Vaccine Storage Medical Refrigerators Market Size, Share, Growth, and Industry Analysis, By Type (Common Indoor Type, Cold Chain Type), By Application (Hospitals, Epidemic Prevention Station, Others) and Regional Forecast to 2032

Updated On: 29 April 2024

VACCINE STORAGE MEDICAL REFRIGERATORS MARKET REPORT OVERVIEW

The global vaccine storage medical refrigerators market size was USD 132.6 million in 2022 and the market is projected to touch USD 164.9 million by 2029 at a CAGR of 3.1% during the forecast period.

Medical refrigerators for vaccine storage are specially designed refrigerators used to store vaccines and other temperature-sensitive medical products. These refrigerators are equipped with features such as precise temperature control, alarms and data collection systems to ensure the integrity and effectiveness of vaccines.

The outlook for the vaccine storage market is very positive. As vaccine programs expand globally, there is an increasing demand for reliable and efficient vaccine storage solutions. In addition, increasing use of vaccines to prevent various diseases is also influencing the market growth. The growth of the global vaccine refrigerators sales market is mainly driven by some factors such as vaccine research and increased public awareness about the vaccine program. In addition, technological advancements in the healthcare industry and increased R&D expenditure will significantly boost the growth of the market.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The biomedical refrigerators and freezers market has been positively affected by the COVID-19 pandemic, with freezers increasingly deployed to store biological samples, including blood, blood derivatives and vaccines, to ensure efficient and sustainable storage. Vaccines require proper storage until delivery because their potency decreases each time they are exposed to inappropriate conditions, such as excessive exposure to heat, light or cold at any point in the cold chain. To avoid such situations, vaccinations are kept in the refrigerator and freezer at optimal temperatures. As a result, the industry grew significantly during the pandemic when multiple vaccinations were introduced to prevent infection.

LATEST TRENDS

"Using Innovative Products to Accelerate Market Growth"

Technological improvement and development will further improve product performance, allowing the market to receive a wide range of requests. Technological advancement improves performance and drives market growth. In high demand, technological development gives the more and more power to increase productivity. Some players focus on improving products to meet consumer needs and preferences. Continued innovation in product manufacturing is expected to increase product demand.

VACCINE STORAGE MEDICAL REFRIGERATORS MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Common Indoor Type, Cold Chain Type.

Common Indoor Type refrigerators are often used in medical facilities, clinics and hospitals to keep vaccines at the required temperature.

Cold chain refrigerators, on the other hand, are specifically designed to transport and store vaccines throughout the supply chain. These refrigerators ensure that vaccines are kept at the optimum temperature to maintain their effectiveness and prevent spoilage.

By Application

Based on application the global market can be categorized into Hospitals, Epidemic Prevention Station, Others.

Storage of vaccines Medical refrigerators are necessary to maintain the effectiveness of vaccines and ensure their safe storage and use. These refrigerators are widely used in hospitals, where they are used to store various vaccines, medicines and other medical supplies that require low temperature.

 In addition, epidemic prevention stations rely heavily on these refrigerators to store vaccines and control diseases.

Other potential markets for medical refrigerators that store vaccines include clinics, medical research laboratories, and public health departments. Ensuring proper temperature control is critical to maintaining vaccine potency and efficacy in all of these settings.

DRIVING FACTORS

"Increasing Infection Of Infectious Diseases Is Increasing The Demand For Protective Vaccines Will Boost The Market Growth"

Proper storage and handling of vaccines plays a very important role in protecting individuals and communities from vaccine-preventable diseases. All parties are responsible for vaccine quality, from vaccine preparation to administration. The market is driven by technical advances in the industry such as SDD refrigerators and RFIDs. Most leading companies have made significant investments in R&D to address the unmet medical needs of vaccine storage and packaging in healthcare facilities. In addition, awareness about early diagnosis and prevention of diseases and increasing infection of infectious diseases is increasing the demand for protective vaccines and fueling the vaccine storage medical refrigerators market growth.

"Demand For Blood Storage Centers And Blood Banks Is Increasing Propelling Market Growth"

The increase in the number of operations and the spread of diseases such as anemia and cancer increase the number of blood transfusion procedures. It is very important to maintain optimal temperature and hygiene during storage and transportation of blood and blood components. The American National Red Cross estimates that more than 16 million blood components are transfused each year in the United States. Due to the increasing demand for blood transfusions, there is an unmet need for blood storage centers and blood banks, which in turn is fueling the vaccine storage medical refrigerators market growth.

RESTRAINING FACTORS

"High Cost Restrains Market Growth May Hinder Market Growth"

High budget for vaccine refrigerators and increasing use of refurbished equipment are major factors restraining the market. Technical problems reduce industry revenues.

VACCINE STORAGE MEDICAL REFRIGERATORS MARKET REGIONAL INSIGHTS

"The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa."

North America Dominating the Market due to Increasing Need For Sub- And Medical Refrigerators As A Result Of The Expansion Of Hospitals

In terms of revenue, the North American region dominated the global medical refrigerator market in 2021. This is due to the increasing need for sub- and medical refrigerators as a result of the expansion of hospitals, research laboratories, and healthcare facilities. Advanced cooling systems are now more in demand due to region and management and strict laws regarding handling and storage of medical supplies. In addition, the market for vaccines, biologicals and other drugs that require special storage conditions is growing due to the increasing prevalence of chronic diseases such as cancer, diabetes and cardiovascular disease. The demand for medical freezers in the region is due to the requirement to transport and store these temperature-sensitive medicines and vaccines under strict temperature control.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The vaccine storage medical refrigerators market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Panasonic (Japan)
• Haier (China)
• Kirsch Medical (Germany)
• Helmer (U.S.)
• SO-LOW (U.S.)
• Follett (U.S.)
• Standex (U.S.)
• Thermo Fisher (U.S.)
• Dulas (U.K.)
• AUCMA (China)
• Meiling (China)
• PHC Corporation (Japan)
• Labcold (U.K.)
• Vestfrost Solutions (Denmark)
• Migali Scientific (U.S.)
• Felix Storch (U.S.)
• Sun Frost (U.S.)
• Sure Chill (U.K.)
• Shoreline Medical (U.S.)
• Woodley (U.K.)

INDUSTRIAL DEVELOPMENT

March 2021: Helmer Scientific, a medical equipment company specialized in medical and laboratory equipment, has launched GX Solutions freezers for vaccine, blood therapy and sample storage, optimized for healthcare applications thanks to noise reduction, temperature performance and lower energy consumption.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.