RFID Blood Refrigerator and Freezer Market size is set to grow by USD 498.3 million from 2024-2028

22 July 2024

RFID Blood Refrigerator and Freezer Market size is set to grow by USD 498.3 million from 2024-2028

The RFID blood refrigerator and freezer market size is estimated to grow by USD 498.3 million at a CAGR of 21.49% between 2023 and 2028. The high demand for blood and blood components is driving market growth.

The US blood bank refrigerators market is experiencing significant growth due to the increasing demand for safe storage solutions for blood and blood components. Platelets, which have a five-day shelf life after donation, are essential for cancer treatment and organ transplants in the context of thrombocytopenia. Meanwhile, plasma, which must be frozen within 24 hours of donation to preserve clotting factors, is vital for treating burn patients, shock, and trauma. The escalating need to address these medical requirements necessitates the expansion of the blood bank refrigerators market. This market research report delves into the drivers, trends, and challenges shaping this sector's growth, ensuring a comprehensive understanding of its current and future landscape.

Market Segmentation

Technavio has segmented the market into Application, Type, and Geography. In the market, the application segment encompasses various functionalities tailored to the storage and management of blood and plasma derivatives. These refrigerators and freezers feature specialized components such as capillary tubes, condensers, and evaporators, ensuring precise temperature control and preservation. The integration of thermostats and motors enables efficient cooling and optimal storage conditions, crucial for maintaining the integrity of blood products. This technology finds particular relevance in healthcare settings, supporting the storage of blood components used in treating chronic diseases like leukemia. Furthermore, the inclusion of drawer racks and identification cardholders enhances organization and traceability, facilitating seamless inventory management and retrieval processes.

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 market by hospitals.

The hospital and diagnostic centers segment was valued at USD 88.40 million in 2018. 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 for it. Hence the above factors are likely to contribute to the growth of this segment of the market during the forecast period.

Regional Analysis

North America is estimated to contribute 42% 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 companies in the 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 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.

Key Market Players

Companies 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 companies, including: