Blood Temperature Indicator market Analysis & Forecast 2021, 28

The blood temperature indicator market is expected to grow from US$ 216.05 million in 2021 to US$ 504.37 million by 2028; it is estimated to register a CAGR of 12.9% from 2021 to 2028.

Blood temperature indicators are small medical devices or solutions that help increase blood safety by effectively and efficiently transporting blood and blood components. These indicators provide auditable proof that blood is stored and transported as per regulatory standards, which further reduces blood waste.

The report provides insights and in-depth analysis of the blood temperature indicator market, emphasizing various parameters such as market trends, technological advancements, and market dynamics. It also provides the competitive landscape analysis of leading market players and the impact of the COVID-19 pandemic on the blood temperature indicator market across all major regions. The COVID-19 pandemic has disrupted the socioeconomic conditions of various countries across the world. As per the 2021 WHO statistics, the US is the world's worst-affected country due to the COVID-19 pandemic, with the highest number of COVID-19 cases. The high number of cases has hampered the economy of North America, especially the US. The COVID-19 pandemic has led to critical technological changes to provide better medical care. Due to the spread of SARS-CoV-2, many cities are being closed, resulting in treatment cancellations from doctors/surgeons. The COVID-19 Pandemic has affected the manufacturing and supply of blood temperature indicators owing to the disruption in supply chain globally. Additionally, healthcare professionals are prioritizing the emergency procedures and cancelled all the elective surgeries to prevent the spread of coronavirus.

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.

Based on region, the blood temperature indicator market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.

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Blood Temperature Indicator Market: Strategic Insights

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Market Insights

Increase in Blood Transfusion and Donation Drives Blood Temperature Indicator Market

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.

After collection, blood should be stored and transported under specific conditions and temperatures. If the blood is stored and transported outside the specific temperature range for a prolonged time, it loses its ability to carry oxygen, which can cause serious problems. Further, there is a risk of severe bacterial contamination if the blood is exposed to warm temperatures. Blood temperature indicators play an important role in maintaining the required conditions and temperature for the safe and reliable transportation of blood and its components. It reduces the chances of blood spoilage by closely monitoring the temperature and keeping the blood safe during transportation. 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.

Product Type-Based Insights

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. In 2021, the 2°C to 4°C segment accounted for the largest market share. The market position of this segment has increased due to its major use during long route transportation of blood. For instance, as per major European and American guidelines, the temperature of RBC bags must range from 1°C to 6°C while storing it, and from 1°C to 10°C while carrying.

Blood Temperature Indicator Market Regional Insights

The regional trends and factors influencing the Blood Temperature Indicator Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Blood Temperature Indicator Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Blood Temperature Indicator Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Blood Temperature Indicator Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Blood Temperature Indicator Market are:

1. Elitech
2. Thermo Fisher Scientific Inc.
3. Sercalia
4. Ellab Group
5. Zebra Technologies Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

 

End User Insights

Based on end user, the blood temperature indicator market is segmented into hospitals, blood banks, and others. The hospitals segment dominated the market in 2021.

 

The blood temperature indicator market players adopt organic strategies such as product launch and expansion to expand their footprint and product portfolio globally.

Company Profiles

• Elitech
• Thero Fisher Scientific Inc.
• Sercalia
• Ellab Group
• Zebra Technologies Corporation
• Lisaline Lifesceinces Technologies
• Stream Peak International PTE Ltd
• 3M
• DeltaTrak Inc.
• TimeStrip UK Ltd