The market for blood temperature indicators is expected to reach US$ 210 million by 2021. According to estimates, blood temperature indicators will generate US$ 235 million in sales by 2022, growing at a remarkable rate of roughly 12% to 13% between 2022 and 2032.
The global rise in blood-related diseases like blood cancer, sickle cell disease, thrombocytopenia, and anemia is attributed to factors such as increased smoking, exposure to hazardous chemicals, and radiation. As per the Leukemia & Lymphoma Society, approximately 9.8% of cancer cases in the U.S. in 2021 were blood cancer diagnoses, highlighting the severity of the issue.
This surge in blood-related diseases has led to a heightened demand for blood and its components for effective treatment. Consequently, there’s a notable increase in the need for blood temperature indicators in blood banks and collection centers. These indicators play a crucial role in assessing blood quality by monitoring its temperature, thereby supporting the management of various blood-related conditions. As a result, the rising burden of these diseases is expected to drive sales in the global blood temperature indicator market
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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.
Key Drivers-
- Increasing Blood Transfusion Activities: The rising need for blood and blood components due to road accidents, surgeries, and blood-related diseases is fueling the demand for blood temperature indicators to maintain the quality of stored blood.
- Quality Assurance: Blood temperature indicators are crucial for ensuring the safety and quality of blood and its components, driving their adoption in healthcare facilities and blood banks.
- Regulatory Compliance: Stringent regulations and guidelines related to blood storage and transportation are compelling healthcare institutions to use blood temperature indicators for compliance and safety.
- Technological Advancements: Ongoing advancements in blood temperature indicator technology are enhancing their accuracy and efficiency, making them more attractive to end-users.
- Growing Awareness: Increasing awareness about the importance of maintaining proper blood storage conditions is leading to greater adoption of blood temperature indicators in the healthcare sector.
Future Prospects of Blood Temperature Indicators
The future of the Blood Temperature Indicator Market looks promising, with ongoing advancements in sensor technology, data analytics, and connectivity. As these devices become more sophisticated and accessible, their adoption is likely to skyrocket, transforming patient care across the globe.
Major Restraints-
- Budget Constraints: Healthcare facilities, especially in resource-constrained regions, may face budget limitations, making it challenging to invest in expensive blood temperature indicator systems.
- Limited Awareness: Some healthcare providers and institutions may have limited awareness of the benefits and necessity of blood temperature indicators, leading to slower adoption rates.
- Technical Expertise: Implementing and maintaining blood temperature indicator systems may require technical expertise, which can be a barrier for smaller healthcare facilities.
- Regulatory Compliance Costs: Meeting regulatory standards for blood storage can be costly, particularly for smaller blood banks and clinics, impacting their ability to invest in temperature indicator technology.
- Alternative Solutions: Some healthcare facilities may opt for alternative methods to monitor blood temperature, such as manual checks, which can deter investment in specialized blood temperature indicator systems.
Blood Temperature Indicator Market: Segmentation
By Material:
- Polypropylene (PP)
- Polyethylene (PE)
- Others
By Threshold Temperature Range:
- Up to 2°C
- 2°C to 4°C
- 5°C to 7°C
- Above 7°C
By End Use:
- Hospitals
- Clinics
- Blood Banks
- Blood Collection Centers
- Diagnostics Lab
- Others
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