Blood Bank and Plasma Freezer Market Growth and Key Players
The global blood bank and plasma freezer market, valued at $95 million in 2023, is projected to grow to $168.36 million by 2034, with a 5.34% CAGR from 2024 to 2034. Rising demand for reliable storage solutions to safely preserve donated blood for transfusions and other medical uses is driving this growth.
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Market Overview
The hospitals and private blood banks have the responsibility to manage the bloodstock by maintaining an inventory for each group, ensuring the average age of blood at the time of issue, and monitoring the amount of outdated blood. Storing the blood and plasma at a maintained freezing temperature of -30 to – 40 °C provides the optimum environment for fresh frozen plasma, red cells, and platelet concentrates. The rising demand for blood and blood components for timely availability of blood at emergency healthcare facilities determines the patient’s survival factor leading to the growth of the blood bank & plasma freezer market.
Trends in the Blood Bank and Plasma Freezer Market
In recent developments, the blood bank and plasma freezer market is experiencing significant growth and innovation:
- In September 2024, Safi Biotherapeutics, an emerging biotech company focused on blood cell therapies, secured over $14 million from the U.S. Department of Defense and an additional $5 million from J2 Ventures to advance affordable red blood cell production.
- In May 2023, NYBC Ventures, a life sciences fund launched by New York Blood Center, Inc., received $50 million to boost innovation in blood-related fields and cellular therapies, paving the way for new technologies in the sector.
- In August 2024, Brookfield Asset Management acquired Grifols SA, a major Spanish plasma company, with support from Abu Dhabi’s ADQ and Singapore’s GIC Pte. The deal is valued at approximately $8.9 billion, reflecting growing interest in blood plasma assets.
Biobanks and Smart Monitoring: Key Market Opportunities
The rising prevalence of diseases is driving the need for vaccines, blood, and plasma, fueling the blood bank and plasma freezer market’s expansion. Biobank technology, which supports the collection, storage, and distribution of biological samples, is seeing increasing adoption as it enables both medical treatments and scientific research. Improved technical standards and collaborative biobank networks, including public-private partnerships, are expected to enhance market growth.
Additionally, smart monitoring systems equipped with IoT capabilities provide real-time tracking for critical storage conditions, such as temperature and humidity. This advanced technology allows blood and plasma facilities to maintain optimal conditions, minimizing spoilage and enhancing safety.
High-Cost Challenges in Blood Bank and Plasma Freezer Market
One of the primary challenges in this market is the high cost associated with purchasing and maintaining advanced blood and plasma freezers. For smaller hospitals, clinics, and blood banks, the cost of installation and upkeep of high-tech refrigeration systems is often prohibitive, creating barriers to wider adoption and limiting market growth.
Regional Insights
- North America: North America held the largest share of the blood bank and plasma freezer market in 2023. The presence of key organizations, such as the American Association of Blood Banks (AABB) and the American Blood Resource Association (ABRA), as well as approximately 2,400 blood-related institutions and 9,500 AABB members, underscores this region’s leading role. In October 2024, the American Red Cross highlighted a successful stem cell gene therapy trial for a sickle cell patient, made possible through the support of blood donors and blood bank services.
- Asia Pacific: Expected to grow at the fastest rate from 2024 to 2034, Asia Pacific is actively expanding its biotechnology, life sciences, and smart health sectors. Collaborative efforts among hospitals, clinics, and organizations, including the Asia Pacific Plasma Leaders Network (APPLN), are aimed at addressing regional plasma shortages, fostering multi-stakeholder cooperation, and encouraging resource sharing across low- and middle-income countries.
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