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The RFID blood refrigerator and freezer market size is estimated to grow by USD 498.3 million at a CAGR of 21.49% between 2023 and 2028. The high demand for blood and blood components is driving market growth. Blood component therapy is a modern medical treatment that involves patients benefiting from one pint of whole blood or specific blood components. It is used to treat blood disorders like thalassemia, sickle cell anemia, hemophilia, leukemia, and cancer which cause the body to not produce sufficient blood components. RBCs are used primarily to treat chronic anemia and sickle cell disease patients, who suffer from gastrointestinal bleeding and kidney failure. Moreover, they can be stored in frozen conditions for more than ten years.
The US blood bank refrigerators market is experiencing significant growth due to the increasing demand for safe storage solutions for blood and blood components. Platelets, which have a five-day shelf life after donation, are essential for cancer treatment and organ transplants in the context of thrombocytopenia. Meanwhile, plasma, which must be frozen within 24 hours of donation to preserve clotting factors, is vital for treating burn patients, shock, and trauma. The escalating need to address these medical requirements necessitates the expansion of the blood bank refrigerators market. This market research report delves into the drivers, trends, and challenges shaping this sector's growth, ensuring a comprehensive understanding of its current and future landscape.
Technavio has segmented the market into Application, Type, and Geography. In the market, the application segment encompasses various functionalities tailored to the storage and management of blood and plasma derivatives. These refrigerators and freezers feature specialized components such as capillary tubes, condensers, and evaporators, ensuring precise temperature control and preservation. The integration of thermostats and motors enables efficient cooling and optimal storage conditions, crucial for maintaining the integrity of blood products. This technology finds particular relevance in healthcare settings, supporting the storage of blood components used in treating chronic diseases like leukemia. Furthermore, the inclusion of drawer racks and identification cardholders enhances organization and traceability, facilitating seamless inventory management and retrieval processes.
Hospital and Diagnostic Centers segment The market share growth by the hospital and diagnostic centers segment will be significant during the forecast period. Hospitals are the primary source of treatment for various diseases, especially ones like cancer and cardiovascular diseases which require prolonged and continuous care and treatment. They have well-established relations with suppliers and pharmaceutical companies and receive funding from government organizations and private entities. The increasing number of hospital admissions requires an efficient and safe storage mechanism for blood products, resulting in the growth of the market by hospitals.
The hospital and diagnostic centers segment was valued at USD 88.40 million in 2018. In conditions like hematology, surgical procedures require blood transfusions in the situation of extreme blood loss. Other conditions like hemophilia and cancer also require frequent blood transfusions, which patients mainly receive in hospitals. Hence to ensure safety, and the ability to track and store blood and blood products, hospitals are increasingly demanding for it. Hence the above factors are likely to contribute to the growth of this segment of the market during the forecast period.
North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period.
In the North American region, the US is the largest market and revenue contributor due to large healthcare investments and strong distribution networks. Manufacturers are looking towards offering an entire refrigerator solutions portfolio, that includes RFID blood refrigerators and freezers for sale to hospitals and diagnostic centers. Some of the largest companies in the market include Champion Healthcare Technologies and Terso Solutions in the US. They are greatly responsible for effective supply chain management and guaranteeing the timely availability of RFID refrigerators and freezers to end users. Additionally, there is growing awareness of the importance of blood donation for the treatment of disorders among the public driven by organizations like the American Society of Hematology in the US. Canada is also another country in the region that is likely to witness increased market growth during the forecast period due to improving healthcare facilities and increasing healthcare expenditure. Hence the above factors are likely to result in market growth during the forecast period.
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The market caters to the specialized needs of handling plasma derivatives, RBCs, platelet components, and other blood products. Equipped with tubing, capillary tubes, and condensers, these refrigerators ensure optimal storage conditions. With configurations tailored for efficient expansion and evaporator functionality, they maintain precise temperatures through thermostats and motors. Vital for emergency scenarios, they integrate with emergency power systems. Specifically designed for blood banks, they offer storage solutions for plasma samples, platelets, and other components. Constructed with corrosion-resistant steel and featuring drawer racks and identification cardholders, they prioritize safety and organization in handling critical medical supplies. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
The increasing number of organ transplant procedures is driving the market growth. Organ transplantation is one of the most complex parts of modern medical treatment and requires the surgical removal of an organ or tissue from the donor and placement into the recipient. For an effective translation process, a significant amount of blood products are also required, which increases demand for RFID refrigerators and freezers to effectively monitor and track the usage of such products.
