The Global Blood Processing Devices and Consumables Market was valued at US$ 27.8 billion in 2015, according to a new report by published by Coherent Market Insights. Increasing geriatric population and rising emphasis of leading companies’ on long-term partnerships with end users is expected to boost demand for blood processing devices and consumables over the forecast period (2016–2024).
Blood processing devices and consumables market size has grown manifold over the last decade. Much of its growth was attributed to government initiatives in setting up of blood screening center, especially in developing countries. The trend is especially prevalent in China, India, and Russia, with rampant increase in number of blood centers in these countries in the recent past. As a result of this, lucrative growth opportunities have emerged for industry players to expand their business reach across developing regions and enhance ROI over the forecast period.
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Growing incidence of chronic and infectious diseases such as cancer, especially among the geriatric population is expected to boost demand for blood processing devices. This in turn, is expected to fuel growth of the blood processing devices and consumables market growth. For instance, according to the World Health Organization (WHO), in 2015, over 150 million people suffered from chronic hepatitis C virus, and around 700 thousand die each year, owing to lack of suitable healthcare infrastructure and diagnosis centers. Advancements in technology in the healthcare industry is expected to bridge the gap between patient’s expectation and healthcare delivery system. While the market for blood processing devices and consumables is highly saturated in developed regions, the developing regions, especially Asia Pacific is largely untapped and offers lucrative growth opportunities for market players.
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