Blood Temperature Indicator Market Share, Size and Growth Analysis By 2029

The blood temperature indicator market is projected to expand significantly, with an anticipated growth from US$ 216.05 million in 2021 to US$ 504.37 million by 2028. This growth represents a compound annual growth rate (CAGR) of 12.9% over the period from 2021 to 2028.

This report outlines the prevailing trends and key factors contributing to the market's expansion. The increase in blood transfusions and donations, driven by various factors such as chronic illnesses, surgical procedures, and trauma cases, is a primary driver of growth in the blood temperature indicator market. Additionally, the reliability of blood temperature indicators enhances their importance. However, the rising occurrence of inaccurate results poses a challenge to market growth.

Blood temperature indicators are essential medical devices that enhance blood safety by ensuring the proper transport and storage of blood and its components. These indicators provide verifiable evidence that blood is maintained according to regulatory standards, thereby minimizing waste.

Blood transfusions are a critical procedure in healthcare, essential for maintaining patients' blood levels. Numerous chronic conditions, surgical interventions, and trauma situations necessitate blood transfusions to prevent adverse effects associated with low blood levels. Conditions such as thalassemia, blood cancers, sickle cell anemia, and other medical emergencies often lead to significant blood loss, requiring transfusions. According to the American Red Cross, approximately 16 million blood components are transfused annually in the United States. Furthermore, sickle cell anemia affects between 90,000 and 100,000 individuals in the U.S., with around 1,000 infants born with the condition each year. The rising prevalence of chronic diseases is driving the demand for blood transfusions, which in turn is expected to boost the blood temperature indicator market.

There has been a consistent increase in the demand for blood transfusions, correlating with the growing incidence of diseases and a rise in blood donations. Various governmental and non-governmental organizations are actively promoting blood donation to meet the increasing demand. In collaboration with the World Health Organization, the Pan American Health Organization conducts annual blood donation campaigns on June 14, recognized as World Blood Donor Day. This heightened public awareness has led to a global increase in blood donations. According to the WHO, approximately 118.4 million blood donations were collected worldwide in 2020, with 40% of these donations coming from high-income countries, which represent only 16% of the global population. Consequently, the rising rates of blood transfusions, donations, and the need for safe blood transport are propelling the demand for blood temperature indicators, thereby driving market growth.

Once collected, blood must be stored and transported under specific conditions and temperatures. Prolonged exposure to temperatures outside the recommended range can compromise blood's oxygen-carrying capacity and increase the risk of severe bacterial contamination. Blood temperature indicators are crucial for maintaining the necessary conditions for the safe transport of blood and its components, significantly reducing the risk of spoilage by closely monitoring temperature during transit.

The precision of blood temperature indicators facilitates the safe and effective transport of blood, eliminating the need for viability testing. These indicators are integral to the blood cold chain, ensuring that the correct temperature is maintained throughout storage and transportation. They are designed to alert users to any temperature breaches through color changes, light-emitting diodes (LEDs), or alarms. The growing demand for blood supply and the emphasis on safety are driving the need for these indicators.

Blood banks are increasingly adopting irreversible blood temperature indicators, which assist in tracking the storage conditions of blood during transport, determining its viability for reissue to other patients. The prevention of blood waste and the rising need for effective blood transport and storage solutions further fuel the demand for these indicators. According to the Ministry of Health and Family Welfare, approximately 1 million units of blood are discarded annually in India due to inadequate storage facilities. The increasing need for effective blood storage and transportation, along with the accuracy of blood temperature indicators, is expected to enhance market growth. The rising adoption of single-use and irreversible indicators, along with advancements in near-field communication (NFC) and phase change technologies, is also anticipated to contribute positively to market expansion.

The global blood temperature indicator market is categorized based on product type, end user, and geography. In terms of product type, the market is divided into segments of 2?C to 4?C, 5?C to 7?C, and above 7?C. The 2?C to 4?C segment held the largest market share in 2021 and is expected to exhibit the highest CAGR during the forecast period. By end user, the market is segmented into hospitals, blood banks, and others, with hospitals holding the largest share in 2021 and projected to grow at the highest rate. Geographically, the market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. North America dominated the market in 2021, while Asia Pacific is expected to show the highest growth rate in the coming years.

COVID-19 Impact Analysis: The COVID-19 pandemic has had a mixed effect on the blood temperature indicator market. Strict lockdown measures implemented by various governments to curb the spread of SARS-CoV-2 significantly impacted the healthcare sector. Many hospitals postponed elective procedures, focusing solely on emergency surgeries as resources were redirected to manage COVID-19 cases. Blood donation camps were suspended, and blood banks halted donations during the pandemic. Additionally, the closure of manufacturing facilities and disruptions in supply chains adversely affected the blood temperature indicator market in the early stages of the pandemic. However, in 2021, the Food & Drug Administration (FDA) authorized the emergency use of plasma therapy for COVID-19 patients, which led to an increase in blood donations under strict guidelines. Following the rollout of vaccines in 2021, new regulations were established regarding blood donations, with some countries only permitting donations from fully vaccinated individuals. Thus, the pandemic has had a complex impact on the growth of the blood temperature indicator market.

Key sources for this report include the World Health Organization (WHO), Pan American Health Organization (PAHO), Korean Red Cross, International Journal of Environment Research and Public Health, Australian Red Cross Lifeblood, and Japanese Red Cross Society (JRC).