RFID Blood Refrigerator and Freezer Market by Application, Type and Geography - Forecast and Analysis 2023-2027

RFID Blood Refrigerator and Freezer Market Research Report 2023-2027

The global RFID blood refrigerator and freezer market size is estimated to grow by USD 307.62 million at a CAGR of 16.82% between 2022 and 2027. 

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. Platelets are used for cancer treatment and organ transplants in the treatment of thrombocytopenia. However, they can only be stored for a period of five days after donation. Plasma must be used for treating burn patients or shock and trauma patients. It must be frozen within 24 hours of donation to preserve clotting factors and can be thawed when necessary. Hence the increasing requirement and demand for blood and blood components to treat medical conditions are boosting demand for RFID blood refrigerators and freezers to ensure safe storing of blood and blood components.

Technavio has segmented the market into Application, Type, and Geography.

• The application segment is classified into hospital and diagnostic centers, blood banks, and others.
• The type segment is classified into RFID refrigerators and RFID freezers.
• The geography segment includes key regions such as North America, Europe, Asia, and the Rest of the World (ROW).

It also includes an in-depth analysis of drivers, trends, and challenges. 

What will be the size of the RFID Blood Refrigerator and Freezer Market During the Forecast Period?

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RFID Blood Refrigerator and Freezer Market Segmentation by Application, Type, and Geography Analysis

Application Analysis 

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 RFID blood refrigerators and freezers market by hospitals.

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The hospital and diagnostic centers segment was valued at USD 77.08 million in 2017. 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 RFID blood refrigerators and freezers. Hence the above factors are likely to contribute to the growth of this segment of the market during the forecast period.

Type Analysis 

RFID refrigerator segment

The RFID refrigerator segment includes specialized refrigerators that use RFID technology to track and manage blood products within a blood bank. Additionally, the integration of RFID-enabled temperature sensors to continuously monitor the temperature of stored blood products can also be done, further enhancing products in the Radio Frequency Identification (RFID) blood refrigerator and freezer market. Additional features like alerts or notifications in case temperate fluctuates beyond or below the desired range are vital in ensuring the integrity and safety of the blood supply. Hence, they help improve visibility, security, and efficiency in blood storage and management and help ensure patient safety. Hence the demand for the RFID refrigerator segment is likely to contribute to the RFID blood refrigerator and freezer market growth during the forecast period.

RFID freezer segment

The RFID freezer segment includes freezers that store frozen blood for the long term at below -80 degrees Celsius to eliminate chances of bacterial infection. Moreover, it can be easily integrated with blood management software systems, allowing the efficiency of data exchange and blood product information, and other processes. It helps streamline workflow and reduces manual efforts, contributing towards greater operational efficiency. Hence the above factors are going to boost the demand for RFID freezers which will result in the growth of the RFID blood refrigerator and freezer market during the forecast.

Regional Analysis

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North America is estimated to contribute 39% 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 vendors in the Radio Frequency Identification (RFID) blood refrigerator and freezer 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 blood 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.

COVID Recovery Analysis

The COVID-19 outbreak resulted in hospitals in North America prioritizing the treatment of critically ill COVID-19 patients, which caused postponements and cancellations of organ transplant procedures. This directly impacted the Radio Frequency Identification (RFID) blood refrigerator and freezer market. However, it raised awareness of the problems that could arise due to blood shortages in blood banks. Additionally, the issuance of guidelines in 2020 to address this issue by the US Food and Drug Administration (FDA) increased participation in blood donation drives, especially after the easing of lockdown restrictions these factors will propel the growth of the regional RFID blood refrigerator and freezer market during the forecast period.

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Key RFID Blood Refrigerator and Freezer Market Players 

Vendors 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 vendors, including:

Angelantoni Industrie Srl - The company offers RFID blood refrigerators and freezers such as X-COLD TN series, and Emobank. 

• 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
• Trane Technologies Plc

Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

RFID Blood Refrigerator and Freezer Market: Key Drivers, Trends, Challenges, and Customer Landscape

There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. 

Key RFID Blood Refrigerator and Freezer Market Drivers

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 blood products.

Additionally, blood transfusion and red cell transfusion are necessary to ensure the proper functioning of transplanted organs. Other situations that require blood 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 propel the growth of the market during the forecast period.

Significant RFID Blood Refrigerator and Freezer Market Trends

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 blood. 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 blood donors are acknowledged and highlighted along with further awareness of the advantages of blood 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 RFID refrigerators and freezers market during the forecast period.

Major RFID Blood Refrigerator and Freezer Market Challenges

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 Radio Frequency Identification (RFID) blood refrigerator and freezer 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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Key RFID Blood Refrigerator and Freezer Market Customer Landscape

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 RFID Blood Refrigerator and Freezer Market Customer Landscape

Segment Overview

The RFID blood refrigerator and freezer 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. 

• Application Outlook (USD Million, 2017 - 2027)
  • Hospital and diagnostic centers
  • Blood banks
  • Others

• Type Outlook (USD Million, 2017 - 2027)
  • RFID refrigerators
  • RFID freezers

• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of World (ROW)
    • Australia
    • Argentina
    • Brazil

RFID Blood Refrigerator and Freezer 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 16.82%
Market growth 2023-2027	USD 307.62 million
Market structure	Fragmented
YoY growth 2022-2023(%)	15.67
Regional analysis	North America, Europe, Asia, and the Rest of the World (ROW)
Performing market contribution	North America at 39%
Key countries	US, Canada, Germany, UK, and China
Competitive landscape	Leading Vendors, Market Positioning of Vendors, 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, COVID-19 impact and recovery analysis and future consumer dynamics, and 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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What are the Key Data Covered in this RFID Blood Refrigerator and Freezer Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the RFID blood refrigerator and freezer market between 2023 and 2027
• Precise estimation of the size of the RFID blood refrigerator and freezer market and its contribution to the market in focus on the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Vendor landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on vendor position and Classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and the Rest of the World (ROW)
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of RFID blood refrigerator and freezer market vendors

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