Additionally, blood transfusion and red cell transfusion are necessary to ensure the proper functioning of transplanted organs. Other situations that require transfusions are cardiac surgeries, and if absent excessive blood loss could occur. Moreover, demand for cardiac surgery is rising due to high blood pressure, stroke, and high cholesterol among the general population. All these factors are likely to fuel the growth of the market during the forecast period.
Increasing initiatives to raise awareness about blood donations is a key trend in the market. Government and non-government organizations are conducting initiatives to spread awareness of the benefits as well as address misconceptions associated with blood donations. This is causing a greater acceptance of blood donations which is particularly driving the youth to donate. This is extremely vital and helps ensure a steady blood and blood component supply, necessary to save several patients' lives who require blood transfusions.
Additionally, the Voluntary Blood Donation Programme in India and Platelets Across America are awareness campaigns that encourage people to volunteer at blood donation drives. Moreover, on June 14th every year - World Blood Donor Day, the efforts of donors are acknowledged and highlighted along with further awareness of the advantages of donations. These initiatives and efforts by various governmental and non-governmental bodies are likely to increase blood donations and further increase the growth of the market during the forecast period.
Compliance with medical guidelines and the declining number of blood donors are challenging market growth. Despite the necessity of blood donations to treat leukaemia and other blood disorders patients, the donated blood must meet the blood transfusion requirements to adhere to medical guidelines. They are required to ensure the safe treatment of people with blood disorders, such as thalassemia, sickle cell anaemia, and haemophilia; cancer, and medical trauma.
However, lack of interest, insufficient knowledge of the benefits and need for blood donations, and time constraints due to a hectic schedule have resulted in fewer people taking part in blood donations in recent years. Other factors like laparoscopic surgery, which does not require blood transfusions are also challenges to the market as it provides a minimally invasive means of treatment for hospitals and other end users. Hence these factors are likely to hinder market growth during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Angelantoni Industrie Srl - The company offers RFID blood refrigerators and freezers such as X-COLD TN series, and Emobank.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The market is witnessing substantial growth, driven by the increasing demand for efficient management of plasma derivatives, red blood cells (RBCs), and platelet components. These refrigerators and freezers are equipped with specialized tubing, capillary tube, condenser, and evaporator to maintain precise temperatures, regulated by thermostat, ensuring the integrity of blood products. Various configurations are available to accommodate different storagelike blood bags and blood banks needs, with motors ensuring reliable operation. The market landscape depends on the Radio frequency identification (RFID), Others Applications. Additionally, emergency power systems guarantee uninterrupted functionality, crucial for preserving blood samples used in treating chronic diseases. RFID technology enhances inventory management, enabling easy tracking of plasma samples and drawer racks. Constructed from corrosion-resistant steel, these units also feature identification cardholders for efficient organization and access control, contributing to the overall safety and efficacy of blood storage and distribution systems globally.
The market caters to blood collection tube, blood processing, and blood transfusion services, ensuring blood safety and donor blood screening while addressing bloodborne pathogens and bloodborne diseases. With RFID technology, these refrigerators and freezers also support blood testing and efficient blood transfusion equipment management, enhancing transfusion medicine practices and optimizing bloodborne disease control. The market is witnessing significant advancements in the management of blood tubes, catering to various types and applications. These refrigerators and freezers are crucial components of the laboratory infrastructure, ensuring the integrity of blood samples throughout the cold chain. Quality control measures are implemented at both the country level and within laboratories to uphold standards and maintain the cost-effectiveness of operations and the overal cost. RFID technology plays a pivotal role in inventory management, offering real-time tracking and monitoring of blood tubes and other supplies. Beyond blood storage, these systems find applications in various other sectors, enhancing efficiency and safety across the board.
Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 21.49% |
Market growth 2024-2028 |
USD 498.3 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
17.41 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 42% |
Key countries |
US, Germany, Canada, China, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Angelantoni Industrie Srl, Azenta Inc., Biomed Global, Bionics Scientific Technologies Pvt. Ltd., Cardinal Health Inc., CIMSENSE, Haier Smart Home Co. Ltd., IQM AS, PHC Holdings Corp., REMI Group, Rollex Group Australia PTY Ltd., Spacecode SA, Terso Solutions Inc., Thalheimer Kuhlung GmbH and Co. KG, and Trane Technologies Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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