Enjoy complimentary customisation on priority with our Enterprise License!
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 rise in road accidents and sports injuries necessitates the availability of advanced medical devices for surgical procedures and blood transfusions. Additionally, the increasing number of hospitals and blood banks indicates a growing need for equipment used in dialysis and blood transfusion procedures, highlighting the importance of innovation and efficiency in this market. The surge in road accidents and sports-related injuries is a significant catalyst for market expansion. These incidents contribute prominently to the growing demand for surgeries that often require the utilization of donor blood for transfusions. Many of these injuries, such as dislocations or severe blood loss, necessitate surgical interventions that rely on stored blood. This underscores the critical need for advancements and innovation in healthcare infrastructure, particularly in developing nations, to effectively address the demand for blood bank refrigeration solutions.
To learn more about this report, Request Free Sample
This report provides a detailed analysis of the market by product (Standard electric refrigerators, Solar-powered refrigerators, and Ice-lined refrigerators ), End-user (Hospitals and diagnostic centers, Stand-alone blood bank centers, and Others ), and Geography (North America, Europe, Asia, and Rest of World (ROW))
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.
Get a glance at the market contribution of various segments View a PDF Sample
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.
For more insights about the market share of various regions View PDF Sample now!
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 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.
Buy Now Full Report and Discover More
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.
The market is essential for storing blood components in the immunohematology department. These refrigerators use a refrigeration system with components like an electrically powered compressor, condenser, capillary tube, expansion valve, evaporator, and thermostat to maintain the required temperature. They come in tabletop and floor units and often include an emergency power system. The market is driven by the demand for blood components due to road accidents, sports injuries, army injuries, and surgeries. Governments in developing countries are investing in healthcare infrastructure, contributing to market growth. Technological advancements and innovations in these refrigerators are also shaping the market. Analytical depictions of the global blood bank refrigerators market show current trends, future estimations, investment pockets, and the potency of buyers and suppliers, indicating competitive intensity.
Key Market Driver
The rise in number of road accidents and sports injuries is a key factor driving market growth. Road accidents and sports-related injuries are two major factors contributing to the increasing number of surgeries that necessitate the use of donor blood for transfusions in the country. Some of these injuries result in dislocations or significant blood loss, requiring patients to undergo surgeries that involve the use of stored blood. This highlights the importance of innovation and technological advancements in healthcare infrastructure, especially in developing countries, to meet the demand for blood bank refrigerators. Correction of dislocations and repair of blood vessels are among the reasons patients undergo these surgeries. The surgical process includes the transfusion of blood from blood bags stored in blood bank refrigerators to preserve them. Consequently, there will be a higher demand for blood bank refrigerators from hospitals, clinics, and blood banks to store blood and its components.
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 products 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.
Buy Now Full Report and Discover More
The market forecasting 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.
The market is crucial for storing reagents, blood cells, and plasma used in various medical procedures such as organ and bone marrow transplants, cardiovascular surgeries, and nephrology and dialysis. These refrigerators come in different types, including common indoor, transport, solar-powered, and ice-lined models. Market growth is driven by factors like healthcare industry advancements and the need for high-performance plasma freezers. Technological innovations such as external and wireless monitoring solutions enhance their efficiency. The market is influenced by government regulations, trade tariffs, and domestic and global brands competing to optimize value chains and meet the demand in emerging markets.
The market plays a critical role in the healthcare industry, storing blood and plasma in high-performance units equipped with temperature-alarm systems and monitoring capabilities. These refrigerators feature interconnecting tubing and insulated cabinets, ensuring safe storage. Governments of developing countries are key stakeholders, influencing market dynamics through regulations and tariffs. Tabletop units and cold storage devices are popular choices, with solar-powered and ice-lined systems emerging as sustainable options. Strategic growth analysis and value chain optimization are vital for companies to navigate emerging revenue pockets and address changes in market regulations.
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 companies, Market Positioning of companies, 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. |
View Sample PDF at your Fingertips
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.