Undercounter Refrigerators Market | Contrive Datum Insights

Market Overview:

The Global Undercounter Refrigerators Market Was Valued At USD 36.93 Billion In 2022 And Is Projected To Reach USD 51.89 Billion By 2030, Growing At A CAGR 4.32% From 2022 To 2030.

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Under-the-counter refrigerators are specially made to keep medicines, vaccines, plasma and other blood parts, temperature-sensitive biologicals, and other pharmaceutical products safe. With the help of an under-the-counter refrigerator, breast milk can be kept in the hospital room. Undercounter refrigerators are small and quiet enough to be used in hospital rooms. They also come with different temperature settings for small to medium-sized jobs.

Undercounter refrigerators and freezers are different in how they are used and how well the temperature stays the same. Undercounter refrigerators have a temperature uniformity of 3°C, while freezers have a uniformity of 5°C. Under-the-counter fridges are used a lot in hospitals, diagnostic centers, labs, pharmacies, blood banks, and schools. For biological samples to be stored well in Undercounter refrigerators, they need to be kept in a certain way. One thing that is likely to drive demand in the future is the growing demand for custom Undercounter refrigerators with features like glass doors and decorative installations.

COVID-19 Impact:

People think that the pandemic will have an effect on different parts of the medical refrigerators market's value chain. This effect is likely to show up during the forecast period, especially in 2020. The following are the effects of COVID-19:

Because of the pandemic, there has been a big rise in the need for medical refrigerators. Most hospitals and other health care facilities are trying to monitor patients at home or in other temporary settings to give the best care possible.

Because of COVID-19, there has been a big increase in demand for medical equipment like medical refrigerators, both in hospitals and at home. Manufacturers are putting more and more effort into growing their product lines to keep up with the growing demand for these devices. Due to COVID-19, there was more demand for medical refrigerators on the market in the first quarter of 2020. But the demand for and use of medical refrigerators has been steady all year, and this has continued well into the first half of 2021.

Under-the-counter fridges are small enough to fit under the kitchen counter or any other counter in a home. There is a wide range of sizes and temperatures for under-the-counter refrigerators that can be used for small to medium-sized jobs. They are used to store and keep drinks like wine, juice, soda, smoothies, and more. It can also be used as a mini-fridge, and you can store food in it as well. There are three different kinds of undercounter refrigerators: the beverage refrigerator, the drawer refrigerator, and the freezer refrigerator.

Market Dynamics:

Market Trends:

• Growing Popularity of IoT

Because Internet of Things is becoming more and more popular, smart refrigerators are becoming more and more popular on the market (IoT). Also, people are buying more and more multi-door refrigerators because they have more storage space and work better at cooling. In order to stay ahead of the competition, manufacturers are putting a lot of effort into making new designs and adding high-tech features like automatic ice makers, water dispensers, and temperature control systems. Also, to make the customer experience better, companies are offering services like home delivery, extended warranties, and repair and maintenance services.

Driving Factors:

• Increase in Consumption of Frozen Food and Beverage Products

Foods and drinks that are frozen have already been washed, cooked, and mostly packaged so they are ready to eat. Western culture has a big effect on consumers because they have busy lives and want everything to be quick and easy. People have been looking for quick foods and snacks that are easier to make, take less time, and are better for them than what is already on the market.

Also, frozen foods are one of the grocery store categories that is growing the fastest, and it looks like people will continue to like them. Consumers all over the world want online options that are easy to use, accessible, and convenient. This, in turn, makes more people want small refrigerators that can store and keep food items.

• Growing Trend of Living as a Nuclear Family

The way fridges are used has changed because of nuclear families. Because of this, people have come up with the idea of mini refrigerators that can hold drinks, water, milk, and other food snacks. A small fridge can store things well and keep them cool. It can also freeze things because it has freezer compartments.

• Increasing Demand for Blood Storage Centers and Blood Banks

Blood transfusions are becoming more common because more people are having surgeries and more people are getting diseases like anemia and cancer. During storage and transport of blood and blood parts, it is very important to keep the temperature and cleanliness at their best. The American National Red Cross says that about 16 million units of blood are given to people in the US every year. With more people getting blood transfusions, there is a growing need for blood storage centers and blood banks. This, in turn, is driving the growth of the medical refrigerators and freezers market.

