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- Report code : CMI-1980
- Industry : Medical Devices
- Published On : Jul 2018
- Pages : 182 Pages
- Format :
Press Release: Blood Banking Devices Market to surpass US$ 49.8 billion by 2026
Press Release: Blood Banking Devices Market to surpass US$ 49.8 billion by 2026
Global Blood Banking Devices Market – Global Industry Insights
Blood transfusion, a process that is used for various medical conditions, replaces the lost blood components and helps in improving the health of the patient. However, lack of timely access to safe blood transfusion will increase demand for efficient, safe, and real-time availability of blood units by blood banks.
Therefore, various organizations are involving in activities to launch innovative product solutions in the market. For instance, in March 2018, Strides Software Solutions, an India-based firm that enables the availability of safe and high quality blood components, developed India’s first Aadhaar-based centralized donor authentication and identification application called as D-Health app. This app leverages the power of cloud computing to bring all the key stakeholders of blood cycle management including blood banks, donors, blood camp organizers, hospitals, and patients to one platform.
Huge shortage of blood units in various countries is one of the major factors driving growth of the global blood banking devices market. For instance, according to the World Health Organization (WHO) 2012 data findings, only around 9 million blood units are available annually whereas the demand is for 12 million units, worldwide. Furthermore, a significant gap between the , increasing demand for blood units and actual numbers of blood banks present globally; indicates huge opportunity for blood banking devices market over the forecast period. For instance, according to the National Health Profile-2018 prepared by the Central Bureau of Health Intelligence (CBHI), as on June 2017, the total number of licensed blood banks in India were 2,903, which majorly includes government owned blood banks and charitable trust blood banks. Moreover, according to same source, there are 23,582 hospitals in India, of which 19,810 hospitals are in rural area and 3,772 hospitals are in urban area.
The global blood banking devices market was valued at US$ 26,234 Mn in 2017 and is expected to witness a CAGR of 7.4% over the forecast period (2018 – 2026).
Global Blood Banking Devices Market, By Product Type, 2018 & 2026
Source: Coherent Market Insights Analysis (2018)
Increasing demand for blood units is expected to fuel growth of the market
Growing demand of blood and blood components will significantly drives blood banking devices market. For instance, according to the American National Red Cross 2018 data findings, around 7,000 units of platelets and 10,000 units of plasma are required daily in the U.S. and around 21 million blood components are transfused each year in the U.S. The Singapore Red Cross Society, (2017); needs around 120,000 units of blood every year, to meet the transfusion needs of patients, which is equivalent to over 400 units of blood per day. Furthermore, according to the same source, from the total volume of blood collected by the Singapore Red Cross Society in 2017, blood was mainly used in surgical procedures (54%), general medicine (31%), hematology and blood diseases (9%), and for accident and emergency cases (6%).
Increasing number of blood donations that will fulfill the rising demand for blood units, worldwide is also expected to drive growth of the market. For instance, according to the World Health Organization (WHO), 112.5 million blood donations were made globally and an increase of 10.7 million blood donations from unpaid donors were reported from 2008 to 2013.
Increasing number of surgical procedures worldwide is propelling growth of the market
Patients undergoing treatment for cancer, orthopedic surgeries, organ and bone marrow transplants, cardiovascular surgeries, and treatment for inherited blood disorders require blood. According to America’s Blood Centers 2012 data findings, among the two essential blood components, red blood cells and platelets, general medicine procedures (28%) required high amount of red blood cells during practices, while hematology and oncology surgery procedures (32%) required higher amount of platelets. Moreover, increasing number of surgery interventions such as cancer, organ and bone marrow transplants, cardiovascular surgeries, general surgery, nephology, and dialysis results in increasing demand for blood components, thereby driving growth of the blood banking devices market. For instance, according to the American Cancer Society (ACS), around 1.7 million people were diagnosed with cancer in 2017 and among these, some of the patients need blood daily during their chemotherapy treatment.
Furthermore, accidents and emergency cases are other essential factors driving growth of the blood banking devices market. For instance, according to the Centers for Disease Control and Prevention (CDC), around 10,265 deaths were reported due to alcohol-impaired crashes in 2015, which accounted for around 29% of all traffic-related deaths in the U.S. Moreover, according to the World Health Organization (WHO) 2013 database, India accounted for an estimated 207,551 road traffic deaths in 2013.
Global Blood Banking Devices Market, By Method of Collection, 2018 & 2026
Source: Coherent Market Insights Analysis (2018)
However, potential risk of occurrence of transmitted disease through blood transfusion continues to grow and which have been a leading cause of bloodborne diseases. Infectious agents, which can be transmitted through blood transfusions include bacteria, viruses, and parasites. The most common bloodborne pathogens are human immunodeficiency virus (HIV), hepatitis B, and viral hemorrhagic fevers. For instance, according to the Centers for Disease Control and Prevention (CDC), 2017, bacterial contamination of blood products, specifically platelets that are stored at room temperature, are potential source of transmitting bloodborne diseases. Therefore, potential risk of developing these blood transfusion transmitted diseases, worldwide would affect growth of the blood banking devices market over the forecast period.
Key players operating in the global blood banking devices market include Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Abbott Laboratories, Fresenius Kabi AG, Beckman Coulter Inc. (Danaher Corporation), bioMérieux, Inc., China Biologic Products Holdings, Inc., Immucor, Inc. (IVD Holdings, Inc.), Instrumentation Laboratory Company, and F. Hoffmann-La Roche AG (Roche Molecular Systems Inc.)
Blood banks operate as a central body for collecting, separating, and storing the blood. Blood banks collect and separate the blood into various components such as red blood cells, white blood cells, and platelets, in order to efficiently deliver them based on the need of patients. Blood donation is an easy, important, and life-saving resource for patients, as compared to the drugs, which help bone marrow of the patients to produce new blood cells more rapidly and it requires weeks to produce blood cells. In any geographical area, four different models of blood banking service has been implemented, which includes centralized, regionalized, coordinated hospital services, and a coordinated mixed system.
Market Dynamics
Blood banking devices market is expected to witness lucrative growth opportunities during the forecast period, owing to increasing demand for blood units in various surgical procedures such as cardiovascular surgery interventions, hematology procedures, bone marrow surgery procedures, and general medicine. Moreover, growing shortfall between demand and supply of blood units in various emerging economies such as India is expected to drive growth of the blood banking devices market in these regions during the forecast period.
Furthermore, engagement by market players to offer technologically advanced blood collection, blood processing, and blood storage devices in the market will lead to an increase in the revenue of blood banking devices market in the near future. Along with this, government and private owned blood banks have been launching mobile application to spread awareness regarding importance of blood donation, and to offer quick, safe, and donor specific delivery of blood units to patients.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 30 market data tables and 35 figures on ‘Blood Banking Devices Market - Global forecast to 2026’.
Asia Pacific Intelligence Center (India): 