Blood Processing & Consumables Market Will Be Driven by Technological Innovations

Aug, 2020 - by CMI

Blood Processing & Consumables Market Will Be Driven by Technological Innovations

Blood processing is an effective mechanism for using donor blood for various patients. Currently, there is a stark difference between blood processing in developed and developing countries. While nearly 96% of blood obtained through donations is separated into different components such as plasma and platelet concentrates, developing countries have a long way to go. According to the World Health Organization, only 43% of the blood collected in low-income undergoes comprehensive processing.

In the recent past, blood processing has witnessed a slew of technological advancements, most notably the development of HemoSep. During major surgeries, a lot of blood is lost, which then requires transfusion from a donor. However, the staff at Biomedical Engineering, have developed an innovative technology that recovery the blood spilled during surgery and then transfuses it back to the patient.

This cutting-edge technology employs the use of chemical sponge technology which collects blood during the surgery. In clinical trials, HemoSep was highly effective in reducing the volume of blood required from donors. Although still at a nascent stage, the availability of HemoSep will greatly reduce the need for blood transfusions.

Blood processing

Blood Processing & Consumables Market

Owing to the urgent need for developing next-generation blood processing and consumables, it has become pertinent for the medical device industry to collaborate with leading research institutions to develop futuristic technologies. The development of HemoSep was in collaboration with the medical device industry.

The global blood processing and consumables market were valued at US$ 27.84 billion in 2015. It is projected to grow at a CAGR of nearly 6% during the period 2016-2024.

According to the report titled Global Blood Processing Devices and Consumables Market, By Product Type (Devices, Consumables), and By Geography - Trends, Size, and Forecast from 2016 to 2024″, published by Coherent Market Insights, the market for Blood Processing Devices and Consumables Market is expected to surpass US$ 27.84 Billion the end of 2024 at a CAGR of 6.0% during 2016–2024.

Advancements in Cord Blood Processing

Cord blood processing, which involves separating stem cells from the rest of the blood sample, is being widely adopted by healthcare institutes from around the globe. It was in the year 2006 that the first automated cord blood processing was launched by Thermogenesis. Named AutoXpress, this cord blood processing technology was hailed as an efficient mechanism for automated processing of blood samples. The benefits of AutoXpress include precision separation and a decrease in the chances of contamination.

Another notable automated cord blood processing system is Sepax. Just like AutoXpress, is a fully automated system, and is currently used by leading cord blood storage operators. Cryo-Save, one of the leading names in private cord blood storage, currently uses the Sepax system.

Other leading automated cord blood processing systems include PrepaCyte-CB and Cord Blood 2.0. Both these systems allow for a higher yield of stem cells. Another key advantage of these automated systems is the removal of unnecessary components from the sample.

In the long-term, the demand for quality blood processing and consumable centers is expected to remain steady owing to improvement in healthcare services in developing countries. The Asia Pacific, one of the most lucrative markets for blood processing and consumables, will continue to offer highly lucrative growth opportunities for manufacturers.

There are a number of resource-poor countries in the Asia Pacific that are yet to incorporate thorough blood processing into their operations. Lack of adequate blood processing can significantly increase the threat to the patients.

As healthcare becomes a priority in emerging economies of the Asia Pacific and Latin America, it is expected that the blood processing and consumables market in these regions will witness an uptick. On the other hand, the blood processing and consumables market in North America and Europe will be driven by innovation in technology. Leading players, who come up with the most advanced solutions with minimum risks have a greater chance of consolidating their position in this market.

To know more about the latest market trends and insights, read the report titled, “GLOBAL BLOOD PROCESSING DEVICES AND CONSUMABLES MARKET, BY PRODUCT TYPE (DEVICES, CONSUMABLES), AND BY GEOGRAPHY - TRENDS, SIZE, AND FORECAST FROM 2016 TO 2024”, published by Coherent Market Insights. Click on the link below to access the report –