Restraints/Challenges:

• High Cost

Medical refrigerators are made to store biomedical samples at low temperatures. They are used in hospitals, blood banks, research institutes, and the biological pharmaceutical industry. Medical refrigerators are very expensive. Also, medical professionals and doctors are needed to run these freezers. Because of these two things, refrigerators and freezers are expensive appliances. Because of this, pharmacies, clinics, and small hospitals almost never use these kinds of refrigerators.

• Difficulties in Recycling of Waste Materials and Gas

The environment is hurt more by the metal waste that comes from making electronics and from old electronics that are still made of metal. Industrial processes use a lot of metals every day. Metals are used to make a wide range of things, from under-the-counter refrigerators to electronic materials. Metal has become an important and useful product in recent years, with a wide range of properties, chemical compositions, and uses. This makes it hard to get rid of when it's time to do so.

Opportunities:

• Increasing Research and Development Investments in Medical Science by Government Organizations

The American Association for the Advancement of Science (AAAS) says that from 2017 to 2018, the US spent 6.4% more on medical and health research and development (R&D), bringing the total to USD 194.2 billion. The National Health and Medical Research Council (NHMRC) of the Australian government has a budget of USD 900 million per year for medical research. People all over the world are paying more attention to getting better medical care, so developed economies, health organizations, and philanthropists are putting a lot of money into research and development. This has opened up many opportunities in the market.

• Positive Outlook toward the Smart Home Concept

The smart home combines technology and services through home networking to improve the user's quality of life. Technology is used to make the user's life easier and more comfortable in many ways. The main goal of smart home functions is to improve the quality of life and make things easier in the home. They also aim to make the home safer and more efficient by using devices that can be controlled from a distance. Some smart kitchen appliances, like mini-compatible refrigerators, can be controlled by themselves and are easy to use.

Strategic Development:

• In March 2023 - Accucold, a division of Felix Storch, Inc. (FSI), added the largest range of cold storage equipment certified to the NSF/ANSI 456 Vaccine Storage Standard to its line of purpose-built vaccine refrigeration. The Accucold Pharma-Vac Performance Series comes in 9 sizes, from 1 to 18 cu. ft., and has been tested by an ANSI-accredited third-party lab to make sure it meets the latest standard.
• In January 2023 - Traulsen will show off its TF Flex Drawer under-counter refrigerator/freezer. With the touch of a button, the drawer temperature can be changed from cooling to freezing. Every drawer can be set to work at a different temperature.
• In July 2018 - Thermo Fisher Scientific made a new line of TSG compact refrigerators to meet the need for cold storage equipment in clinical laboratories and patient care facilities.
• In August 2019 - Helmer Scientific's GX Solution Refrigerator line got professional medical refrigerators with OptiCool cooling technology.

Key Vendors:

Top market players are

• Thermo Fisher Scientific Inc.

Thermo Fisher Scientific Inc. (Thermo Fisher) is a company that makes and sells medical equipment, analytical instruments, reagents and consumables, software, and services to help research, diagnostic, and clinical laboratories solve complex analytical problems. It has answers for cell biology and analysis, flow cytometry, and synthetic biology.

• Philipp Kirsch GmbH

Since it was founded in 2012, Germany Philipp Kirsch GmbH has become very good at supplying and trading cooling devices for labs, surgery room equipment, blood plasma freezers, and many other things. The supplier company is based in Offenburg, Baden-Württemberg, and is one of the top sellers of listed products.

• Panasonic Healthcare Co.

Panasonic Holdings Corp (Panasonic), which used to be called Panasonic Corp, makes, sells, and fixes a wide range of electric and electronic goods. Panasonic makes room air conditioners, TVs, fixed phones, digital cameras, video equipment, home audio equipment, rice cookers, lamps, wiring devices, air conditioning equipment, air purifiers, and bicycles.

• Helmer Scientific

Trane Technologies, of which Helmer Scientific is a part, is a well-known, entrepreneurial, growth company with its headquarters in Noblesville, Indiana. They design, integrate, make, market, and sell specialized medical and laboratory equipment to customers in over 125 countries in the clinical and life sciences fields.

• ARCTIKO

ARCTIKO is quickly becoming the first and best choice for advanced and custom cooling and freezing solutions, especially in the healthcare and life sciences industries.

• VWR International LLC

Avantor is a leading global provider of mission-critical products and services to customers in the biopharma, healthcare, education and government, and advanced technologies and applied materials industries.

• Haier Biomedical

Haier Biomedical was started so that it could design, make, market, and sell equipment for storing biomedical samples at low temperatures. Using the idea of IoT, the company has become a one-stop shop for all kinds of biotechnological problems.

• Eppendorf AG

Eppendorf is a leading company in the life sciences industry. It makes and sells instruments, consumables, and services for handling liquids, samples, and cells in labs all over the world. It sells pipettes, pipetting systems that do the work for you, dispensers, centrifuges, mixers, spectrometers, and equipment for amplifying DNA.

• Biomedical Solutions Inc.

Biomedical Solutions Inc. (BSI), which is based in Stafford, Texas, just outside of Houston, is one of the best manufacturers' representatives for lab equipment. BSI has a well-trained sales and support team that works directly with 12 states in the Southwest and Southeast.

• Terumo Corporation

Terumo Corp. (Terumo) makes and sells hospital and medical supplies and equipment, as well as other medical products. Pharmaceuticals, blood bags, single-use medical devices, dietary supplements, cardiovascular systems, vascular grafts, blood glucose monitoring systems, medical electronics, peritoneal dialysis, and digital thermometers are some of its most important product lines.

• EVERMED srl

EVERmed is an Italian company that makes a lot of medical and scientific refrigerators, freezers, ice makers, portable refrigerators and freezers, ultra-low freezers, and cold stores.

Segmentation Analysis:

The market is segmented on the basis of product type, distribution channel, type and region.

By Product Outlook:

With a 27% market share in 2020, Top Freezer was the market leader in terms of product. You can store things in the freezer and on shelves in the same unit, so you don't have to buy two separate freezers. It has a lot of room, which makes it easy to store larger dishes. It is the most popular style in the world, and the prices are reasonable and come in a wide range. These things are making this segment of the market grow.

During the time frame of the forecast, the French Door segment is expected to grow at a CAGR of 8%. The growth of the market is expected to be driven by the growing need to store frozen foods, innovations like cold water taps, ice cube ejectors, etc., and smart technology with a digital screen, speakers, etc.

• Top Freezer
  • Bottom Freezer
  • Side by Side
  • French Door

By Distribution Channel:

In 2020, specialty stores had a 28% share of the market in terms of how they sold their products. Indian people mostly buy products after trying them out or touching them to avoid having to send them back. The product is easy to find in supermarkets, where you can check the quality, size, and needs. Access to after-service parts right away and the ability to get in touch with the seller quickly if there are problems. These things are what are making this segment grow.

During the time frame of the forecast, online stores are expected to grow at a CAGR of 9.2%. E-commerce giants offer big discounts, holiday deals, a wide range of products, the option to return items, and other things that are expected to drive market growth over the next few years.

• Supermarkets
  • Specialty Stores
  • Online
  • Others

By Type Outlook:

By Type, Direct Cool had a 55% share of the market in 2020. It has to be defrosted by hand. They are cheaper, take up less space, and use less energy. These things are making the market for this segment grow.

Over the next few years, Frost Free is expected to grow at a CAGR of 4.5%. They are becoming more popular in cities and don't need to be defrosted by hand. The market is expected to grow over the next few years because it has a wide range of features, uses advanced technologies, and is cost-effective.

• Frost Free
• Direct Cool

Regional Insights:

The global Undercounter Refrigerators market has been broken down by geography into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA).
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North America is likely to be a big player in the global market for undercounter refrigerators because of its advanced technology, well-developed healthcare infrastructure, and growing need for storage equipment. Due to more investments by manufacturers in the area, Europe is also expected to be a good market for undercounter refrigerators. Asia-Pacific is expected to be a fast-growing market because there is more demand for undercounter refrigerators, healthcare infrastructure is improving, and there are more healthcare facilities opening up in the area.

Due to the growing number of health care facilities in Central and South America, the market for undercounter refrigerators is expected to grow steadily. Due to its lack of healthcare infrastructure, the Middle East and Africa are expected to be the least profitable market.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• The report on the undercounter refrigerators market gives both qualitative and quantitative information about aircraft actuators, as well as a detailed analysis of market size and growth rate for all possible market segments.
• Along with this, the report gives a detailed look at how the market works, what new trends are coming up, and how the competition between undercounter refrigerators manufacturers is shaping up.
• Key insights from the report include the adoption trends of market by each market segment, recent industry developments like partnerships, mergers, and acquisitions, business strategies of leading market players, macro- and micro-economic indicators, and key industry trends.