Blood Bank Refrigerators Market Size, Share, Growth, and Industry Analysis, By Type (Common Indoor Blood Bank Refrigerators and Transport Blood Bank Refrigerators), By Application (Blood Station and Hospitals) and Regional Insights and Forecast to 2031

Updated On: 15 April 2024

Blood Bank Refrigerators MARKET REPORT OVERVIEW

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The global Blood Bank Refrigerators Market size was USD  73 million in 2019 and will touch USD 97.6 billion by 2026, exhibiting a CAGR of 5.3% during the forecast period.

The Blood Bank Refrigerators are nothing but a gigantic temperature controlled machine at specific temperature limit which stores the blood bags. These blood bags are later used in donation of blood for the patients who need it.

The Blood Bank Refrigerator is bound maintain a specific temperature  for the blood stored in the bags to stay live and untainted as it is used for the many purposes by the medicare sector for the betterment of patients. These refrigerators provide a controlled environment, high-precision, highly stable temperature mechanics and and it also helps in achieving rapid cooling and silent mechanism so as to store blood hygiencally before it goes out irrespective of the amount of blood stored in it.

COVID-19 Impact: Market Growth Boosted by Pandemic due to Increased Number of Patients

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The Research and Development was completely disrupted of many companies during the Covid period. This major disruption led to a alot of delay and disturbance in the supply, demand and manufacturing of the companies as well. These disruptions led to a chaos as the demand was high and the supply of the medical and pharmaceutical devices was under satisfactory, which in terms affected the blood bank refrigerator market growth.

Health conditions all over the world were high during the pandemic which proportionally led to a hike in the shares of the medical sector. Apart from the pandemic people also suffered from various other diseases during the same peiod which led to the incresed transfusion and donation activities of the blood resulting in the increased demand for high-class blood bank refrigerators. The market evidently faced fall in some parts of the helathcare sector and a hike in others but it is recovering to its original stability post pandemic an a much faster pace.

LATEST TRENDS

"Medical Trials to Drive Market Growth"

There are many factors responsible for the augmented blood bank refigerator market share. Few of these factors are incresed number of medical trials for research and development and also new advanced product launches in the health care sector for the advanced and more assusring treatment of the patients.

Blood Bank Refrigerators MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Common Indoor Blood Bank Refrigerators and Transport Blood Bank Refrigerators amongst which the leading segment is the common indoor blood bank refrigertaors.

• Common Indoor Blood Bank Refrigerators: This referigertaors set alarm limits are +2.5 °C and  +5.5 °C. The adequate temperature it to store blood bags at is 4 degree celsius. Its storage capacity varies according to demands as it is available in number dimensions satisfying the needs of the consumer. As the name indicates, this refrigerator kind is of the most commonly used type.

• Transport Blood Bank Refrigerators: It is an slightly expensive alternative with a little advanced features added to its specifications and constructions for the satisfaction and convenience of the user.

By Application

Based on application the global market can be categorized into Blood Station and Hospitals amongst which the leading segment is the blood stations.

• Blood Stations: Blood stations are nothing but blood banks which store the blood donated by donors until the moment of use. These places have numerous referigerators to store these blood bags in a well organised manner.

• Hospitals: Hospitals also have an in-built refrigerator or a blood station as well. But if in case blood bags of the required blood group are not available for a certain medical case, they turn to the blood stations to meet requirements so as to the treat the patient and revert with healthy results.  

DRIVING FACTORS

"Increased Number of Patients to Boost the Market"

The Major factor resposible for the market growth is the increased number of patients requring transfusions time to time. Some medical consitions require timely blood transfutions as they are essential for the treatmnent of the patients. In such cases, blood needs to availeble in any time and hour of the required blod group or the consequences faced by the patients can be life threatening. Hence, the demand for this product has increased to keep the bood safe and healthy for time to time needs.

"Stringent Regulations to Expand the Market"

The condittions to be followed and looked are provisions to increase the shell life of blood stroed so that when needed, it has not gone all out. This requires a very controlled mechanism for temperature regulation purposes stringently. As the blood bank refrigertors are a efficient and convinient choice, its demand has augmented evidently.

RESTRAINING FACTOR

"High Cost of Machinery to Impede Market Growth"

As convenient and efficient these refrigerators are, their costs can make one perspire as ever. The needed stringent regulations and advanced mechanism increases the overall cost of the blood bank refrigerators which is likely to restrict the market growth altogether.

Blood Bank Refrigerators Market REGIONAL INSIGHTS

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"North America Region Dominating the Market due to Large Population"

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America is the leading region in the demand, sales and manufacturing of this particular product. It holds the largest market share globally. The research and development sector in the north american healthcare sector is advanced and carries out a lot of trials medically which gave rise to the the increase of  demand.

KEY INDUSTRY PLAYERS

"Market Players to Invest in Collaborations To Sustain Market Presence"

The market's competitive landscape is consolidated, with a few prominent competitors operating at the global and regional levels. Product development and strategic alliances are being pursued by key players to extend their respective product portfolios and achieve a strong foothold in the global market.  They also use techniques such as mergers and acquisitions, partnerships, distribution agreements, partnerships, advertisements, and celebrity endorsements to gain a competitive advantage in the market.

List of Market Players Profiled

• Helmer Scientific (Indiana)
• Haier Bio-Medical (China)
• Panasonic Healthcare (Japan)
• Thermo Fisher (U.S.)
• Dometic (Sweden)

INDUSTRIAL DEVELOPMENT

February 2023: In February 2023, PHC Corporation launced the VIP ECO® SMART Ultra-Low Temperature Freezer that offers advanced energy efficiency with enhanced security and usability.

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.