The Worldwide Blood Temperature Indicator Industry is Expected to Reach $504.3 Million by 2028 at a 12.9% CAGR - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Blood Temperature Indicator Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type and End User" report has been added to ResearchAndMarkets.com's offering.
The blood temperature indicator market size is expected to grow from US$ 216.05 million in 2021 to US$ 504.37 million by 2028; it is expected to grow at a CAGR of 12.9% from 2021 to 2028.
The report highlights trends prevailing in the market and factors driving the market growth. The blood temperature indicator market's growth is attributed to the increase in blood transfusion and donation due to various factors such as chronic disorders, surgeries, trauma cases, and the accuracy of blood temperature indicators. However, the increasing incidences of false results are hampering the growth of the blood temperature indicator market.
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.
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.
Over time, there has been a constant increase in the demand for blood transfusion due to the high prevalence rate of diseases, followed by the surge in blood donation. 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.
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.
The accuracy of blood temperature indicators helps in easy and effective transportation of blood and its components, further eliminating viability testing. These indicators play an important role in the blood cold chain by ensuring the correct temperature during storage and transportation. The indicators are specially designed to notify the breach of blood temperatures by changing color, light-emitting diodes (LEDs), or via an alarm. The growing demand for blood supply and prioritizing its safety create demand for blood temperature indicators.
- Increase in Blood Transfusion and Donation
- Accuracy of Blood Temperature Indicators
- Increasing Incidence of False Results
- Increasing Awareness about Blood Temperature Indicators
- Technological Advancements
- Thermo Fisher Scientific Inc.
- Ellab Group
- Zebra Technologies Corporation
- Lisaline Lifesciences Technologies
- Stream Peak International PTE Ltd
- DeltaTrak Inc
- TimeStrip UK Ltd
For more information about this report visit https://www.researchandmarkets.com/r/is7vuz
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