Blood Bank Refrigerators Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, Canada, China - Size and Forecast 2024-2028

Blood Bank Refrigerators Market Size 2024-2028

The blood bank refrigerators market size is forecast to increase by USD 410.7 million at a CAGR of 6.1% between 2023 and 2028.

• The market is experiencing significant growth due to several key factors. The increasing number of road accidents and sports injuries necessitates the need for reliable blood storage solutions. Moreover, the adoption of advanced software and hardware products enhances the functionality and efficiency of these refrigerators. However, the high cost of blood bank refrigerator equipment poses a challenge for smaller medical institutions. Key components of blood bank refrigerators include capillary tubes, expansion valves, evaporators, interconnecting tubing, thermostats, emergency power systems, and both tabletop and floor units. These components ensure the proper preservation and transportation of blood and blood components. Market trends include the development of energy-efficient refrigerators and the integration of smart technologies for temperature monitoring and control.
• Additionally, the demand for portable and compact blood bank refrigerators is increasing due to their ease of use and flexibility in various medical settings. In summary, the market is driven by the rising demand for efficient and reliable blood storage solutions, the adoption of advanced technologies, and the need for cost-effective options. These trends are shaping the future of the market and are expected to continue influencing its growth.

What will be the Size of the Blood Bank Refrigerators Market During the Forecast Period?

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• The medical sector relies heavily on the availability and quality of blood and its components for various treatments and surgeries. Blood banks play a crucial role in collecting, testing, and storing these essential resources. The refrigeration system of a blood bank is a vital component that ensures the stability and precision of blood storage. Blood and its components, including blood cells, plasma, and platelets, require specific temperature conditions for storage. A temperature-controlled machine, such as a blood bank refrigerator, is essential to maintaIn these conditions. The refrigeration system uses an electrically powered compressor, condenser, and capillary tube to regulate temperature and humidity. The demand for blood bank refrigerators is driven by the increasing need for donor blood in hospitals and medical facilities. Road accidents, sports injuries, organ transplants, bone marrow transplants, cancer surgeries, cardiovascular surgeries, general surgery, nephrology, and dialysis are some of the medical procedures that require a steady supply of blood and its components. The immunohematology department in hospitals and medical facilities is responsible for the collection, testing, and storage of blood and its components.
• Moreover, the department relies on high-precision, stable temperature mechanics to maintaIn the quality of these essential resources. Blood bags, which store the donated blood, are placed In the refrigerator to preserve their contents. The refrigeration system of a blood bank refrigerator must have rapid cooling capabilities to ensure the blood reaches the desired temperature quickly. Additionally, the mechanism must operate silently to minimize disruptions In the controlled environment of the blood bank. The blood bank refrigerator market is expected to grow due to the increasing demand for blood and its components In the medical sector. The market is driven by factors such as the rising number of surgeries, advancements in medical technology, and the growing awareness of the importance of blood donation. Thus, blood bank refrigerators play a vital role in maintaining the stability and precision of blood storage. The refrigeration system, which uses an electrically powered compressor, condenser, and capillary tube, ensures that blood and its components are stored at the required temperature conditions. The demand for blood bank refrigerators is driven by the increasing need for donor blood in hospitals and medical facilities, making it a growing market In the medical sector.

How is this Blood Bank Refrigerators Industry segmented and which is the largest segment?

The blood bank refrigerators industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Product
  • Standard electric refrigerators
  • Solar-powered refrigerators
  • Ice-lined refrigerators
• End-user
  • Hospitals and diagnostic centers
  • Stand-alone blood bank centers
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
  • Asia
    • China
  • Rest of World (ROW)

By Product Insights

• The standard electric refrigerators segment is estimated to witness significant growth during the forecast period.

Blood bank refrigerators are essential temperature-controlled machines used to store donated blood in a controlled environment. These refrigerators play a crucial role in maintaining the quality and safety of blood for use in various medical applications, including sports injuries, army injuries, and surgeries. Standard electric refrigerators dominate the market due to their widespread availability and reliable performance. Operating on a mains supply of 110V/60Hz or 220V/50Hz, these refrigerators offer features such as accurate temperature control, uniform refrigeration, safe blood storage, visual and audible alarms for power failures, and low or high-temperature settings. The medicare sector heavily relies on these refrigerators to ensure the availability of blood for patients in need. Despite the availability of alternative refrigeration technologies like solar-powered and ice-lined refrigerators, standard electric models remain the preferred choice due to their consistent and efficient performance.

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The standard electric refrigerators segment was valued at USD 558.20 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• North America is estimated to contribute 41% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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In the global market for blood bank refrigerators, North America led in revenue generation In the year 2023, with the United States being the major contributor. The regional market is projected to witness expansion throughout the forecast period, fueled by several factors. These include the rising incidence of road accidents and sports injuries, the increasing demand for various surgical procedures, the growing pool of blood donors, and the escalating prevalence of different types of cancer.

