New York, May 18, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Blood Temperature Indicator Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, End User, and Geography,” the global blood temperature indicator market growth is driven by the accuracy of blood temperature indicators, increasing awareness about blood temperature indicators. However, the increasing incidence of false results hinders the market growth.
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| Report Coverage | Details |
| Market Size Value in | US$ 216.05 million in 2021 |
| Market Size Value by | US$ 504.37 million by 2028 |
| Growth rate | CAGR of 12.9% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| No. Tables | 57 |
| No. of Charts & Figures | 72 |
| Historical data available | Yes |
| Segments covered | Product Type and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Blood Temperature Indicator Market: Competitive Landscape and Key Developments
Elitech; Thermo Fisher Scientific Inc., Sercalia, Ellab Group, Zebra Technologies Corporation, LisaLine Lifesciences Technologies, Stream Peak International Pte Ltd., 3M, Deltatrak Inc., and TimeStrip UK Ltd. are among the key companies operating in the blood temperature indicator market. Major market players focus on expanding and diversifying their market presence and clientele, thereby tapping prevailing business opportunities.
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In January 2021, Timestrip, the developer of smart indicator technology, launched a completely new range with two electronic temperature indicators. The products are important to monitor the safe storage and transportation of various goods, including pharmaceuticals, vaccines, healthcare, food produce, adhesives, and inks.
North America accounted for a significant share of the global blood temperature indicator market, and it is expected to retain its dominance during the forecast period. The US is expected to lead the North America market due to the presence of advanced healthcare infrastructure and increased awareness of blood donation among people. Moreover, the high prevalence rate of chronic conditions such as cancer and sickle cell anemia and the surge in surgical and trauma cases have increased the demand for blood transfusion. Moreover, the rise in blood banks and blood donation has created the demand for cold chains for blood to ensure its effective storage and transportation to avoid wastage, fueling the need for blood temperature indicators. Therefore, such factors are expected to boost the growth of the North America blood temperature indicator market during the forecast period.
In October 2020, Fruit Attraction's Innovation Hub announced its Hub Award Finalists for 2020. The FlashLink RTL Prime 3G-2T In-Transit Logger is on the same list as a one-of-a-kind logger for ocean container temperature monitoring. With RTL Prime 3G-2T's unique 15m/50ft external and internal sensor combination, one logger can monitor supply air temperature in real-time while also recording the temperature at the back of the container. Furthermore, this unit tracks location and light, automatically uploading information 24/7 to FlashTrak cloud service, which is accessible from any internet-enabled device. Temperature data and light readings are displayed in one graph, and the shipping route and geofence alert notice when the ship arrives in port.
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Increase in Blood Transfusion and Donation Positively Influence Blood Temperature Indicator Market Growth:
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.
Blood Temperature Indicator Market: Segmental Overview
Based on product type, the blood temperature indicator market is segmented into 2°C to 4°C, 5°C to 7°C, and above 7°C. The 2°C to 4°C segment accounted for the largest market share in 2021, and it is expected to register the highest CAGR during the forecast period. Based on end user, the blood temperature indicator market is segmented into hospitals, blood banks, and others. The hospitals segment accounted for the largest market share in 2021, and it is expected to register the highest CAGR during the forecast period.
In 2020, the Food and Drug Administration (FDA) allowed the emergency use of convalescent plasma for the treatment of COVID-19 patients, leading to an increase in blood donation. Further, the presence of major market players and their various strategic collaborations in the blood temperature indicator market is expected to support market growth. For instance, Timestrip, the developer of smart indicator technology, is launching a completely new range with two electronic temperature indicators. These indicators will be critical in monitoring the safe storage and transportation of various goods, including pharmaceuticals, vaccines, healthcare, food produce, adhesives, and inks. Thus, the COVID-19 pandemic adversely affected the blood temperature indicator market.
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Browse Adjoining Reports:
Temperature Indicator Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Electro-Mechanical Temperature Indicator and Electronic Temperature Indicator); Components (Sensor, Display, Timers/Counters, Controllers, Alarms, and Others); and Application (Chemical, Food & Beverages, Healthcare, Industrial, and Others)
Time Temperature Indicator Labels Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Product Type ( Color-Based, Barcode-Based ); Label Information ( Critical Temperature Indicator (CTI), Critical Time Temperature Indicators (CTTI), Time Temperature Indicators (TTI) ); End-User ( Food And Beverages, Pharmaceutical, Chemicals And Fertilizers ) and Geography
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