The coronavirus outbreak is above all, a human tragedy, affecting hundreds of thousands of people with the potential to go even further. 

The widespread reach of COVID-19 has caused an inevitable impact on the global economy, particularly towards labour-intensive industries. It has brought critical challenges to some hard-hit sectors such as tourism, film and television, entertainment, catering, retail as well as the healthcare industry in medical product supply capability and the effectiveness of contagious disease defences. Despite the short-run downward pressure, COVID-19 has also brought new developments and opportunities to some industries including the life sciences, medical services and medical devices industries, e-commerce, online entertainment, online education, and telecommuting related industries. 

The virus continues to spread globally without a seasonal decline, creating a demand shock in medical industry that is projected to last until Q2 2021. Health systems are overwhelmed in many countries, and tremendously pressure placed upon medical researchers to control the spread of the outbreak.

Demand around the globe has surged the adoption of medical devices including medical refrigerators from hospitals, pharmacies, clinics, and diagnostic centres. We foresee that the medical industry which includes medical services and medical devices; online medical care, medical supplies, pharmaceuticals, insurance, and health-related industries will obtain new developments and opportunities during this crisis.

When it comes to refrigeration, every facility comprises of different application-based model and has its own storage needs, but the aim of all the system is to provide faster, efficient and quality results.

The medical refrigerators market has been segmented into blood bank refrigerators, plasma freezers, laboratory refrigerators & freezers, pharmaceutical refrigerators & freezers, chromatography refrigerators & freezers, enzyme refrigerators & freezers, ultra-low-temperature freezers, cryogenic storage systems, hospital refrigerators & freezers, blast freezers and other related types. They are mainly used by medical professionals in hospital, research laboratories, crime labs, surgery centers and other medical facilities. The most proportion of medical refrigerator is used in hospital.

The Global Medical Refrigerators market is expected to reach $5.75 billion by 2027 at a 7.2% CAGR during the forecast period especially with surging demand for safe storage of blood and blood derivatives from hospitals, pharmacies, clinics and diagnostics centers across the globe.  

The Institute for Safety Medication (ISMP) states that more than 20% of healthcare practitioners have reported adverse patient effects due to deficiencies in storage and inventory management practices. This has resulted in an increased demand for efficient temperature dependent storage systems that positively impact growth of medical refrigerators market in the near future.