In 2021, the worldwide blood temperature indicator market will be worth USD 210 million. Blood temperature indicator sales are expected to reach US$ 235 million by 2022, rising at an attractive CAGR of about 12% to 13% between 2022 and 2032.
The market for blood temperature indicators is predicted to exceed US$ 600 million by the end of 2032, owing to an increasing emphasis on the development of more precise and accurate medical temperature evaluating equipment.
Blood temperature indicators are medical devices that are directly attached to blood bags and measure temperature in real time during storage, handling, and transportation. The ability of these devices to assure constant blood temperature analysis and recording is driving up demand for them in the medical and healthcare sectors.
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Blood Temperature Indicator Market: An Overview
The blood temperature indicator is designed to help hospitals, blood banks, clinics, blood collection centers, and others to preserve the valuable blood supplies. Blood temperature indicator can directly be attached to blood bags during storage, handling & transportation for the measurement of temperature. It ensures consistent recording & analysis of blood temperature and delivers the accuracy, simplicity, and speed of process for blood transport cooler validation.
Blood temperature indicators feature a multi-function LCD and alarm which accurately track the core temperature of blood and provide the real-time temperature. In case, the temperature goes beyond the pre-set limits; an alarm is triggered to alert, thus it ensures safety and quality of blood. The blood temperature indicator is safe to use and meet the World Health Organization (WHO), FDA, CE and EN standards. Overall, the global outlook for blood temperature indicator market is likely to remain optimistic during the forecast period.
In 2021, the market for blood temperature indicators would be worth US$210 Mn. By 2022, it is anticipated that sales of blood temperature indicators will reach US$ 235 Mn, growing at a remarkable CAGR of close to 12% to 13% from 2022 to 2032. The demand for blood temperature indicators is anticipated to surpass US$ 600 Mn by the end of 2032, driven by the increasing emphasis on the development of more precise and accurate medical temperature evaluating devices.
Blood Temperature Indicator Market: Key Players
Examples of some of the key players operating in the global blood temperature indicator market are:
- Temptime Corporation,
- Elitech,
- Timestrip UK Ltd.,
- Hanwell Solutions Ltd.,
- Lisaline Lifescience Technologies Pvt. Ltd.
Blood Temperature Indicator Market: Dynamics
Transporting blood from donor to patient for transfusion is often an inefficient and costly process. Various end users witness the damaged of blood bags during the supply chain due to inadequate supervision of cold chain. Blood bags are expensive, and any spoilage can cause scarcities and put human lives at danger. Any avoidable losses affect the financial results for the blood banks and hospitals handling those products. Preserving the correct temperature of blood bag during transit is crucial to the quality of blood. Thus, blood temperature indicator is an excellent way to ensure temperature breaches are monitored, assisting in keeping the blood safe.
The blood temperature indicator is cost-effective and easy to use method to ensure blood has not been exposed to unacceptable temperature breaches during the supply chain. This factor is expected to create a significant demand for blood temperature indicator during the forecast period. Continuous expansion of hospitals, clinics, blood banks, and others are rising acceptance of blood temperature indicators are likely to drive the growth of the global blood temperature indicator market during the forecast period. Overall, the global Blood Temperature Indicator is likely to expand with notable CAGR during the forecast period.
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Blood Temperature Indicator Market: Segmentation
On the basis of material, the blood temperature indicator market is segmented into:
- Polypropylene (PP)
- Polyethylene (PE)
- Others
On the basis of threshold temperature range, the blood temperature indicator market is segmented into:
- Up to 2°C
- 2°C to 4°C
- 5°C to 7°C
- Above 7°C
On the basis of end use, the Blood Temperature Indicator market is segmented into: - Hospitals
- Clinics
- Blood Banks
- Blood Collection Centers
- Diagnostics Lab
Challenges in the Blood Temperature Indicator Market
While the Blood Temperature Indicator Market holds tremendous potential, it also faces certain challenges that need to be addressed for its sustained growth:
- Cost Constraints: The cost of implementing blood temperature indicators can be a significant barrier, particularly for smaller healthcare facilities or regions with limited resources. Manufacturers and policymakers need to work together to develop cost-effective solutions that cater to diverse healthcare settings.
- Standardization Issues: With multiple manufacturers offering different types of blood temperature indicators, ensuring standardization across the market can be challenging. Establishing universal protocols and compatibility standards will facilitate interoperability and streamline the adoption process.
- Training and Education: Healthcare professionals need adequate training and education to effectively utilize blood temperature indicators. Investing in comprehensive training programs will enhance their understanding of the technology and maximize its benefits.
Blood Temperature Indicator Market: Regional Outlook
Rising health awareness and increasing stringent rules & regulation regarding best healthcare practices in North America and Europe region are expected to drive the growth of the blood temperature indicator market during the forecast period. The U.S. in the North America region is expected to highly attractive in terms of market share while Canada is expected to attain a peak growth rate of blood temperature indicator market during the forecast period. In Europe, Germany and U.K are expected to dominate the blood temperature indicator market in terms of market share in the coming years.
South and East Asia regions are a significant shareholder of global blood temperature indicator market and likely to a register notable growth rate during the forecast period. Rising urban population and continuous expansion of hospitals, clinics, blood banks, and others are expected to create significant demand for the blood temperature indicator market during the forecast period. India in South Asia and China in East Asia are expected to offer lucrative opportunities for the growth of blood temperature indicator packaging market during the forecast period. Latin America and Middle East & Africa are anticipated to witness the notable CAGR of blood temperature indicator market during the forecast period.
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Key Reasons to Buy This Report-
- The report provides a qualitative and quantitative analysis of the Blood Temperature Indicator market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics.
- The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level.
- In-depth analysis of the Blood Temperature Indicator market segmentation based on technology, industry vertical, substrate, and application.
- Major countries in each region with their import/export statistics.
- The Blood Temperature Indicator market report also includes analyzing of the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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