Blood transfusion is process of transfusion of blood and blood components to the patient’s body to replace the lost components of the blood.
The most commonly performed surgeries that require blood transfusion include cardiovascular procedures, C-section procedures, and trauma and accident injuries. As per estimates by the NIH and National Heart, Lung, and Blood Institute, blood transfusions are very common in the U.S., as each year, over 5 million Americans need blood transfusions, which increases the demand for blood transfusion devices.
The global blood transfusion devices market is estimated to be valued at US$ 4,189.6 million in 2020 and is expected to exhibit a CAGR of 5.7% during the forecast period (2020-2027).
Figure 1: Blood Transfusion Devices Market Share (%) Analysis, By Region, 2020
The increasing prevalence of blood-related disorders and chronic kidney disorders across the globe is expected to drive the global blood transfusion devices market growth
According to the American Cancer Society, currently, around 1.32 million people are living with leukemia and lymphoma disorder. Furthermore, according to the National Kidney Foundation 2015, around 10% of the population worldwide is affected by chronic kidney disorder (CKD) and millions die each year because of unaffordable treatment.
Thus, high prevalence and rising incidence of chronic diseases have increased demand for blood and blood products, which is expected to drive the global blood transfusion devices market growth.
|Base Year:||2019||Market Size in 2019:||US$ 4,189.6 Mn|
|Historical Data for:||2017 to 2019||Forecast Period:||2021 to 2027|
|Forecast Period 2020 to 2027 CAGR:||5.7%||2027 Value Projection:||US$ 6,209.4 Mn|
Fresenius Kabi AG, Grifols, S.A., Tenko International Group Corp, Terumo Corporation, Kawasumi Laboratories, Inc., Haemonetics Corporation, Bioelectronica MILANO, RAYS S.P.A., Macopharma SA, B. Braun Melsungen AG, Baxter International Inc., Neomedic Limited, and 3M Company
Blood Transfusion Devices Market– Regional Analysis
North America accounted for the largest share in the blood transfusion devices market in 2019, owing to increasing demand for blood transfusion in the U.S. For instance, according to the American National Red Cross, approximately 36,000 units of red blood cells are needed every day and around 21 million blood components are transfused each year in the U.S.
Furthermore, Asia Pacific is expected to witness fastest growth during the forecast period, owing to increasing healthcare expenditure in emerging economies such as China and India. For instance, according to the National Health Expenditure, the total expenditure in the healthcare sector in India was US$ 133 billion in 2016.
Figure 2: Blood Transfusion Devices Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Blood Transfusion Devices Market- Competitive Landscape
Key players operating in the blood transfusion devices market include Fresenius Kabi AG, Grifols, S.A., Tenko International Group Corp, Terumo Corporation, Kawasumi Laboratories, Inc., Haemonetics Corporation, Bioelectronica MILANO, RAYS S.P.A., Macopharma SA, B. Braun Melsungen AG, Baxter International Inc., Neomedic Limited, and 3M Company.
Blood transfusion is the process of adding blood into the body after a serious injury or illness. The process of blood transfusion is carried out by placing a venous access device and catheter into either a peripheral or central vein or passing the blood or blood component through an infusion pump or apheresis systems.
The blood transfusion process has wide applications in the treatment of various medical conditions such as blood disorders, autoimmune disorders, cancer, renal disorders, surgical procedures, and others.
The global blood transfusion devices market is expected to witness significant growth during the forecast period, owing to increasing number of accidents. Accidents result in severe blood loss, which increases demand for blood transfusion. For instance, according to the World Health Organization (WHO) 2020, approximately 1.35 million people die each year due to road accidents, and between 20 and 50 million people suffer from non-fatal injuries, globally.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.