Blood Banking Devices Market Revenue Opportunies By Key Vendors Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Abbott Laboratories, Fresenius Kabi AG, Beckman Coulter Inc., bioMérieux, Inc., Immucor, Inc.

Blood Banking Devices Market was valued US$ 28.1 billion in 2018 and is projected to exhibit a CAGR of 7.4% over the forecast period (2018 - 2026), as highlighted in a new report published by Coherent Market Insights. Blood transfusion, a process that is used for various medical conditions, replaces the lost blood components and helps in improving the health of the patient. However, lack of timely access to safe blood transfusion will increase demand for efficient, safe, and real-time availability of blood units by blood banks.

Therefore, various organizations are involving in activities to launch innovative product solutions in the market. For instance, in March 2018, Strides Software Solutions, an India-based firm that enables the availability of safe and high quality blood components, developed India’s first Aadhaar-based centralized donor authentication and identification application called as D-Health app. This app leverages the power of cloud computing to bring all the key stakeholders of blood cycle management including blood banks, donors, blood camp organizers, hospitals, and patients to one platform.

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Huge shortage of blood units in various countries is one of the major factors driving growth of the global blood banking devices market. For instance, according to the World Health Organization (WHO) 2012 data findings, only around 9 million blood units are available annually whereas the demand is for 12 million units, worldwide. Furthermore, a significant gap between the , increasing demand for blood units and actual numbers of blood banks present globally; indicates huge opportunity for blood banking devices market over the forecast period. For instance, according to the National Health Profile-2018 prepared by the Central Bureau of Health Intelligence (CBHI), as on June 2017, the total number of licensed blood banks in India were 2,903, which majorly includes government owned blood banks and charitable trust blood banks. Moreover, according to same source, there are 23,582 hospitals in India, of which 19,810 hospitals are in rural area and 3,772 hospitals are in urban area.

Increasing Demand For Blood Units Is Expected To Fuel Growth Of The Market

Growing demand of blood and blood components will significantly drives blood banking devices market. For instance, according to the American National Red Cross 2018 data findings, around 7,000 units of platelets and 10,000 units of plasma are required daily in the U.S. and around 21 million blood components are transfused each year in the U.S. The Singapore Red Cross Society, (2017); needs around 120,000 units of blood every year, to meet the transfusion needs of patients, which is equivalent to over 400 units of blood per day. Furthermore, according to the same source, from the total volume of blood collected by the Singapore Red Cross Society in 2017, blood was mainly used in surgical procedures (54%), general medicine (31%), hematology and blood diseases (9%), and for accident and emergency cases (6%).

Increasing number of blood donations that will fulfill the rising demand for blood units, worldwide is also expected to drive growth of the market. For instance, according to the World Health Organization (WHO), 112.5 million blood donations were made globally and an increase of 10.7 million blood donations from unpaid donors were reported from 2008 to 2013.

The global blood banking devices market was valued at US$ 26,234 Mn in 2017 and is expected to witness a CAGR of 7.4% over the forecast period (2018 – 2026).

Increasing Number Of Surgical Procedures Worldwide Is Propelling Growth Of The Market

Patients undergoing treatment for cancer, orthopedic surgeries, organ and bone marrow transplants, cardiovascular surgeries, and treatment for inherited blood disorders require blood. According to America’s Blood Centers 2012 data findings, among the two essential blood components, red blood cells and platelets, general medicine procedures (28%) required high amount of red blood cells during practices, while hematology and oncology surgery procedures (32%) required higher amount of platelets. Moreover, increasing number of surgery interventions such as cancer, organ and bone marrow transplants, cardiovascular surgeries, general surgery, nephology, and dialysis results in increasing demand for blood components, thereby driving growth of the blood banking devices market. For instance, according to the American Cancer Society (ACS), around 1.7 million people were diagnosed with cancer in 2017 and among these, some of the patients need blood daily during their chemotherapy treatment.

However, potential risk of occurrence of transmitted disease through blood transfusion continues to grow and which have been a leading cause of bloodborne diseases. Infectious agents, which can be transmitted through blood transfusions include bacteria, viruses, and parasites. The most common bloodborne pathogens are human immunodeficiency virus (HIV), hepatitis B, and viral hemorrhagic fevers. For instance, according to the Centers for Disease Control and Prevention (CDC), 2017, bacterial contamination of blood products, specifically platelets that are stored at room temperature, are potential source of transmitting bloodborne diseases. Therefore, potential risk of developing these blood transfusion transmitted diseases, worldwide would affect growth of the blood banking devices market over the forecast period.

Key players operating in the global blood banking devices market include Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Abbott Laboratories, Fresenius Kabi AG, Beckman Coulter Inc. (Danaher Corporation), bioMérieux, Inc., China Biologic Products Holdings, Inc., Immucor, Inc. (IVD Holdings, Inc.), Instrumentation Laboratory Company, and F. Hoffmann-La Roche AG (Roche Molecular Systems Inc.)

Detailed Segmentation:

Global Blood Banking Devices Market, By Product Type:
Blood Collection Devices
Blood Processing Devices
Blood Storage Devices

Global Blood Banking Devices Market, By Method of Collection:
Manual Blood Collection
Automated Blood Collection

Global Blood Banking Devices Market, By End User:
Blood Banks
Hospitals
Other End User

Global Blood Banking Devices Market, By Geography:
North America
Europe
Asia Pacific
Middle East
Latin America
Africa

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This release was published on openPR.