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The US- blood bank refrigerators market size is estimated to grow by USD 133.85 million accelerating at a CAGR of 6.28% between 2023 and 2028.
US Blood Bank Refrigerators Market Share
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Our research team conducted an analysis based on 2023, incorporating key drivers, trends, and challenges. A comprehensive review of the drivers will empower companies to enhance their marketing strategies, gaining a competitive advantage.
The rise in the number of road accidents and sport injuries is a key driver boosting the market growth. The surge in surgeries requiring donor blood, particularly due to road accidents and sports-related injuries, is propelling the demand for blood bank refrigerators. These surgeries, necessitated by dislocations and significant blood loss, involve the transfusion of stored blood from blood bank refrigerators. In the U.S., road accidents, a major contributor to these injuries, resulted in 5,250,837 collisions in 2020 alone, according to the CDC. The escalating cases of accident-related injuries underscore the growing need for blood transfusions, indicating a steady market growth for blood bank refrigerators in hospitals, clinics, and blood banks.
The presence of value-added software and hardware products is one of the major US blood bank refrigerators market trends. Market vendors are vying for larger market shares by expanding their product offerings, with companies like B Medical Systems introducing software and hardware products. An example is the Data Monitoring Network (DMN), a software providing temperature data collection, recording, and visualization, offering advantages like integrated event history, simultaneous monitoring, and configurable alarm forwarding. This software eliminates the need for regular changes in recorder paper, ink, and battery, leading to cost and time savings.
Similarly, the Data Communication Unit (DCU) records operating conditions and sends them to a central database, enhancing flexibility in upgrades. The synergy of these software and hardware components addresses specific customer needs, ensuring secure temperature data documentation and driving increased adoption of blood bank refrigerators. As end-users seek more efficient use of blood bank refrigerators, the market is poised for growth during the forecast period.
The high cost of blood bank refrigerators is a key challenge hindering the market growth. The highly regulated US healthcare sector demands compliance at every stage, causing time and cost challenges in product development. Blood bank refrigerators, crucial for storing temperature-sensitive blood, face limited acceptance due to their high costs, ranging from USD 4,000 to USD 15,000. Maintenance expenses further hinder adoption, especially among smaller blood banks and hospitals.
The high initial cost, coupled with a lifespan of 8-10 years and a small replacement market, poses obstacles to widespread use. The financial models of blood banks, dependent on donations, limit purchasing decisions, and any technological innovations impacting total cost may result in lower adoption rates. Hospitals and diagnostic centers may defer purchases of high-cost devices, presenting a significant obstacle to market growth during the forecast period.
The US-blood bank refrigerators market is segmented into End-user, Product, and Type. The end-user segment includes hospitals and diagnostic centers, stand-alone blood bank centers, and others. The product segment includes standard electric refrigerators, solar-powered refrigerators, and ice-lined refrigerators.
The market share growth by the hospitals and diagnostic centers segment will be significant during the forecast period. The hospital sector has been growing consistently due to the growing need to provide medical support to people. Additionally, with an increase in their number and the convenience provided by them, hospitals are expanding their services related to medical care. Medical care includes surgical procedures requiring blood transfusions, thus spurring demand for blood bank refrigerators in hospitals. The sales of blood bank refrigerators in hospitals will increase slowly due to the increase in patient admissions for surgeries.
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The hospitals and diagnostic centers segment was valued at USD 172.32 million in 2018. The diagnostic centers make ample use of blood bank refrigerators to preserve blood and blood components to maintain uniformity in blood quality. Market vendors provide suitable products to cater to the demand for blood bank refrigerators. The market players are concentrating on tie-ups and partnerships with key hospitals, which allows them to supply blood bank refrigerators in bulk to these end-users. Therefore, the raised demand for blood bank refrigerators by hospitals, diagnostic centers, and other healthcare facilities is driving the growth of the market during the forecast period.
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.
Haier Smart Home Co. Ltd.: The company offers blood bank refrigerators such as automated blood management refrigerators, Unattended self service blood distribution refrigerators, Adanced blood bank refrigerators through its subsidiary Haier Medical.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
Blood Bank Refrigerators Market In US Scope |
|
Report Coverage |
Details |
Page number |
146 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.28% |
Market growth 2024-2028 |
USD 133.85 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
5.81 |
Regional analysis |
US |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Azenta Inc., Biobase Biodusty Shandong Co. Ltd., Cardinal Health Inc., Eppendorf SE, Haier Smart Home Co. Ltd., Helmer Scientific Inc., LabRepCo LLC, PHC Holdings Corp., Standex International Corp., The Middleby Corp., and Thermo Fisher Scientific Inc. |
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 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Market Segmentation by Type
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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