Blood Banking Equipment Market Poised to Reach $24.26 Billion by 2030

[Redding, California] - Meticulous Research®, a leading provider of market research, projects that the global blood banking equipment market is anticipated to surge to $24.26 billion by 2030, exhibiting a commendable CAGR of 4.6% from 2023 to 2030. The market's growth is underpinned by several factors including the escalating demand for blood and blood-related products, the burgeoning number of surgical procedures performed worldwide, and the continuous advancements and automation witnessed in blood banking devices. Furthermore, untapped opportunities in emerging economies coupled with supportive initiatives to promote blood transfusion are anticipated to offer significant growth avenues within the market.

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Market Segmentation

The blood banking equipment market is segmented based on Product (Blood Collection Equipment, Blood Processing Equipment, Blood Storage Equipment), Functionality (Automated Blood Banking Equipment, Manual Blood Banking Equipment), End User (Hospitals, Blood Banks), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa).

Insights by Segment

Product Segment: In 2023, the blood collection equipment segment is projected to hold the largest market share. This dominance is attributed to the heightened demand for blood collection devices such as needles, syringes, tubes, and blood bags, driven by the escalating volume of blood donations collected globally and the substantial demand for blood components to address specific diseases.

Functionality Segment: The automated blood banking equipment segment is expected to witness the highest CAGR over the forecast period. This growth can be attributed to the scarcity of skilled professionals to manage increasing workloads in blood banks and the rising necessity for blood and blood products to treat diverse medical conditions.

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End User Segment: Blood banks are projected to hold the largest market share in 2023. This prominence is driven by the escalating number of surgeries performed globally and the consequent surge in demand for blood and blood products from blood banks. As primary sources of blood or blood-related products, blood banks exhibit higher demand for collection, processing, and storage equipment.

Geographic Analysis: Asia-Pacific is anticipated to register the highest CAGR during the forecast period. This growth is fueled by rising healthcare expenditures, the development of infrastructure for blood banking, an increasing geriatric population leading to higher prevalence of chronic diseases, and the proliferation of initiatives aimed at promoting blood donations.

Growing Requirement for Blood and Blood-related Products Coupled with Supportive Initiatives for Blood Donations to Drive the Demand for Blood Banking Equipment Market

The demand for whole blood and blood components such as red cells, plasma, and platelets is rising for applications in chronic medical conditions, cancer, trauma care, surgeries, childbirth, and organ transplantation. For instance, according to data released by the International Agency for Research on Cancer, 475,000 new leukemia cases were diagnosed globally in 2020. This number is expected to reach 647,000 by 2040.

The rising demand for blood or blood-related products is attributed to increasing target disease prevalence and accidents. For instance, as per the data published by the United Nations in December 2021, road accidents lead to 50 million injuries worldwide. Thus, the growing blood transfusion requirements have resulted in the launch of several initiatives to promote blood donations. For instance, the American Red Cross launched its new national initiative in September 2021 to promote blood donations for patients with sickle cell disease.

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Key Players

The blood banking equipment market report profiles key players including 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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This release was published on openPR.