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.
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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.
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
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.
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.
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.
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.
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.
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:
| 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. |
The pharmacy refrigerators market is likely to garner a CAGR of 5.8% by 2032.
The market is likely to gather a revenue of about USD 1,027 Million, by 2032.
North America is the leading market for pharmacy refrigerators.
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Pharmacy Refrigerators Market
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