Blood Transfusion Market 2019 Overview by ABBOTT, MACOPHARMA, BECTON DICKINSON, B. BRAUN MELSUNGEN AG, TERUMO MEDICAL CORPORATION, HAEMONETICS CORPORATION

Blood Transfusion Market Overview
The global blood transfusion market is expected to witness a CAGR of 4.9% during the forecast period (2018-2023). The market is growing at a fast pace with the rise in accidental cases, the growing number of blood transfusion procedures, competition, and M&A activities.

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Rising Accidents and Trauma Cases
Trauma is considered to be the foremost cause of death and approximately 1, 80,000 people die with trauma every year. Up to 45% of the polytrauma patients die as a result of circulatory shock from acute blood loss. The World Health Organization states that the burden of the diseases related to injuries are mostly the road traffic injuries, accidents, etc., and these accidents are expected to rise dramatically by the year 2020. Each year 1.25 million people die because of these road accidents and a large amount of blood is being lost which requires blood transfusion and ultimately leads to the growth of the market.
The other factors including the automation in blood processing equipment, the increase in the R&D initiatives for regenerative medicine, the increasing number of surgical procedures, and the rise in the number of blood disorders are also contributing to the growth of the market.

Major Players:
ABBOTT, MACOPHARMA, BECTON DICKINSON, B. BRAUN MELSUNGEN AG, TERUMO MEDICAL CORPORATION, HAEMONETICS CORPORATION, FRESENIUS KABI AG, IMMUCOR, AND KIDDE-FENWAL INC., amongst others.

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High Costs Associated with Handling of Blood
The blood supply for the transfusions is very limited as not only is the donor pool shrinking due to the aging population but also due to the stringent donor selection process, and this has ultimately increased the demand for blood transfusion. According to the American Association of Blood Banks, around 15 million units of the packed red blood cells are being transfused in the US, and around 85 million units are being transfused annually worldwide. Currently 1% of total hospital costs are attributed to blood transfusion, however, this may vary by disease and procedures. The high costs associated with the blood transfusion have restricted the growth of the blood transfusion market.
The other factors include stringent rules and regulations, like approvals needed for separation of blood components, limit the total number of end-users, thereby, reducing the market size.

North America Dominates the Market
Geographically, North America is expected to dominate the market, owing to its well-developed healthcare industry and a rise in the number of patient’s population requiring the blood. However, the Asia-Pacific region is also projected to grow at the highest growth rate due to the rising government initiatives for the improvement of the healthcare facilities and increase in the number of blood banks.

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This release was published on openPR.