Blood Banking Equipment Market Set for Robust Growth, Projected to Reach USD 25,591.4 Million by 2034 at a 4.6% of CAGR

The global market for blood banking equipment is expected to experience significant growth, with an estimated worth of USD 16,322.1 million in 2024. The market is anticipated to expand at a compound annual growth rate (CAGR) of 4.6%, reaching a value of USD 25,591.4 million by 2034. In 2023, the revenue generated by blood banking equipment was USD 15,604.3 million, and the industry is expected to show a year-on-year growth rate of 4.7% in 2024, reflecting the increasing demand for blood collection, processing, and storage technologies.

Blood banking equipment plays a vital role in the healthcare sector, enabling safe and efficient management of blood supplies for medical use. These devices are used in various stages of blood donation, including collection, processing, storage, and distribution. Key equipment in this segment includes blood collection systems, centrifuges, plasma freezers, and hematology analyzers. Their ability to ensure safe handling of blood products, along with advancements in technology, is driving the growth of the blood banking equipment market.

The rising demand for blood products globally, along with the growing need for advanced equipment in blood banks, is contributing to the market's expansion. The need for reliable blood supplies for surgeries, trauma care, and other medical treatments is increasing as healthcare systems globally continue to improve and expand. The adoption of more efficient and automated blood banking equipment is enhancing operational efficiency, reducing human error, and ensuring higher safety standards for blood donations and transfusions.

With continuous technological advancements, blood banking equipment is evolving to meet the rising demand for safe, reliable, and efficient blood management systems. As regulatory frameworks tighten and the focus on patient safety intensifies, the market is poised for sustained growth. Investments in research and development of more advanced blood banking technologies will continue to shape the future of the market, offering new opportunities for key players and driving innovations in blood banking processes.

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Key Takeaways:

The global blood banking equipment market is projected to grow from USD 16.32 billion in 2024 to USD 25.59 billion by 2034, with a CAGR of 4.6%.
Key devices in the market include blood collection systems, centrifuges, plasma freezers, and hematology analyzers.
Rising global demand for blood products and more efficient blood management solutions are driving market growth.
Technological advancements and increased safety standards are expected to shape the future of the blood banking equipment market.

Key Insights into the Blood Banking Equipment Market

Market Composition: Blood banking equipment encompasses devices used for blood collection, processing, storage, and distribution. Key devices include:
Blood Collection Systems: For collecting whole blood from donors.
Centrifuges: To separate blood into components like plasma, red blood cells, and platelets.
Plasma Freezers and Hematology Analyzers: Essential for processing and analyzing blood samples.

Growth Drivers:
Increasing Demand for Blood Transfusions: The rising number of surgical procedures and an increase in chronic diseases are driving the demand for blood banking services.
Government Initiatives: Policies encouraging blood donations and improvements in healthcare infrastructure are positively impacting the market.
Technological Advancements: Innovations in blood banking technology enhance the efficiency and safety of blood collection and processing.

Regional Insights:
The market is expected to see varied growth rates across different regions, with North America projected to maintain the largest share due to high rates of blood donations and advanced healthcare infrastructure.
Emerging markets in Asia, particularly India and China, are also expected to witness significant growth due to increasing healthcare investments.

Future Projections:
The market is anticipated to grow incrementally by approximately USD 9,269.2 million, expanding to about 1.6 times its current value by 2034.
The demand for mobile blood collection units is increasing, particularly in rural areas and during public events, which further necessitates advancements in blood banking equipment.

Competitive Landscape

Substantial investments are seen in the blood banking equipment industry towards research and development. Many of the key players are also emphasizing on organizing blood donation drives and campaigns for raising the awareness and strengthening their brand name in the market. Another key strategic focus of these companies is to actively look for strategic collaborations to bolster their product portfolios and expand their global market presence.

Recent Industry Developments in Blood Banking Equipment Market

In June 2024, Fresenius Kabi, hosted blood donation activities in multiple cities of China. The company organized several blood donation campaigns in several other countries for raising awareness of blood donation.
In December 2023, BD received FDA clearance for its MiniDraw Capillary Blood Collection System which expanded its product portfolio in the market.
In October 2022, Bio-Rad Laboratories, Inc. collaborated with the South African National Blood Service (SANBS), a provider of blood transfusion services. The collaboration aimed to install its IH-500 immunohematology systems across SANBS network.

Key Players of Blood Banking Equipment Industry

Medtronic
BD Medical
Boston Scientific Corporation
Argon Medical Devices
Novo Nordisk
Terumo Corporation
NIPRO Medical
B. Braun
Cardinal Health
Hi-Tech Medicare Devices
Abbott Laboratories
Beckman Coulter, Inc.
bioMérieux SA
Bio-Rad Laboratories, Inc.
Cerus Corporation
CSL Behring LLC
Fresenius Kabi AG

Key Segments of Blood Banking Equipment Industry

By Product:

In terms of Product, the industry is divided into blood collection (blood collection sets, blood bag tube sealer, blood collection mixer, blood bags, reagents, lancets and others), blood processing (centrifuges, blood filters, blood bank analysers, blood warmers and plasma thawing baths), blood storage (blood bank refrigerators, blood bank freezers and test tube racks) and others

By End-User:

The industry is classified by end user as blood banking equipment for hospitals, and blood banks.

By Region:

Key countries of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa (MEA) have been covered in the report.

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