Furthermore, the emergence of advanced products, the introduction of compact refrigerators by manufacturers, and the presence of prominent global and regional companies are propelling market growth. Additionally, the proliferation of hospitals and clinics conducting organ transplants, the escalating healthcare expenditures, and the burgeoning research activities necessitating the use of blood components are anticipated to boost the regional market for blood bank refrigerators during the forecast period.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Blood Bank Refrigerators Industry?

Rise in number of road accidents and sports injuries is the key driver of the market.

• In the United States, the demand for blood bank refrigerators is on the rise due to an increase In the number of surgeries necessitated by road accidents and sports injuries. These injuries often result in significant blood loss, necessitating the use of donor blood for transfusions during surgical procedures. Some common surgical interventions include cardiovascular surgeries, general surgery, and nephrology-related procedures such as dialysis. Blood bank refrigerators play a crucial role in preserving the blood for transfusion by maintaining optimal temperatures.
• Moreover, plasma freezers are also essential for the biotechnology sector, where plasma is used for various therapeutic applications. A temperature-alarm system is a vital feature of these refrigerators, ensuring the safe and effective storage of blood and plasma. Refurbished equipment is a cost-effective solution for medical institutions seeking to upgrade their blood storage facilities. In summary, the healthcare industry's growing need for blood and plasma storage solutions is driving the demand for blood bank refrigerators In the US market. These refrigerators are essential for maintaining the integrity of blood and plasma, ensuring their availability for life-saving transfusions during various surgical procedures.

What are the market trends shaping the Blood Bank Refrigerators Industry?

Presence of value-added software and hardware products is the upcoming market trend.

• Blood bank refrigerators are essential equipment In the healthcare industry for storing and preserving blood and plasma. companies In the market are focusing on enhancing their offerings to attract more customers. One such value-added product is a Data Monitoring Network, which is a software solution for monitoring and recording temperature data. This software collects, records, and visualizes temperature data in real-time, providing an integrated event and activity history of all appliance components. It also offers graphical visualization of all temperature curves, enabling simultaneous data monitoring and recording. Additionally, it provides the option to configure and forward specific alarms via email and message.
• Compared to traditional circular chart recorders, this software offers cost advantages and easier access to data. Furthermore, companies provide emergency power systems to ensure uninterrupted operation during power failures. They come in various sizes, including tabletop units and floor units, equipped with an expansion valve, evaporator, interconnecting tubing, and thermostat.

What challenges does the Blood Bank Refrigerators Industry face during its growth?

High cost of blood bank refrigerator equipment is a key challenge affecting the industry growth.

• Blood components, including blood cells and plasma, are essential for saving lives and must be stored in stable-temperature environments using specialized equipment. Immunohematology departments in hospitals and blood banks rely on these refrigeration systems to maintaIn the integrity of the blood units. Blood bank refrigerators utilize electrically powered compressors and condensers to regulate temperature and humidity levels. However, the high investment required for acquiring advanced blood bank refrigerators can be a significant barrier for small-scale blood banks and hospitals.
• For instance, Thermo Fisher Scientific Inc. Offers blood bank refrigerators priced between USD 4,000 and USD 15,000. Regular maintenance is also necessary to ensure the refrigerators function optimally, which adds to the overall cost. End-users must consider these factors before investing to ensure they make an informed decision.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, market growth and forecasting, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Aegis Scientific
• ARCTIKO AS
• Azenta US, 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 AG
• 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.
• Trane Technologies Plc

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 industry 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.

Research Analyst Overview

Blood bank refrigerators are essential equipment In the healthcare sector, designed to store donor blood and its components at optimal temperatures. These refrigerators play a crucial role in ensuring the safety and efficacy of blood and its components for transfusion purposes. The demand is driven by various factors, including an increase in road accidents, sports injuries, and surgical procedures. They come in different sizes and types, including compressor-based insulated cabinets and plasma freezers. They are equipped with temperature-alarm systems to maintain a stable and controlled environment for the stored blood. The refrigeration system uses an electrically powered compressor, condenser, capillary tube, expansion valve, evaporator, and interconnecting tubing to maintaIn the desired temperature.

Blood bank refrigerators are used in various medical settings, including hospitals, blood stations, and immunohematology departments. They are essential for storing blood cells, plasma, and other blood components for transfusion purposes. The biotechnology sector also relies on these refrigerators for storing plasma for therapeutic purposes. Refurbished equipment is also available In the market for those on a budget. These refrigerators undergo thorough refurbishing and testing to ensure they meet the required standards. The temperature-controlled machines are designed to be silent, with rapid cooling mechanisms and emergency power systems to prevent temperature fluctuations during power failures. They are used to store blood for various medical conditions, including cancer surgeries, cardiovascular surgeries, nephrology, dialysis, and general surgery. They play a vital role in ensuring a steady supply of blood for patients requiring transfusions. The temperature limits of these refrigerators are set according to the specific requirements of the stored blood components.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the market growth of industry companies

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