Blood Processing Devices and Consumables Market to Witness Growth Acceleration at 8.9% CAGR During 2013-2019

A new Transparency Market Research report states that the blood processing devices and consumables market stood at US$27.2 bn in 2012 and is predicted to reach US$49.1 bn by 2019. It is expected to expand at a CAGR of 8.90% from 2013 to 2019. The title of the report is “Blood Processing Devices and Consumables Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”.

According to the report, the blood processing devices and consumables market is stimulated by the rising demand for blood products due to the increasing global aging population and the rise in complex surgical procedures such as orthopedic and open heart surgeries. In addition, the market will also expand owing to the launch of cutting-edge products and technological advancements. In addition, favorable reimbursement policies will also impact the market positively. On the other hand, the soaring costs of blood handling equipment will impede the growth of the market in the coming years.

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Among blood processing devices, the blood processing devices and consumables market is segmented into blood band freezers, blood bank refrigerators, blood warmers, blood group analyzers, blood cell processors, and hematocrit centrifuges. In terms of consumables, the market is segmented into blood lancets, blood administration sets, vials, blood filters, microscopic slides, test tube racks, coagulation reagents, slide strainers, blood grouping reagents, blood bags, blood collection tubes, blood collection needles, sedimentation tubes, and hematology reagents. Amongst these, automated devices including automated cell processor devices and whole blood collection devices represented a bigger share in comparison to manual blood processing and collection methods. This is because processing and collection done via automated devices increases operational efficiency. On the other hand, the multispecialty blood bags market is predicted to rise exponentially in the coming years as blood bags ensure sterility during transfusion and have replaced the traditional method of utilizing glass bottles during the transfusion procedure.

On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Amongst these, North America leads the market due to it being a developed region, rising public awareness, and increasing support by governments in this region. On the other hand, Asia Pacific is also a lucrative market for blood processing devices and consumables owing to its rising population base and increasing demand for blood components and blood. In addition, the increasing demand for safe transfusion and blood collection procedures in this region will also create promising opportunities for suppliers in this region, thus raising the demand for blood processing devices and consumables.

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As per this report, there has been high competition in the market amongst the prime players and this market is highly fragmented in nature. The key players dominant in the market are MacoPharma SA, Terumo BCT, Fresenius Kabi AG, Immucor, Inc., Haemonetics Corporation, and others, as stated in this report.

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This release was published on openPR.