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The Blood Bank Refrigerators Market size is estimated to grow by USD 403.05 million at a CAGR of 6.29% between 2022 and 2027.
The increasing number of injuries that need the use of donor blood to replace the blood lost by patients in the country is fuelled by road accidents and injuries sustained by individuals while playing sports. Some of the injuries can lead to dislocations or high blood loss, thus making it essential for patients to undergo surgeries requiring the use of stored blood.
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The standard electric refrigerators segment is estimated to witness significant growth during the forecast period. There is a significant growth in the standard electric refrigerators segment due to its easy availability when compared to solar-powered and ice-lined refrigerators. Additionally, this segment is able to function effectively and efficiently provided there is a stable electricity supply. In addition, it mainly operates on AC voltage of 110V/60Hz or 220V/50Hz mains supply.
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The standard electric refrigerators segment was the largest segment and was valued at USD 540.59 million in 2017. Some of the main advantages of the standard electric refrigerators segment include accurate temperature control, uniformity of refrigerated blood, safe blood storage, visual and audible alarms in case of power failure, low or high-temperature settings, and built-in temperature recorders. For example, the BR models offered by B Medical Systems incorporate all the abovementioned features. Furthermore, several market players are offering a wide range of standard electric refrigerators which is fuelling its adoption. For example, Helmer Scientific, one of the major companies in the market, offers a broad range of high-quality standard electric refrigerators. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth analysis during the forecast period.
The growing need for medical support is significantly contributing to the growth of the hospital segment. This segment is rapidly expanding its services related to medical care due to an increase in their number and the convenience they provide. As these medical care facilities comprise surgical procedures requiring blood transfusions, it is fueling the demand for blood bank refrigerators in hospitals. Several large hospitals, including multi-specialty hospitals and hospital groups, work under government sponsorship or through private entities. Factors such as the increasing number of hospitals to serve the population globally, as well as the growing healthcare expenditure due to rising needs, are fueling the growth of this segment, which in turn will drive market growth during the forecast period.
In the realm of medical refrigeration, the demand for reliable blood storage equipment continues to surge, driving innovations in cold storage solutions. The healthcare industry relies heavily on temperature-controlled storage to ensure the efficacy of blood preservation, making biomedical refrigerators pivotal assets in hospitals and laboratories. With a growing emphasis on efficient blood bank management, the market witnesses a rise in demand for advanced laboratory equipment tailored for blood product storage.
Pharmaceutical refrigeration extends beyond mere storage, encompassing vital aspects like vaccine storage and safeguarding essential medical devices. This integral infrastructure supports the seamless operation of blood donation centers and the safe transfer of blood through blood transfusion equipment.
Market analysis reveals promising trends, with robust market growth and forecasting indicating a steady expansion trajectory. Market research highlights the increasing adoption of refrigerated blood storage solutions, underscoring the importance of reliable healthcare refrigeration.
As the market forecast anticipates further advancements, stakeholders are poised to capitalize on opportunities, driving innovation and efficiency in blood bank refrigeration solutions.
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North America is estimated to contribute 41% to the growth of the global market forecasting during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Some of the main factors that are significantly contributing to the growth of the market in North America include the rising number of road accidents and sports injuries, rapid growth of various surgical procedures, increasing number of donors, and rising prevalence of different types of cancer.
In addition, other factors such as the development of advanced products, the introduction of space-saving refrigerators by manufacturers, and the presence of global and regional market players are positively impacting the market research and growth in the region. There is an increase in the number of hospitals and clinics in North America which provide organ transplants in the region. Furthermore, the increasing healthcare expenditures and a growing number of research activities with the growing requirement for blood components are expected to drive the market growth in the region during the forecast period.
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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 20 market companies, including:
Aegis Scientific: The company offers services such as GL RG 50M glacier series, GL RG 25M glacier series, and GL RF glacier series.
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.
A key factor shaping the market growth is the presence of value-added software and hardware products. Several market players are striving to dominate the market share by offering various additional software and hardware products to end-users. For example, B Medical Systems launched a Data Monitoring Network (DMM), which is software for the collection, long-term recording, and visualization of temperature data.
Moreover, the main advantage of this software is that it offers an integrated event and activity history of all appliance components as well as a graphical visualization of all temperature curves. Therefore, the emergence of such software facilitates end-users to access the data within the entire network via one central database along with savings in terms of money and time as it eliminates the requirement for frequent changes in recorder paper, ink, and battery. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
The high cost of blood bank refrigerator equipment is one of the key challenges hindering the blood bank refrigerator market growth. The high cost associated with advanced product for storing and transporting blood units is limiting their acceptability and adoption among end-users, particularly small-scale blood banks and hospitals. For example, the blood bank refrigerators introduced by Thermo Fisher Scientific are in the price range of USD4,000-USD15,000.
Moreover, besides the high upfront cost, there is a significant cost associated with the regular maintenance of these refrigerators to ensure that they work efficiently without any breakdowns. In addition, the probability of replacement purchases is significantly low due to the equipment life of 8-10 years. Hence, such factors are negatively impacting the market, which in turn will hinder the 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.
Global Market Customer Landscape
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Blood Bank Refrigerators Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.29% |
Market growth 2023-2027 |
USD 403.05 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.46 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aegis Scientific, ARCTIKO AS, Azenta Inc., BioLife Solutions Inc., Calibre Scientific Inc., Cardinal Health Inc., Climatic Testing Systems Inc., Eppendorf SE, Haier Smart Home Co. Ltd., LabRepCo LLC, Liebherr International Deutschland GmbH, Migali Industries Inc., Perley Halladay Associates Inc., PHC Holdings Corp., Philipp Kirsch GmbH, So Low Environmental Equipment Co. Inc., Stericox India Pvt. Ltd., The Middleby Corp., Thermo Fisher Scientific Inc., and Trane Technologies Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the 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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