Blood Processing And Storage Equipment Market size is projected to expand at an appreciable rate during the forecast timeline of 2023-2032 due to the rising incidence of chronic disorders. Road accidents are also increasing across the world, creating a robust need for blood and its components. According to data by the World Health Organization (WHO), more than 1.35 million individuals die in road accidents every year. Such factors are expected to push market growth.
Seeing the worrying rise in chronic disease cases, many government organizations are taking important steps to improve the storage and maintenance of blood & blood components to tackle a wide range of health issues and critical injuries. For instance, in August 2022, the U.S. Department of Health & Human Services (HHS) announced the launch of ‘Giving = Living’, a campaign aimed at increasing awareness of the significance of donating blood and plasma. Such initiatives will drive blood processing and storage equipment market outlook over the coming years.
In terms of product, blood processing and storage equipment industry is bifurcated into warmers, freezers, analyzers, refrigerators, hematocrit centrifuges, and cell processors. The analyzer segment is anticipated to hold a sizeable market share by 2032. There is a strong demand for these highly specialized and computerized machines as they help in calculating the number of different types of white and red blood cells, blood platelets, hemoglobin, and hematocrit levels in a blood sample.
The growing preference for technologically advanced equipment across the healthcare sector is predicted to boost the adoption of analyzers. For instance, in March 2022, Mindray unveiled its BC-700 Series, a novel hematology analyzer series that consists of both erythrocyte sedimentation rate (ESR) and complete blood count (CBC) tests. Such product launches will accelerate blood processing and storage equipment market progress.
Based on end-user, Market is segmented into hospitals, blood banks, diagnostic centers, and others. The industry gains from the blood bank segment might record a significant CAGR through 2032 as several awareness campaigns about blood donation are being launched and governments are introducing favorable initiatives in this regard.
North America blood processing and storage equipment industry is anticipated to grow substantially by 2032 as the demand for blood components is rising across the region. According to the American Red Cross, around 16 million blood components are transfused every year in the U.S. Besides, cancer cases are increasing at an alarming rate every year. According to estimates by the American Cancer Society, in 2022, around 1.9 million new cases of cancer were diagnosed in the U.S. These aspects may fuel the usage of blood components which, in turn, will support the market expansion over the coming years.
A few of the reputed organizations involved in blood processing and storage equipment market include Bio-Rad Laboratories, BioMerieux SA (Institut Merieux, Sofina), Becton Dickinson and Company, Danaher Corporation, and Roche Holdings AG, among many others.