The 2°C to 4°C Segment to Hold Larger Share of Blood Temperature Indicator Market During 2021–2028
According to our new research study on Blood Temperature Indicator Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type and End User,” the market is expected to grow from US$ 216.05 million in 2021 to US$ 504.37 million by 2028; it is estimated to grow at a CAGR of 12.9% from 2021 to 2028. The blood temperature indicator market growth is attributed to the accuracy of blood temperature indicators and the rising blood transfusion and donations.
North America accounted for a significant market share in the blood temperature indicator market. The growth of the market in countries such as the US and Canada is driven by factors, including the high prevalence rate of chronic conditions, such as cancer and sickle cell anemia, and the surge in surgical and trauma cases. Moreover, the rise in blood banks and blood donation has created the demand for cold chains for blood to ensure its effective storage and transportation to avoid wastage, fueling the need for blood temperature indicators.
Increase in Blood Transfusion and Donation Fuelling Blood Temperature Indicator Market Growth
Blood transfusion is one of the commonly used procedures in healthcare, which helps maintain the blood level of patients. There are various chronic conditions, surgical procedures, and trauma cases that require blood transfusion so that patients can survive without any side effects due to low blood levels. Medical conditions, including thalassemia, blood cancer, sickle cell anemia, anemia, and surgical and trauma cases, lead to blood loss and require a blood transfusion. According to the American Red Cross organization, ~16 million blood components are transfused each year in the US. Further, sickle cell anemia affects 90,000‒100,000 people in the US; ~1,000 babies are born with this disease each year. Thus, the increasing prevalence of chronic diseases has created the demand for blood transfusion, which is expected to propel the growth of the blood temperature indicator market.
Various government and non-government organizations create awareness among people regarding blood donation to fulfill the increasing demand for blood. In association with World Health Organization, the Pan American Health Organization conducts a blood donation campaign on 14 June every year, celebrated as world blood donor day. Therefore, high public awareness led to increased blood donation globally. As per WHO, in 2020, ~118.4 million blood donations were collected globally. Furthermore, 40% were collected in high-income countries, home to 16 % of the world’s population. Thus, increasing blood transfusion, blood donation, and rising demand for safe transportation of blood and its component creates demand for blood temperature indicators, which drives the market growth
Impact of COVID-19 Pandemic on Blood Temperature Indicator Market:
During the initial surge in the COVID-19 pandemic, healthcare systems in the US quickly adapted to reduce disease transmission and reserve capacity for the infected patients. Although elective and non-urgent procedures were initially required to be delayed, prolonged delays or cancellations could have led to other public health crises due to preventable chronic diseases. To prevent the spread of SARS-CoV-2, the government has restricted blood donation until further notice and imposed safety measures. Moreover, the closing of production units and disruption in the supply chain has hampered the blood temperature indicator market [RS1] [PS2] growth. In 2020, the Food and Drug Administration (FDA) allowed the emergency use of convalescent plasma for the treatment of COVID-19 patients, leading to an increase in blood donation. Further, the presence of major market players and their various strategic collaborations in the blood temperature indicator market is expected to support market growth. For instance, Timestrip, the developer of smart indicator technology, is launching a completely new range with two electronic temperature indicators. These indicators will be critical in monitoring the safe storage and transportation of various goods, including pharmaceuticals, vaccines, healthcare, food produce, adhesives, and inks. Thus, the COVID-19 pandemic adversely affected the blood temperature indicator market.
Elitech, Thermo Fisher Scientific Inc., Ellab Group, Zebra Technologies Corporation, LisaLine Lifesciences Technologies, Stream Peak International Pte Ltd, 3M, and TimeStrip UK Ltd. are a few of the leading companies operating in the blood temperature indicator market.
Blood Temperature Indicator Market, by Region, 2021 (%)
Blood Temperature Indicator market Analysis & Forecast 2021, 28
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Blood Temperature Indicator Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (2°C to 4°C, 5°C to 7°C, and Above 7°C) and End User (Hospitals, Blood Banks, and Others)
Blood Temperature Indicator market Analysis & Forecast 2021, 28
Download Free SampleBlood Temperature Indicator Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (2°C to 4°C, 5°C to 7°C, and Above 7°C) and End User (Hospitals, Blood Banks, and Others)
Based on product type, the blood temperature indicator market is segmented into 2°C to 4°C, 5°C to 7°C, and above 7°C. Based on end user, the blood temperature indicator market is segmented into hospitals, blood banks, and others. Based on geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and South & Central America (Brazil, Argentina, and the Rest of SAM).
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