Blood Banking Equipment Market Worth $24.26 Billion by 2030

The Blood Banking Equipment Market is projected to reach $24.26 billion by 2030, at a CAGR of 4.6% from 2023 to 2030. Traditionally, a blood bank accumulates, segregates, tests, and stores blood and blood products until patients' requirements. Blood banking equipment is used in these blood banks to preserve and store human blood and blood products. This blood banking equipment market report covers blood collection equipment, blood processing equipment, and blood storage equipment offered by market players for use in blood banks and hospitals. Blood banking equipment can be manual or automated.

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The blood banking equipment market is segmented by Product (Blood Collection Equipment [Needles, Tubes, Syringes, Blood Bags, Lancets, IV Cannulas, Vials, and Other Blood Collection Equipment], Blood Processing Equipment [Centrifuges, Blood Filters, Blood Analyzers, Blood Processors, and Other Blood Processing Equipment], Blood Storage Equipment [Blood Bank Refrigerators, Blood Bank Freezers, Test Tube Racks]), Functionality (Automated Blood Banking Equipment, Manual Blood Banking Equipment), End User (Hospitals, Blood Banks [Private, Public, Hybrid]), and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

Based on product, in 2023, the blood collection equipment segment is expected to account for the largest share of the blood banking equipment market. The large market share of this segment is attributed to the high demand for blood collection devices such as needles, syringes, tubes, and blood bags due to the growing volume of blood donations collected globally and the high demand for blood components for the treatment of specific diseases.

Based on functionality, in 2023, the automated blood banking equipment segment is projected to register the highest CAGR over the forecast period. The growth of this segment is attributed to the shortage of skilled professionals to handle the growing workloads in blood banks and the growing need for blood & blood products to treat various conditions.

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Based on end user, in 2023, the blood banks segment is expected to account for the largest share of the blood banking equipment market. The large market share of this segment is attributed to the rising number of surgeries performed globally and the subsequent increase in demand for blood and blood products from blood banks. Blood banks are the primary source of blood or blood-related products; hence, the demand for collection, processing, and storage equipment is higher in blood banks.

Based on geography, in 2023, Asia-Pacific is expected to register the highest CAGR during the forecast period. The growth of this regional market is attributed to the rising healthcare spending, developing infrastructure for blood banking, growing geriatric population and the subsequent increase in chronic disease prevalence, and growing initiatives promoting blood donations.

Key Players:

The key players profiled in the blood banking equipment market report are Abbott Laboratories (U.S.), F. Hoffman-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Danaher Corporation (U.S.), Fresenius Kabi AG (Germany), Becton, Dickinson and Company (U.S.), Terumo Corporation (Japan), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux SA (France), HORIBA, Ltd. (Japan), Mindray Bio-Medical Electronics Co, Ltd (U.S.), Sysmex Corporation (Japan), and Hamilton Bonaduz AG (Switzerland).

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Key questions answered in the report-

Which are the high-growth market segments in terms of product, functionality, end user, and geography?

What was the historical market size for blood banking equipment across the globe?

What are the market forecasts and estimates for the period 2023-2030?

What are the major drivers, restraints, opportunities, and challenges in the global blood banking equipment market?

Who are the major players in the global blood banking equipment market?

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This release was published on openPR.