Blood Storage Device Market Growth Report and Size by 2031
The Blood Storage Device Market is expected to register a CAGR of 8.4% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX million by 2031.
The report is segmented by Blood Storage Device Market By Type (Refrigerator, Freezers); Application (Hospitals, Blood Banks) , and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Blood Storage Device Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Blood Storage Device Market Segmentation
By Type- Refrigerator
- Freezers
- Hospitals
- Blood Banks
Strategic Insights
Blood Storage Device Market Growth Drivers- Rising Prevalence of Accidents: The need for first aid kits has increased due to an increase in domestic incidents, industrial injuries, and traffic accidents. Blood storage devices are crucial for prompt medical intervention since burns, falls, and other emergencies require quick care.Such a factor has assisted the overall market growth in the recent past and is expected to continue a similar trend during the forecast period.
- Increased Surgical Procedures: A steady supply of blood products is required for the increasing number of surgical procedures, such as organ transplants, cancer treatments, and trauma care. The demand for efficient blood storage systems rises in tandem with the increase in surgical volumes worldwide.
- Escalating Incidence of Blood Disorders: The need for additional blood transfusions is being driven by the prevalence of hematological illnesses, including leukemia and anemia. It is anticipated that this tendency will increase the use of blood storage technologies that guarantee the secure preservation of blood components.
- Technological Advancements: The safety and durability of stored blood are increased by advancements in storage technologies, such as better refrigeration systems and blood bag designs. These developments are essential to preserving blood products' viability throughout time.Such a factor has assisted the overall market growth in the recent past and is expected to continue a similar trend during the forecast period.
- Automated Storage solutions: Better inventory management and tracking of blood products are made possible by the introduction of automated blood storage systems, which also ensure that units are used before they expire and reduce waste. In contemporary healthcare settings, this efficiency is becoming more and more desired.
- Government and NGO Campaigns: Blood donation campaigns have raised awareness of the significance of preserving sufficient blood supply. Effective storage methods are required because campaigns that promote voluntary donations increase the turnover of stored blood.Such a factor has assisted the overall market growth in the recent past and is expected to continue a similar trend during the forecast period.
- Mobile Blood Donation Units: Donor accessibility and convenience are improved by the proliferation of mobile blood collection units, which raises donation rates. Effective storage methods are required to manage the flood of collected blood products as a result of this increase. Asia Pacific region is expected to witness the highest growth during the forecast period.
- Innovation and Research Investment: Mitra gadget, created by Neoteryx, uses dried blood spot technology to collect tiny, volumetrically precise blood samples (10–20 microliters). It is perfect for decentralized clinical trials and precision medicine applications since it allows remote sampling and works with high-throughput lab equipment.
- Needle-Free Devices: The Tap device, a push-button gadget developed by Seventh Sense, takes blood from the upper arm painlessly using a series of microneedles. Compared to conventional venipuncture techniques, it is intended to offer a more comfortable experience and has a capacity of up to 100 microliters.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Blood Storage Device Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Blood Storage Device Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
While blood storage device can be life-saving and is effective in preventing conditions from worsening, it cannot treat serious medical conditions comprehensively
Europe region is expected to witness a high growth rate in terms of CAGR after Asia Pacific region during the forecast period
Rising Prevalence of Accidents
Asia Pacific region is expected to witness the highest growth during the forecast period
The Blood Storage Device Market is estimated to witness a CAGR of 8.4% from 2023 to 2031
Mobile Donation Units
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Blood Storage Device Market - By Type
1.3.2 Blood Storage Device Market - By Application
1.3.3 Blood Storage Device Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BLOOD STORAGE DEVICE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. BLOOD STORAGE DEVICE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. BLOOD STORAGE DEVICE MARKET - GLOBAL MARKET ANALYSIS
6.1. BLOOD STORAGE DEVICE - GLOBAL MARKET OVERVIEW
6.2. BLOOD STORAGE DEVICE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. BLOOD STORAGE DEVICE MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. REFRIGERATOR
7.3.1. Overview
7.3.2. Refrigerator Market Forecast and Analysis
7.4. FREEZERS
7.4.1. Overview
7.4.2. Freezers Market Forecast and Analysis
8. BLOOD STORAGE DEVICE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. HOSPITALS
8.3.1. Overview
8.3.2. Hospitals Market Forecast and Analysis
8.4. BLOOD BANKS
8.4.1. Overview
8.4.2. Blood Banks Market Forecast and Analysis
9. BLOOD STORAGE DEVICE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Blood Storage Device Market Overview
9.1.2 North America Blood Storage Device Market Forecasts and Analysis
9.1.3 North America Blood Storage Device Market Forecasts and Analysis - By Type
9.1.4 North America Blood Storage Device Market Forecasts and Analysis - By Application
9.1.5 North America Blood Storage Device Market Forecasts and Analysis - By Countries
9.1.5.1 United States Blood Storage Device Market
9.1.5.1.1 United States Blood Storage Device Market by Type
9.1.5.1.2 United States Blood Storage Device Market by Application
