Blood Banking Devices Market to Exhibit Steadyfast Expansion During 2018-2026 | Global Players Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Abbott Laboratories
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.Download PDF Brochure Of This Research Report @ https://www.coherentmarketinsights.com/insight/request-pdf/1980
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.
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.
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).
Market Dynamics:
Blood banking devices market is expected to witness lucrative growth opportunities during the forecast period, owing to increasing demand for blood units in various surgical procedures such as cardiovascular surgery interventions, hematology procedures, bone marrow surgery procedures, and general medicine. Moreover, growing shortfall between demand and supply of blood units in various emerging economies such as India is expected to drive growth of the blood banking devices market in these regions during the forecast period.
Engagement by market players to offer technologically advanced blood collection, blood processing, and blood storage devices in the market will lead to an increase in the revenue of blood banking devices market in the near future. Along with this, government and private owned blood banks have been launching mobile application to spread awareness regarding importance of blood donation, and to offer quick, safe, and donor specific delivery of blood units to patients.
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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.
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.)
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