Patient Blood Management Market is Growing at CAGR of 7.7% to Achieve USD 18.4 Billion by 2027

The patient blood management market in North America presently maintains a strong market presence and is foreseen to sustain this position during the projected period. The well-established healthcare infrastructure in this region is poised to remain a significant catalyst for the patient blood management market's growth in the foreseeable future. Furthermore, the swift embrace of cutting-edge healthcare technologies in North America is also anticipated to play a pivotal role in driving market developments in the region through 2027.

The worldwide market for patient blood management was appraised at $12.7 billion in 2022, and projections indicate it is poised to achieve a sales revenue of $18.4 billion by the close of 2027. Anticipated growth in patient blood management demand is expected to surge at a consistent compound annual growth rate (CAGR) of 7.7% over the next five years.

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In the ever-evolving landscape of healthcare, patient well-being and safety remain at the forefront of industry priorities. Patient Blood Management (PBM) has emerged as a critical component of delivering quality care while reducing the reliance on blood transfusions. Over the past few years, the global Patient Blood Management market has witnessed remarkable growth, and this trend is expected to continue in the coming years.

The Foundation of Patient Blood Management

Patient Blood Management is an evidence-based, multidisciplinary approach to optimizing the care of patients who might need a blood transfusion. Its fundamental principle is to conserve a patient's own blood to minimize or even eliminate the need for allogeneic (donor) blood transfusions. This approach not only reduces the risks associated with transfusions but also contributes to cost savings and more efficient healthcare delivery.

Key Trends Shaping the Patient Blood Management Market

Technological Advancements
Technology plays a pivotal role in advancing Patient Blood Management. Innovative tools and software solutions have made it possible to monitor patients more effectively, identify those at risk of anemia or blood loss, and implement blood conservation strategies in a more personalized manner.
2. Increasing Chronic Disease Cases
The rise in chronic diseases, such as cardiovascular conditions, cancer, and chronic kidney disease, has boosted the demand for blood management techniques. These conditions often require surgeries, and patients with chronic diseases are more likely to need blood transfusions. PBM offers a proactive approach to reduce these transfusion needs.
3. Regulatory Support
Healthcare regulatory bodies around the world are recognizing the importance of Patient Blood Management. They are implementing guidelines and recommendations to encourage healthcare facilities to adopt PBM protocols. This regulatory support is expected to further boost the adoption of PBM practices globally.
4. Patient-Centered Care
The shift towards patient-centered care has also influenced the growth of the Patient Blood Management market. Patients are increasingly informed about their healthcare options and demand safer and more personalized treatments. PBM aligns with this trend by putting the patient's well-being at the center of care decisions.
5. Cost-Effective Solutions
In an era of rising healthcare costs, the cost-effectiveness of PBM cannot be overstated. By reducing the need for blood transfusions and their associated costs, PBM is not only medically beneficial but also economically prudent for healthcare institutions.

Competitive Landscape:

Key players in the patient blood management market are implementing strategic initiatives aimed at improving their market share and strengthening their global presence.

In October 2022, InVita Healthcare Technologies, a prominent software solution provider, unveiled its acquisition of BloodHub, a leader in blood and biologics supply chain automation. This move positions BloodHub under InVita's Blood Management Division, with the aim of establishing itself as the foremost provider of comprehensive, interconnected software solutions for blood centers.

Patient Blood Management Industry Research Segments

• By Product :
o Instruments
 Blood Processing Devices
 Centrifuges
 Blood Cell Processors
 Blood Transfusion Devices
 Apheresis Machines
 Plasma & Plasma Component Separators
 Cell Salvage Systems
 Others
 Blood Culture Screening Devices
 Automated Blood Culture Systems
 Supporting Laboratory Equipment
 Diagnostic & Testing Instruments
 PCR Instruments
 Hematology Analyzers
 NGS Platforms
 Blood Grouping Analyzers
 Blood Storage Devices
 Medical Refrigerators
 Medical Freezers
o Accessories
 Syringes & Needles
 Vials & Tubes
 Blood Bags
 Others
o Reagents & Kits
 Blood Culture Media
 Blood Typing Reagents
 Slide Staining Reagents
 Assay Kits
 Others
o Software
 Blood Bank Management Software
 Transfusion Management Software
 Others

• By Component :
o Whole Blood & Red Blood Cells
o Plasma

• By End User :
o Hospitals
o Diagnostic Clinics
o Blood Banks
o Pathology Labs

• By Region :
o North America
o Latin America
o Europe
o APAC
o MEA

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The global Patient Blood Management market is on an upward trajectory. The convergence of technological advancements, regulatory support, and a growing emphasis on patient-centered care is driving this growth. As the industry continues to evolve, we can expect better outcomes, reduced healthcare costs, and, most importantly, safer care for patients around the world. Patient Blood Management is not merely a market but a vital component in the transformation of healthcare for the better.

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This release was published on openPR.