9.1.5.2 Canada Blood Storage Device Market
9.1.5.2.1 Canada Blood Storage Device Market by Type
9.1.5.2.2 Canada Blood Storage Device Market by Application
9.1.5.3 Mexico Blood Storage Device Market
9.1.5.3.1 Mexico Blood Storage Device Market by Type
9.1.5.3.2 Mexico Blood Storage Device Market by Application
9.2. EUROPE
9.2.1 Europe Blood Storage Device Market Overview
9.2.2 Europe Blood Storage Device Market Forecasts and Analysis
9.2.3 Europe Blood Storage Device Market Forecasts and Analysis - By Type
9.2.4 Europe Blood Storage Device Market Forecasts and Analysis - By Application
9.2.5 Europe Blood Storage Device Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Blood Storage Device Market
9.2.5.1.1 Germany Blood Storage Device Market by Type
9.2.5.1.2 Germany Blood Storage Device Market by Application
9.2.5.2 France Blood Storage Device Market
9.2.5.2.1 France Blood Storage Device Market by Type
9.2.5.2.2 France Blood Storage Device Market by Application
9.2.5.3 Italy Blood Storage Device Market
9.2.5.3.1 Italy Blood Storage Device Market by Type
9.2.5.3.2 Italy Blood Storage Device Market by Application
9.2.5.4 Spain Blood Storage Device Market
9.2.5.4.1 Spain Blood Storage Device Market by Type
9.2.5.4.2 Spain Blood Storage Device Market by Application
9.2.5.5 United Kingdom Blood Storage Device Market
9.2.5.5.1 United Kingdom Blood Storage Device Market by Type
9.2.5.5.2 United Kingdom Blood Storage Device Market by Application
9.2.5.6 Rest of Europe Blood Storage Device Market
9.2.5.6.1 Rest of Europe Blood Storage Device Market by Type
9.2.5.6.2 Rest of Europe Blood Storage Device Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Blood Storage Device Market Overview
9.3.2 Asia-Pacific Blood Storage Device Market Forecasts and Analysis
9.3.3 Asia-Pacific Blood Storage Device Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Blood Storage Device Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Blood Storage Device Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Blood Storage Device Market
9.3.5.1.1 Australia Blood Storage Device Market by Type
9.3.5.1.2 Australia Blood Storage Device Market by Application
9.3.5.2 China Blood Storage Device Market
9.3.5.2.1 China Blood Storage Device Market by Type
9.3.5.2.2 China Blood Storage Device Market by Application
9.3.5.3 India Blood Storage Device Market
9.3.5.3.1 India Blood Storage Device Market by Type
9.3.5.3.2 India Blood Storage Device Market by Application
9.3.5.4 Japan Blood Storage Device Market
9.3.5.4.1 Japan Blood Storage Device Market by Type
9.3.5.4.2 Japan Blood Storage Device Market by Application
9.3.5.5 South Korea Blood Storage Device Market
9.3.5.5.1 South Korea Blood Storage Device Market by Type
9.3.5.5.2 South Korea Blood Storage Device Market by Application
9.3.5.6 Rest of Asia-Pacific Blood Storage Device Market
9.3.5.6.1 Rest of Asia-Pacific Blood Storage Device Market by Type
9.3.5.6.2 Rest of Asia-Pacific Blood Storage Device Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Blood Storage Device Market Overview
9.4.2 Middle East and Africa Blood Storage Device Market Forecasts and Analysis
9.4.3 Middle East and Africa Blood Storage Device Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Blood Storage Device Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Blood Storage Device Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Blood Storage Device Market
9.4.5.1.1 South Africa Blood Storage Device Market by Type
9.4.5.1.2 South Africa Blood Storage Device Market by Application
9.4.5.2 Saudi Arabia Blood Storage Device Market
9.4.5.2.1 Saudi Arabia Blood Storage Device Market by Type
9.4.5.2.2 Saudi Arabia Blood Storage Device Market by Application
9.4.5.3 U.A.E Blood Storage Device Market
9.4.5.3.1 U.A.E Blood Storage Device Market by Type
9.4.5.3.2 U.A.E Blood Storage Device Market by Application
9.4.5.4 Rest of Middle East and Africa Blood Storage Device Market
9.4.5.4.1 Rest of Middle East and Africa Blood Storage Device Market by Type
9.4.5.4.2 Rest of Middle East and Africa Blood Storage Device Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Blood Storage Device Market Overview
9.5.2 South and Central America Blood Storage Device Market Forecasts and Analysis
9.5.3 South and Central America Blood Storage Device Market Forecasts and Analysis - By Type
9.5.4 South and Central America Blood Storage Device Market Forecasts and Analysis - By Application
9.5.5 South and Central America Blood Storage Device Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Blood Storage Device Market
9.5.5.1.1 Brazil Blood Storage Device Market by Type
9.5.5.1.2 Brazil Blood Storage Device Market by Application
9.5.5.2 Argentina Blood Storage Device Market
9.5.5.2.1 Argentina Blood Storage Device Market by Type
9.5.5.2.2 Argentina Blood Storage Device Market by Application
9.5.5.3 Rest of South and Central America Blood Storage Device Market
9.5.5.3.1 Rest of South and Central America Blood Storage Device Market by Type
9.5.5.3.2 Rest of South and Central America Blood Storage Device Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. BLOOD STORAGE DEVICE MARKET, KEY COMPANY PROFILES
11.1. THERMO FISHER SCIENTIFIC
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. BLUE STAR
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. HELMER SCIENTIFIC
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. VESTFROST SOLUTIONS
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. PHILIPP KIRSCH
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. ZHONGKE MEILING CRYOGENICS
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. LEC MEDICAL
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. HAIER BIOMEDICAL
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. ABBOTT DIAGNOSTICS INC
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. BECKMAN COULTER, INC
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. Thermo Fisher Scientific
2. Blue Star
3. Helmer Scientific
4. Vestfrost Solutions
5. Philipp Kirsch
6. Zhongke Meiling Cryogenics
7. LEC Medical
8. Haier Biomedical
9. Abbott Diagnostics Inc
10. Beckman Coulter, Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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