Technavio analysts forecast the blood bank refrigerators market in the US to grow at a CAGR of close to 6% during the forecast period, according to their latest report.
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Technavio has published a new report on the global blood bank refrigerators market in the US from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the blood bank refrigerators market in the US for 2017-2021. To calculate the market size, the report considers revenue generated from the sales of blood bank refrigerators to blood bank centers, hospitals, and other end-users.
Technological advances in cold storage systems, particularly in blood bank refrigerators, have led to the introduction of new products that will improve the monitoring and tracking of blood products, thereby reducing medical errors. Even small and medium-scale vendors have enhanced their product offerings in terms of technology to meet the standards set by governing bodies and the fast-changing requirements of end-users.
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Technavio analysts highlight the following three factors that are contributing to the growth of the blood bank refrigerators market in the US:
Effective management of unstructured data
With the evolution of modern healthcare system, an increase in life expectancy, and a higher incidence of numerous diseases, the need for blood and blood derivatives is growing. Daily, blood banks witness a huge inflow of blood units from blood donation and outflow to hospitals and research centers, thereby necessitating the need for proper preservation and trackable storage solutions such as blood bank refrigerators.
Amber Chourasia, a lead lab equipment research analyst at Technavio, says, “New treatments and practices, along with increased sophistication of surgical and medical procedures, have intensified the need for availability of blood on standby. This has increased the demand for blood transfusions and blood products in the US.”
Increase in awareness of blood donation
There has been an increase in the awareness levels of blood donation by educating individuals about the benefits and misconceptions related to the process, enabling them to become more open minded and volunteer to donate blood. The awareness initiatives by government organizations and private companies, as well as educational institutes, have led to an increase in blood donations.
“Apart from the global blood-related awareness creation bodies such as Red Cross, several corporate companies are also organizing drives and setting up blood donation camps by collaborating with various recognized blood banks to drive the number of blood donation volunteers,” adds Amber.
Rise in healthcare costs
Healthcare costs have increased by 91% during 2000-2011 in the US. There has also been a significant rise in the number of diseases, giving rise to treatments and surgeries. This requires a constant supply of blood. Subsequently, the storage of blood must be taken care of to ensure that the availability is constant.
During 2008-2009, many sick individuals chose not to visit doctors due to the economic crises. However, with the improvement in the economy, many patients have started consulting doctors more frequently. Recent policies by the federal government have enabled people affected with diseases to take basic and high-quality treatments. The healthcare aid offered by the US government has risen significantly over the years as millions of low-income people cannot afford diagnosis and treatment.
Top vendors:
- Biomedical Solutions
- B Medical Systems
- Helmer Scientific
- Thermo Fisher Scientific
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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