The blood temperature indicator market size is expected to grow from US$ 216.05 million in 2021 to US$ 504.37 million by 2028; it is expected to grow at a CAGR of 12.9% from 2021 to 2028.

The report highlights trends prevailing in the market and factors driving the market growth. The blood temperature indicator market's growth is attributed to the increase in blood transfusion and donation due to various factors such as chronic disorders, surgeries, trauma cases, and the accuracy of blood temperature indicators. However, the increasing incidences of false results are hampering the growth of the blood temperature indicator market.

Blood temperature indicators are small medical devices or solutions that help increase blood safety by effectively and efficiently transporting blood and blood components. These indicators provide auditable proof that blood is stored and transported as per regulatory standards, which further reduces blood waste.

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.

Over time, there has been a constant increase in the demand for blood transfusion due to the high prevalence rate of diseases, followed by the surge in blood donation. Various government and non-government organizations create awareness among people regarding blood donation to fulfill the increasing demand for blood. In association with World Health Organization, the Pan American Health Organization conducts a blood donation campaign on 14 June every year, celebrated as world blood donor day. Therefore, high public awareness led to increased blood donation globally. As per WHO, in 2020, ~118.4 million blood donations were collected globally. Furthermore, 40% were collected in high-income countries, home to 16 % of the world's population. Thus, increasing blood transfusion, blood donation, and rising demand for safe transportation of blood and its component creates demand for blood temperature indicators, which drives the market growth.

After collection, blood should be stored and transported under specific conditions and temperatures. If the blood is stored and transported outside the specific temperature range for a prolonged time, it loses its ability to carry oxygen, which can cause serious problems. Further, there is a risk of severe bacterial contamination if the blood is exposed to warm temperatures. Blood temperature indicators play an important role in maintaining the required conditions and temperature for the safe and reliable transportation of blood and its components. It reduces the chances of blood spoilage by closely monitoring the temperature and keeping the blood safe during transportation. Thus, increasing blood transfusion, blood donation, and rising demand for safe transportation of blood and its component creates demand for blood temperature indicators, which drives the market growth.

The accuracy of blood temperature indicators helps in easy and effective transportation of blood and its components, further eliminating viability testing. These indicators play an important role in the blood cold chain by ensuring the correct temperature during storage and transportation. The indicators are specially designed to notify the breach of blood temperatures by changing color, light-emitting diodes (LEDs), or via an alarm. The growing demand for blood supply and prioritizing its safety create demand for blood temperature indicators.

Blood banks are opting for irreversible blood temperature indicators, which assist blood banks and storage units in receiving return blood from hospitals. These indicators display the storage condition of blood during transportation which determines the viability and allows its use by reissuing the same blood to another patient. Further, blood waste prevention and the rising demand for effective transportation and storage of blood and its components create demand for blood temperature indicators. According to the Ministry of Health and Family Welfare, 1 million units of blood are discarded in India every year due to poor storage facilities. Moreover, increasing demand for effective storage and transportation of blood and accuracy of blood temperature boost the market growth. The increasing adoption of single-use and irreversible indicators is expected to contribute to market growth. Furthermore, the use of near field technology (NFC) and phase change technology increases the accuracy of indicators that drive the market growth

The global blood temperature indicator market is bifurcated on the basis of product type, end user and geography. Based on product type, the 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 held the largest market share in 2021, and it is anticipated to register the highest CAGR during the forecast period. Based on end user, the global blood temperature indicator market is segmented into hospitals, blood banks, and others. The hospitals segment held the largest market share in 2021, and it is anticipated to register the highest CAGR during the forecast period. Based on geography, the blood temperature indication market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. North America held the largest market share in 2021, however, Asia Pacific is anticipated to register the highest CAGR during the forecast period.

COVID-19 Impact Analysis: Blood Temperature Indicator Market

The COVID-19 pandemic had a mixed impact on the growth of the blood temperature indicator market. Several governments have imposed strict lockdown to prevent the spread of SARS-CoV-2, thereby affecting the healthcare industry. The hospitals have cancelled all the elective medical procedures. The medical professionals are only performing emergency surgeries as most of the infrastructure and staff are allocated to attend to COVID-19 patients. The government and nongovernment organizations have suspended the blood donation camps, and blood banks have also suspended the blood donations during the COVID-19 pandemic. Moreover, the closure of manufacturing and production units and disruption in the supply chain has negatively impacted the growth of the blood temperature market in the initial phase of the pandemic. In 2021, the Food & Drug Administration (FDA) approved the emergency use of plasma therapy for COVID-19 patients, thus increasing blood donation with strict guidelines in various countries. After the launch of vaccines in 2021, the government has prohibited blood donation due to the vaccination program and formulated new guidelines. For instance, the Japanese government has only approved blood donation from fully vaccinated individuals, while partially vaccinated and non-vaccinated individuals are not allowed to donate blood. Thus, the COVID-19 pandemic has adversely affected the growth of the blood temperature indicator market.

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) are among the primary and secondary sources referred to while preparing the report on the blood temperature indicator market.