The Global Cold Chain Products Market is expected to witness substantial growth, with projected revenues reaching USD 711 million by 2027 from USD 569 million in 2022, at a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period. Several factors are contributing to this growth, including the growing concerns around zoonotic diseases, an increasing demand for immunoglobulins and other plasma products in various therapeutic areas, and a rising need for Plasma-derived medicinal products in the medical sector.
One of the key drivers propelling the Cold Chain Products Market for Plasma Fractionation is the rising awareness and fear of zoonotic diseases, which are infectious diseases that can be transmitted from animals to humans. This has led to a higher demand for plasma-derived products to combat such diseases and safeguard public health.
The growing demand for Plasma-derived medicinal products, driven by their increasing use in treating a wide range of ailments, is also bolstering the market. These products have demonstrated their efficacy in numerous therapeutic applications, fostering their acceptance and utilization in the medical community.
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Key Market Players:
The prominent players in the global Cold Chain Products Market for Plasma Fractionation are B Medical Systems (US), Blue Star Limited (India), Thermo Fisher Scientific (US), Godrej and Boyce Manufacturing Co. Ltd. (India), Haier Biomedical (China), Eppendorf SE (Germany), Avantor, Inc. (US), Biolife Solutions Inc. (US), and Helmer Scientific Inc. (US).
Key Factors Driving Market Growth:
- Rising Demand for Plasma-Derived Medicinal Products: The growing need for plasma-derived products in treating various medical conditions is propelling the demand for Cold Chain Products. As the medical industry increasingly relies on these therapies, the market is witnessing significant growth.
- Increasing Focus on Temperature Monitoring Devices: The market is experiencing a surge in demand for temperature monitoring devices. These advanced devices play a critical role in preserving the integrity and potency of plasma products, bolstering the market’s growth.
- Research and Development Investments: Continuous research and development efforts in medical freezers and refrigerators have led to the creation of more efficient and eco-friendly Cold Chain Products. This focus on innovation is expected to drive market growth during the forecast period.
Challenges and Opportunities:
- Shortage of Trained Manpower: The market faces challenges related to a shortage of skilled personnel capable of maintaining the specialized equipment required for plasma fractionation. Overcoming this hurdle will be crucial for the market’s sustained growth.
- Environmental Concerns: The generation of greenhouse gas emissions during the manufacturing and transportation of Cold Chain Products is a pressing concern. Emphasizing eco-friendly solutions presents an opportunity for market players to enhance their environmental sustainability.
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“Temperature monitoring devices segment is expected to witness the fastest growth in the forecast period.”
The Cold Chain Products for Plasma Fractionation market is categorized into seven types, including Ultra-low temperature freezers, Plasma freezers, Temperature monitoring devices, Plasma contact shock freezers, Blood transport boxes, Ice-lined refrigerators, and Others. Among these categories, the Temperature monitoring devices segment is projected to experience the highest growth rate from 2022 to 2027. Increased research and development investment in medical devices such as medical freezers and refrigerators are additional factors that are anticipated to drive market growth during the forecasted period
“Blood collection centers and blood component providers accounted for the largest share of the Cold Chain Products Market for Plasma Fractionation in 2021.”
The Cold Chain Products Market for Plasma Fractionation is categorized into different end users, including Blood collection centers and blood component providers, Hospitals and transfusion centers, Clinical research laboratories, and Others. Among these, the Blood collection centers, and blood component providers segment held the fastest-growing market for cold chain products for plasma fractionation in 2021. This significant market share can be attributed to factors such as the increasing prevalence of diseases like hemophilia, immune deficiency disorders, and liver diseases, as well as the growing aging population.
Recent Developments:
- In April 2023, LG electronics launched 32HQ713D-B, which has latest high-resolution 8MP diagnostic medical monitor. It combines 1000 nits of brightness with LG’s proprietary IPS Black panel to deliver an enhanced 2,000:1 contrast ratio with deep blacks, while greatly simplifying color calibration through an automatic integrated sensor and software.
- In February 2023, Eizo launched a 21.3-inch 2-megapixel (1200 x 1600 pixels) color monitor for displaying patient charts and reviewing diagnostic imaging in hospital and clinic environments.
- In November 2022, Barco launched two displays. Io Gray 5.8 MP for the breast imaging and MDSC-8532 and MDSC-8527 4K UHD for surgical display.
- In July 2022, Eizo launched launched four new monitors ranging from 32 to 55 inches with 4K UHD resolution (3840 x 2160 pixels) for use in endoscopy, microsurgery, and other high-precision procedures in the operating room (OR).
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