Figure 57: Europe Market Y-o-Y Growth (%) Projections by End User, 2022 to 2032

Figure 58: Europe Market Attractiveness by Product, 2022 to 2032

Figure 59: Europe Market Attractiveness by End User, 2022 to 2032

Figure 60: Europe Market Attractiveness by Country, 2022 to 2032

Figure 61: Asia Pacific Market Value (US$ Million) by Product, 2022 to 2032

Figure 62: Asia Pacific Market Value (US$ Million) by End User, 2022 to 2032

Figure 63: Asia Pacific Market Value (US$ Million) by Country, 2022 to 2032

Figure 64: Asia Pacific Market Value (US$ Million) Analysis by Country, 2017 to 2032

Figure 65: Asia Pacific Market Value Share (%) and BPS Analysis by Country, 2022 to 2032

Figure 66: Asia Pacific Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032

Figure 67: Asia Pacific Market Value (US$ Million) Analysis by Product, 2017 to 2032

Figure 68: Asia Pacific Market Value Share (%) and BPS Analysis by Product, 2022 to 2032

Figure 69: Asia Pacific Market Y-o-Y Growth (%) Projections by Product, 2022 to 2032

Figure 70: Asia Pacific Market Value (US$ Million) Analysis by End User, 2017 to 2032

Figure 71: Asia Pacific Market Value Share (%) and BPS Analysis by End User, 2022 to 2032

Figure 72: Asia Pacific Market Y-o-Y Growth (%) Projections by End User, 2022 to 2032

Figure 73: Asia Pacific Market Attractiveness by Product, 2022 to 2032

Figure 74: Asia Pacific Market Attractiveness by End User, 2022 to 2032

Figure 75: Asia Pacific Market Attractiveness by Country, 2022 to 2032

Figure 76: Middle East and Africa Market Value (US$ Million) by Product, 2022 to 2032

Figure 77: Middle East and Africa Market Value (US$ Million) by End User, 2022 to 2032

Figure 78: Middle East and Africa Market Value (US$ Million) by Country, 2022 to 2032

Figure 79: Middle East and Africa Market Value (US$ Million) Analysis by Country, 2017 to 2032

Figure 80: Middle East and Africa Market Value Share (%) and BPS Analysis by Country, 2022 to 2032

Figure 81: Middle East and Africa Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032

Figure 82: Middle East and Africa Market Value (US$ Million) Analysis by Product, 2017 to 2032

Figure 83: Middle East and Africa Market Value Share (%) and BPS Analysis by Product, 2022 to 2032

Figure 84: Middle East and Africa Market Y-o-Y Growth (%) Projections by Product, 2022 to 2032

Figure 85: Middle East and Africa Market Value (US$ Million) Analysis by End User, 2017 to 2032

Figure 86: Middle East and Africa Market Value Share (%) and BPS Analysis by End User, 2022 to 2032

Figure 87: Middle East and Africa Market Y-o-Y Growth (%) Projections by End User, 2022 to 2032

Figure 88: Middle East and Africa Market Attractiveness by Product, 2022 to 2032

Figure 89: Middle East and Africa Market Attractiveness by End User, 2022 to 2032

Figure 90: Middle East and Africa Market Attractiveness by Country, 2022 to 2032

Frequently Asked Questions

How much is the Growth Potential of the Pharmacy Refrigerators Market?

The pharmacy refrigerators market is likely to garner a CAGR of 5.8% by 2032.

What is the Future Outlook for Pharmacy Refrigerators Market?

The market is likely to gather a revenue of about USD 1,027 Million, by 2032.

Which is the Dominant Region in Pharmacy Refrigerators Market?

North America is the leading market for pharmacy refrigerators.

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