Global Blood Banking Devices Market Segmentation, By Product (Blood Collection Devices, Blood Processing Devices, Blood Storage Devices), End- Users (Hospital, Academic Institutes, Independent Diagnostics Centers/Clinics, Blood Banks), Mode of Collection (Manual Blood Collection, Automated Blood Collection) – Industry Trends and Forecast to 2031
Blood Banking Devices Market Analysis
The global blood banking devices market is estimated to increase rapidly over the forecast period of 2024-2031. Blood transfusion, a procedure used to treat a variety of medical disorders, replenishes lost blood components and improves the patient's health. However, a lack of timely access to safe blood transfusions will raise demand for blood banks to provide efficient, safe, and real-time blood unit availability. Therefore, this will led to the introduction of blood banking devices in the market.
Glbal Blood Banking Devices Market Size
Global blood banking devices market size was valued at USD 42.74 billion in 2023 and is projected to reach USD 81.97 billion by 2031, with a CAGR of 8.48% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Blood Banking Devices Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Key Market Players
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Abbott (US), F. Hoffmann-La Roche Ltd. (Switzerland), Beckman Coulter, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), BD (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Hindustan Syringes & Medical Devices Ltd. (India), Polymedicure (India), Siemens Healthcare GmbH (Germany), Terumo Corporation (U.S.), REMI GROUP (India), Fresenius Kabi AG (Germany), China Biologic Products Holdings, Inc. (China), Cardinal Health (US), Sysmex Corporation (US), Nova Biomedical (UK), Ortho Clinical Diagnostics (US), Randox Laboratories Ltd. (UK)
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Blood Banking Devices Market Definition
A blood bank is a place where blood or plasma is stored for transfusion. The four main activities of blood banks are collecting blood, processing blood, testing blood samples to verify they are non-infectious and fit for transfusion, storing blood samples for future use, and transferring blood samples to end-users. Blood banking is the process of collecting, gathering, processing, and storing blood. Devices for collecting and storing blood and blood components are known as blood banking devices. These devices are used in the blood processing industry to ensure that blood transfers are safe.
Blood Banking Devices Market Dynamics
Drivers
- Increasing demand for blood units will drive the market's growth rate
The market for blood banking equipment will be spurred by the rising demand for blood and blood components. The industry is also predicted to develop as the number of blood donors rises to meet the growing need for blood units around the world.
- Rising number of surgical procedures across the globe will flourish the market's growth rate
Blood is required for cancer therapy, orthopaedic procedures, organ and bone marrow transplants, cardiovascular surgery, and treatment for genetic blood abnormalities. As the frequency of surgical procedures such as organ and bone marrow transplants, cancer, cardiovascular operations, nephrology, general surgery, and dialysis rises, so does demand for blood components, propelling the blood banking devices market forward.
Additionally, the rising number of government initiatives to spread awareness among people will act as major driver influencing the blood banking devices market's growth rate. Other significant factors resulting in the expansion of market are the rising number of cases of trauma and accident globally and improving healthcare infrastructure. Furthermore, the rising geriatric population and favorable reimbursement policies are the major drivers that will enhance the growth of market. Increasing incidences of blood disorders will further influence the growth rate of blood banking devices market.
Opportunities
- Growth in R&D activities
The rise in the number of research and development activities will provide beneficial opportunities for the blood banking devices market growth. Along with this, expansion and modernization of healthcare infrastructure across emerging economies will enhance the market's growth rate in coming years.
Moreover, the launch of mobile applications by government and private organizations to increase awareness about the importance of blood donation and provide safe, quick, and donor-specific delivery of blood units to patients will further expand the blood banking devices market's growth rate in the future.
Restraints/Challenges
On the other hand, the high cost associated with blood processing equipment will obstruct the market growth. Also, strict regulatory authorities will pose a significant challenge for blood banking devices market. However, high maintenance costs and technical limitations will act as restrain and further impede the growth rate of market during the forecast period of 2024-2031.
This blood banking devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the blood banking devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Blood Banking Devices Market
The need for medical supplies is rising to meet the needs of the affected population. In primary clinical treatment, respiratory support equipment such as an oxygen generator, a life-support machine, a monitor and an atomizer are the most commonly used medical equipment. Furthermore, COVID-19 has resulted in a significant increase in demand for medical goods such as masks, gloves, and protective spectacles. With an increase in the number of COVID-19 cases around the world, the need for medical supplies continues to climb among healthcare professionals and the general public for preventative measures. Manufacturers of these items have an opportunity to take advantage of the rising demand for medical supplies in order to assure a steady supply of personal protective equipment on the market. COVID 19 is likely to have a substantial impact on the blood banking devices market due to these factors.
Blood Banking Devices Market Scope
The blood banking devices market is segmented on the basis of product, end- users and mode of collection. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Blood Collection Devices
- Blood Processing Devices
- Blood Storage Devices
Mode of Collection
- Manual Blood Collection
- Automated Blood Collection
End- Users
- Hospital
- Academic Institutes
- Independent Diagnostics Centers/Clinics
- Blood Banks
Blood Banking Devices Market Regional Analysis
The Blood banking devices market is analysed and market size insights and trends are provided by country, product, end- users and mode of collection as referenced above.
The countries covered in the Blood banking devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the blood banking devices market because of the growing adoption of advanced technology and presence of major market players in this region. Additionally, the increasing prevalence of breast cancer patients will further enhance the market's growth rate in this region.
Asia-Pacific is expected to grow during the forecast period due to rise in road accidents in this region. Also, the increasing awareness about blood donations will propel the market's growth rate in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Blood Banking Devices Market Share
The Blood banking devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to blood banking devices market.
Blood Banking Devices Market Leaders Operating in the Market Are:
- Abbott (US)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Beckman Coulter, Inc. (U.S.)
- Thermo Fisher Scientific, Inc. (U.S.)
- BD (U.S.)
- Bio-Rad Laboratories, Inc. (U.S.)
- Hindustan Syringes & Medical Devices Ltd. (India)
- Polymedicure (India)
- Siemens Healthcare GmbH (Germany)
- Terumo Corporation (U.S.)
- REMI GROUP (India)
- Fresenius Kabi AG (Germany)
- China Biologic Products Holdings, Inc. (China)
- Cardinal Health (US)
- Sysmex Corporation (US)
- Nova Biomedical (UK)
- Ortho Clinical Diagnostics (US)
- Randox Laboratories Ltd., (UK)
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