Global Pharmacy Refrigerators Market Set to Surpass USD 1,027 Million by 2032, Driven by Rising Demand for Precision Storage in Healthcare | FMI

The global pharmacy refrigerators market was worth USD 552.3 Million in the year 2022 and is expected to reach USD 1,027 Million by the year 2032 at a CAGR of 5.8% between 2022 and 2032.

With 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.

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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: Pharmacy Refrigerators Market by Region

• North America Leads the Market

North America dominates the global pharmacy refrigerators market, accounting for 35% of total revenue, driven by stringent regulatory guidelines, particularly in the U.S.

• • High standards for healthcare infrastructure and quality assurance boost demand.
  • Prioritization of patient care and reduction of pharmaceutical waste further fuel market growth.
• Europe Holds Strong Second Position

Europe follows closely, contributing 32% to the global market share.

• • An aging population and rise in chronic diseases support market expansion.
  • Demand is also influenced by a shift toward advanced technologies and a shortage of low-skilled professionals.
• Asia Pacific Set for Rapid Growth

Asia Pacific is projected to experience robust and lucrative growth in the coming years.

• • Economic development in countries like India, China, and Indonesia increases healthcare spending.
  • Government and private sector investments aimed at enhancing healthcare quality are expected to elevate market share.

These trends indicate a region-specific trajectory in the global pharmacy refrigerators market, with developed regions maintaining dominance and emerging economies showing promising potential.

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Competitive Landscape of the Pharmacy Refrigerators Market

Leading players in the pharmacy refrigerators market are actively working to improve pharmaceutical quality control standards in laboratories. This drive for enhanced safety and precision is contributing to the growing adoption of advanced pharmacy refrigeration systems.

Prominent companies operating in the market include 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.

As the demand for secure storage of blood, plasma, and other temperature-sensitive pharmaceuticals rises, key manufacturers are pushing the envelope in technological innovation to meet stringent healthcare requirements.

Recent Developments in the Market:

• January 2020: B Medical Systems announced the opening of a new medical refrigerator manufacturing facility in India, aimed at scaling production capabilities and meeting regional demand.
• March 2020: Telstar, a subsidiary of Azbil Corporation, launched the LyoQuest Arctic—an advanced laboratory freeze dryer that operates using environmentally friendly natural gases.

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

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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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