Blood Processing Devices and Consumables – One Pint Saves Three Lives
Blood collected from donors can be stored and transfused in an unmodified state, referred to as whole blood transfusion. However, if processed, the collected blood can be of use to more than one patient. According to the World Health Organization (WHO) 2016 estimates, only 43% of the blood collected in low-income countries are separated into different components such as plasma, red cell concentrates, and platelet concentrates. The rate is much higher (96%) in high income countries such as Argentina, Canada, U.S., Germany, Singapore, U.K., and France. Lack of adequate test kits, blood processing devices and infrastructure are some of the factors responsible for low rate of blood processing in low-income countries.
The global blood processing devices and consumables market was valued at US$ 27,845.1 million in 2015 and is expected to expand at a CAGR of 5.9% during the forecast period: 2016 – 2024.
Figure 1. Global Blood Processing Devices and Consumables Market Size and Forecast, US$ Million and Y-o-Y Growth (%), 2014-2024
Source: Coherent Market Insights Analysis (2017)
To have a snippet of the report, request Report Sample
Increasing number of blood transfusion procedures making blood processing a necessity
Blood transfusion is a process required to make up for the lost blood during a surgery or due to an injury or a disease. According to the American National Red Cross, a humanitarian organization, around 21 million blood components are transfused every year in the U.S. Blood transfusion is a frequent process in sickle cell patients. The sickle cell disease affects 90,000 to 100,000 people in the U.S., as per the American National Red Cross.
Demand for blood processing devices and consumables is growing rapidly with establishment of new hospitals and blood banks, and increasing number of blood transfusion procedures. Asia Pacific is one of the most lucrative markets for blood processing devices and consumables. According to the Friends2support organization, a non-profit organization allowing patient access to blood donors, nearly 30 million blood components are transfused every year in India.
Lack of blood processing infrastructure in low-income countries
According to WHO, 16 countries across the globe are unable to screen the donated blood for one or more than one infections. WHO identified irregular supply of test kits is the factor attributed to this shortage. The Blood and Transfusion Safety program of WHO supports countries in developing national blood systems to ensure quality blood processing and transfusion practices.
High capital investment and steep operational costs are the factors restraining emerging economies such as India, Brazil, China, and Indonesia to adopt the new blood processing technology.
Development of national blood policy recommended by WHO
According to the 2016 World Health Organization (WHO) statistics, around 112.5 million units of blood donations are collected every year globally. However, only a few get access to blood on time. Several patients in need of blood transfusion are deprived of blood for their treatment. The WHO therefore recommend having a national blood policy to have centralized control for blood collection, testing, storage, processing, and distribution. According to the WHO, in 2013, 73% of 167 countries worldwide had a national blood policy.
Low blood donation rate impacts the demand for blood processing and consumables market negatively. Therefore, improved storage and processing facilities of the donated blood coupled with increase in access to blood and its components will generate demand for blood processing and consumables.
Blood processing devices are an integral part of blood banks and diagnostic laboratories in order to maintain blood components in their actual form for storing and blood transfusion process. Alteration in the blood components may make it unusable. As blood is an integral requisite in stem cell therapy and organ transplant, demand for blood processing devices and consumables is directly proportional to number of surgical procedures, which is increasing rapidly.
Need for blood processing devices and consumables is projected to continue along an upward growth trajectory, owing to increasing number of blood banks and growing incidence of blood infection and blood disorders. Moreover, number of blood transfusion surgical procedures is increasing due to increasing incidence of immunodeficiency diseases. According to the 2016 World Health Organization (WHO) statistics, around 112.5 million units of donated blood are collected every year globally. WHO recommends implementation of a national blood policy to ensure maintaining quality (free from infection) of the blood collected. This in turn ensures consistent demand for blood processing devices and consumables globally.
This report segments the blood processing devices and consumables market on the basis of devices and consumables. On the basis of device type, the global blood processing devices and consumables market is analyzed for plasma freezers, blood bank refrigerators, lab refrigerators, lab freezers, ultra-low temperatures, shock freezers, grouping analyzers, warmers, hematocrit centrifuges and cell processors. Consumables include blood administration sets, blood bags, blood collection needles, blood collection tubes, slides, sedimentation tubes, slide stainer and blood grouping reagents among others.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 110 market data tables and 45 figures on "Blood Processing and Consumables Market - Global forecast to 2024”.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.