Press release
Enhancing Healthcare with Advanced Blood Processing Solutions
According to The Business Research Company's, The blood processing devices and consumables market size has grown strongly in recent years. It will grow from $45.33 billion in 2023 to $49.09 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increasing blood donation rates, advancements in transfusion medicine, growing prevalence of blood disorders, global initiatives for safe blood transfusion, rise in surgical procedures.
The blood processing devices and consumables market size is expected to see strong growth in the next few years. It will grow to $68.54 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to increasing demand in emerging economies, rising geriatric population, point-of-care blood processing, increasing focus on autologous blood transfusions, demand for apheresis procedures, collaborations for research and development. Major trends in the forecast period include technological integration for data management, technological innovations in blood processing, automation and robotics integration, advancements in apheresis technology, rise of point-of-care blood processing.
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Market Drivers and Trends:
The rise in the demand for blood transfusion will boost the blood processing devices and consumables market. The increasing disease burden creates demand for these devices and consumables that aid in transfusion of blood. Blood processing devices and consumables are essential for ensuring the safety and efficacy of blood and blood products for transfusion for several diseases that require blood transfusions. For instance, according to the World Cancer Research Fund International, a UK based not-for-profit association related to cancer prevention, there were an estimated 1.9 million cancer cases around the world in 2021. Additionally, In the United States, approximately 90,000 to 100,000 sickle cell disease patients require blood transfusions regularly. Therefore, the rise in the demand for blood transfusion, due to increasing disease burden is expected to drive the blood processing devices, and consumables market forward.
Technological advancements are widespread in the blood processing devices and consumables market. Major companies operating in the blood processing devices and consumables segment are focused on technological advancements that have enabled the development of more advanced and sophisticated devices and consumables designed to improve the safety and efficiency of blood processing and transfusion. For instance, in April 2021, EryPharm, a France based biotechnology company launched a medical device product to mass-produce cultured red blood cells and develop new sourcing for blood transfusions, improving the quality of life of multi-transfused patients with hereditary or acquired diseases of the red blood cells.
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Major Key Players of the Market:
Thermogenesis Holdings Inc.; Maco Pharma International GmbH; Immucor Inc.; Bio-Rad Laboratories Inc.; Grifols S.A.; Abbott Laboratories; Terumo BCT Inc.; Beckman Coulter Inc.; Becton Dickinson and Company; Biomerieux SA; Danaher Corporation; Global Scientific Company; Haemonetics Corporation; Sigma Laborzentrifugen GmbH; SARSTEDT AG & Co K; Roche Holdings AG; Beurer GmbH; Cardinal Health Inc.; Fresenius Kabi AG; Lmb Technologie GmbH; Fenwal Inc.; Kawasumi Laboratories Inc.; F. Hoffmann-La Roche Ltd; Thermo Fisher Scientific Inc.; Poly Medicure Ltd; Medtronic plc.; Nipro Corporation; Sekisui Chemical Co Ltd; Greiner Bio-One International GmbH
Blood Processing Devices And Consumables Market 2024 Key Insights:
• The blood processing devices and consumables market will grow to $68.54 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Surging Demand For Blood Transfusion Fuels Growth In The Blood Processing Devices And Consumables Market
• Technological Evolution In Blood Processing Devices And Consumables
• North America was the largest region in the blood processing devices and consumables market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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