Blood Processing Devices and Consumables Market- Insights
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 is 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 U.S., Germany, 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.
Increasing number of blood transfusion procedures is augmenting the global blood processing devices and consumables market size
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 blood processing devices and consumables market. According to the Friends2support organization, a non-profit organization allowing patient access to blood donors, around 30 million blood components are transfused every year in India.
The global blood processing devices and consumables market size was valued at US$ 33,213.9 Mn in 2018, and is expected to register a CAGR of 7.1% during the forecast period (2020 – 2027).
Figure 1. Global Blood Processing Devices and Consumables Market Value (US$ Mn) Analysis and Forecast, and Y-o-Y Growth (%)
Source: Coherent Market Insights Analysis (2019)
Development of national blood policy recommended by the WHO is expected to fuel the global blood processing devices and consumables market growth
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 people 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.
Furthermore, low blood donation rate impacts the global blood processing devices and consumables market growth negatively.
Figure 2. Global Blood Processing Devices and Consumables Market Share (%) Analysis, By Region, 2018
Source: Coherent Market Insights Analysis (2019)
Lack of blood processing infrastructure in low-income countries is impacting the global blood processing devices and consumables market growth negatively
According to the WHO, 16 countries across the globe are unable to screen the donated blood for one or more than one infection. The 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.
Key players operating in the global blood processing devices and consumables market include Abbott Laboratories, Becton, Dickinson and Company, Roche Holding AG, Bio-Rad Laboratories, Biomerieux SA, Immucor, Inc., Danaher Corporation, Terumo Corporation, Macopharma SA, Grifols International, Haemonetics Corporation, and Thermogenesis Corporation.
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. 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.
For instance, according to the 2016 World Health Organization (WHO) statistics, around 112.5 million units of donated blood are collected every year, globally. The 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.
Hence, increasing number of blood banks and growing incidence of blood infection and blood disorders is expected to be a major factor fueling the global blood processing devices and consumables market growth.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 25 market data tables and 28 figures on “Blood Processing Devices and Consumables Market - Global forecast to 2027”.
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.