Medical Refrigerators Market Size Set for Tremendous Growth, Projected to Reach US$ 6.49 Billion by 2028, Growing at 5.8% CAGR, Says The Insight Partners

NEW YORK, March 4, 2025 /PRNewswire/ -- According to a comprehensive report from The Insight Partners, "Medical Refrigerators Market Size and Forecasts (2023 - 2028), Global and Regional Share, Trends, and Growth Opportunity Analysis Report", The medical refrigerators market is expected to grow from US$ 4.66 billion in 2022 to US$ 6.49 billion by 2028; it is estimated to register a CAGR of 5.8% from 2023 to 2028.

Medical refrigerators market is experiencing significant growth owing to the rising demand for biopharmaceuticals and organ transplantation, which require strict temperature control to ensure safety and effectiveness. Biopharmaceuticals such as vaccines, insulin, and monoclonal antibodies are particularly sensitive to temperature changes, and even small fluctuations can affect their efficacy. As the prevalence of chronic diseases such as diabetes and cancer increase, the need for reliable cold storage solutions for their critical treatments is also rising.

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The report runs an in-depth analysis of market trends, key players, and future opportunities. The medical refrigerators market study focuses on an array of products that are expected to drive their
growth in the coming years.

Competitive Strategy and Development

• Key Players: A few major companies operating in the medical refrigerators market are THERMO FISHER SCIENTIFIC INC., Philipp Kirsch GmbH, Godrej & Boyce Manufacturing Company Limited, Haier Group Corporation, and Blue Star Limited.
• Trending Topics: Pharmaceutical Cold Chain Logistics Market, Cryogenic Storage Equipment Market, Biomedical Refrigerators and Freezers Market, Medical Device Sterilization Equipment Market.

Global Headlines on the Medical Refrigerators Market

• Haier Biomedical Introduced a New Range of Low-Temperature Freezers Specifically Designed to Meet the Stringent Requirements of Vaccine Storage, Addressing the Increased Global Demand for Vaccines.
• Haier Biomedical Unveiled the HYC-461GD/FD Pharmacy Refrigerator, Engineered to Provide a Stable Storage Environment for Essential Medicines, Maintaining Internal Temperatures Between 2°C to 8°C.

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Medical Refrigerators Market Overview of Report Findings

1. Market Growth: The Medical refrigerators market is expected to reach US$ 6.50 billion by 2028 from US$ 6.67 billion in 2022; it is anticipated to record a CAGR of 5.8% during the forecast period. The medical refrigerators market is growing due to increasing demand for blood storage, advancements in refrigeration technology, and expanding R&D in pharmaceuticals. Hospitals and blood banks require reliable storage solutions, while modern refrigerators offer precise temperature control and energy efficiency. Additionally, as drug development accelerates, the need for specialized cooling systems is rising. These factors are driving sustained market growth.
2. Growing Medical Procedures & Rising Cases of Anemia and Cancer: As per the World Health Organization (WHO), every year, nearly 118.5 million blood donations are collected worldwide, yet many regions still struggle with shortages. According to the American National Red Cross 2025 estimates, in the US alone, nearly 16 million blood components are transfused annually, emphasizing the critical need for efficient blood storage. As per WHO, anemia affects 40% of children aged 6–59 months, 37% of pregnant women, and 30% of women aged 15–49 years globally. Severe cases often require blood transfusions, making proper storage essential. Meanwhile, cancer cases are projected to rise significantly by 2050, further amplifying the demand for safe blood preservation. In fact, anemia is highly prevalent among cancer patients—a 2022 National Institutes of Health (NIH) study found that 50.5% of cancer patients undergoing active treatment had anemia, with even higher rates in urologic and gastrointestinal cancers. According to Nowotwory Journal of Oncology's 2023 report, during chemotherapy, anemia rates can soar to 90% in solid tumor patients, making transfusions a critical part of treatment. With this growing need, healthcare facilities are investing in advanced medical refrigerators to store and transport blood products safely. These refrigerators maintain precise temperatures, ensuring that blood remains viable for transfusions. As surgeries and treatments for blood-related disorders are rising, the medical refrigerator market is expanding rapidly, playing a key role in ensuring that life-saving blood supplies are always available when needed.
3. Increasing Demand for Vaccines, Biologics, & Technological Advanced Products: The growing demand for vaccines, biologics, and advanced medical products is driving the need for precise temperature-controlled storage to maintain their effectiveness. As per WHO, in 2021, nearly 16 billion vaccine doses were supplied globally—nearly triple the 5.8 billion doses in 2019—largely due to the COVID-19 pandemic. The surge in the supply of vaccine doses highlights the urgent need for reliable cold storage solutions to protect vaccine potency and ensure global health security.
   a. Technological advancements are transforming medical refrigeration, making it more efficient, reliable, and sustainable. One breakthrough is Sure Chill Technology, which uses water-based cooling to keep temperatures stable at 4°C for over 10 days without power. This advancement is a game-changer, especially for vaccine storage in remote areas with unreliable electricity, ensuring life-saving medical supplies remain effective. Another innovation is the integration of smart technology into medical refrigerators. These next-gen units are equipped with advanced sensors, IoT connectivity, and AI-driven monitoring, enabling precise temperature control, predictive maintenance, and energy efficiency. This improves reliability and reduces operational costs for healthcare facilities. The rise of solar-powered medical refrigerators presents a sustainable solution for areas with inconsistent electricity access. These advancements are reshaping medical refrigeration, ensuring safe, energy-efficient storage for critical medical supplies. 
4. Geographical Insights: In 2022, North America led the market with a substantial revenue share, followed by Europe and APAC. Further, Asia Pacific is expected to register the highest CAGR in the medical refrigerators market during the forecast period. 

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Market Segmentation

• Based on product type, the medical refrigerators market is segmented into laboratory refrigerators & freezers, chromatography refrigerators & freezers, ultralow-temperature freezers, blood bank refrigerators & plasma freezers, cryogenic storage systems, pharmacy refrigerators & freezers, enzyme refrigerators & freezers, hospital refrigerators & freezers, and shock freezers. The laboratory refrigerators & freezers segment held the largest share of the market in 2022.
• By design type, the medical refrigerators market is categorized into explosion-proof refrigerators, undercounter medical refrigerators, countertop medical refrigerators, and flammable material storage refrigerators. The Countertop Medical Refrigerators segment held the largest share of the market in 2022.
• In terms of temperature control range, the medical refrigerators market is divided into Between −1 and −50°C, between 2°C And 8°C, between −51 and −150°C, and below −151°C. The between -1 to -50°C segment held a larger share of the market in 2022.
• According to end-user, the medical refrigerators market is segmented into hospitals and pharmacies, medical laboratories, blood banks, pharmaceutical companies, research institutes, and diagnostic centers. The hospitals and pharmacies segment held the largest share of the market in 2022.
• The medical refrigerators market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

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Conclusion

The rising need for blood transfusions, vaccines, and biologics is driving demand for reliable medical refrigeration. With rising cancer and anemia cases and increasing medical procedures, safe storage of blood products is becoming more critical. Similarly, the surge in vaccine demand, especially post-COVID, highlights the need for advanced cold storage to maintain effectiveness. At the same time, new technologies are making medical refrigeration smarter and more efficient. Innovations such as Sure Chill Technology, AI-powered monitoring, and solar-powered fridges ensure reliable storage, even in areas with power shortages. As hospitals and labs invest in better refrigeration, the market is set for strong growth.

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