LONDON--(BUSINESS WIRE)--The global RFID blood refrigerator and freezer market is expected to post a CAGR close to 20% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
There is a huge demand for blood banks which are a reliable source for collection and storage of blood. Blood components including the red blood cells (RBC) and plasma which are provided to various hospitals for transfusion are stored or tracked using RFID blood refrigerators and freezers.
Advances in modern healthcare systems coupled with the higher incidence of various diseases, have led to an increase for whole blood and blood derivatives. This has led governments and private organizations to set up blood banks. Thus, growth in the number of blood banks is expected to offer growth opportunities for the RFID blood refrigerators and freezers during the forecast period.
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As per Technavio, the growth in the life sciences sector, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global RFID blood refrigerator and freezer market: Increase in life science research
R&D spending in the life science sector has been increasing significantly due to several factors including the increase in chronic diseases, aging population, and growing life expectancy. Expert scientists are collaborating to determine the functions of different cells. These projects require RFID blood refrigerators and freezers to store and track various blood samples for the experiments. Furthermore, the life science sector is also using RFID blood refrigerators and freezers to store blood components such as RBCs, platelets, blood samples, and plasma. Thus, the growing developments in the life science research will drive the adoption of RFID blood refrigerators and freezers during the forecast period.
“Apart from the developments in the life science sector, increasing initiatives to raise awareness about blood donations and rise in advanced medical procedures are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global RFID blood refrigerator and freezer market: Segmentation Analysis
This market research report segments the global RFID blood refrigerator and freezer market by application (hospital and diagnostic centers, blood banks, and others) and geographical regions (North America, Europe, Asia, and ROW).
The North American region led the market in 2018, followed by Europe, Asia, and ROW respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market due to the significant investments in the US healthcare sector. Furthermore, health organizations in the US are providing education and training on the diagnosis and treatment of blood disorders. This is further expected to drive the need for RFID blood refrigerators and freezers for medical studies.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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