Blood Processing and Storage Equipment Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4075
Blood Processing and Storage Equipment Market size is projected to experience significant growth from 2019 to 2025.
Government initiatives and organizations working for blood storage and maintenance of quality of blood and blood components will significantly drive the blood processing and storage equipment market. National Blood Transfusion Council is involved in formulations of policy for creating sustainable and safe blood transfusion services in India. The organization formulates guidelines for recovery of processing charges across blood banks in all sectors of blood and blood components. Thus, involvement of government organizations in formulation of guidelines for effective management of blood and blood components will lead to the market growth.
Growing number of surgical procedures will create demand for blood processing and storage equipment in the coming years. The growing prevalence of traumatic events and chronic diseases has resulted in rising demand for surgical procedures. According to the World Health Organization, over 1.35 million people die each year due to road traffic crashes and about 50 million people suffer from non-fatal injuries. Thus, rising incidence of road accidents leading to increasing surgical procedures will create demand for blood processing and storage devices. However, stringent government policies and high cost of blood handling equipment might hamper the market growth in forthcoming years.
Blood plasma freezers will witness lucrative market growth in the forthcoming years. Freezers ensure distribution of air and optimum temperature management of monitoring devices through its internal cooling mechanism specially designed for plasma. Generally continuous connection to electricity is not required as freezers can hold temperature below freezing point for more than 24hrs. Aforementioned advantages will drive the blood plasma freezers market over the forecast timeframe.
Hospitals end use segment will grow at significant CAGR owing to rising number of surgeries and diagnostic tests conducted at this healthcare setting. Hospitals provide services for various surgeries including traumatic surgeries, treatment of chronic diseases along with emergency services. Developing infrastructure and adoption of new devices to increase efficiency in the treatment has resulted in patient’s preference for treatment in hospitals. Thus, increasing number of treatment procedures and various diagnostic services offered at hospitals will drive the segmental growth.
U.S. blood processing and storage equipment market held considerable revenue share of global industry in 2018. Growing geriatric population base has resulted in increasing prevalence of chronic diseases leading to rising number of surgical procedures in the country. According to the Center for Disease Control and Prevention, approximately one in four people in the U.S. suffer from a chronic condition and the number rises to three in four in people aged 65 years and above. Thus, increasing number of surgical procedures for chronic disease treatment will lead to the segmental growth.
India blood processing and storage equipment market will foresee remarkable growth in upcoming period. According to official statistics, nearly 146,133 people died due to road accidents in the country in the year 2015. Growing number of road accidents will increase blood requirement during surgeries, thus creating demand for blood processing and storage equipment in the country.
Some of the major players are Bio-Rad Laboratories, BioMerieux SA, Becton Dickinson and Company, Danaher Corporation and Roche Holdings AG and are focused on strategic mergers and partnership to increase their business strength. For instance, in March 2018, Terumo has announced rising investment into its Indian subsidiary Terumo Penpol strengthening its blood management solutions portfolio in the country.
Blood Processing and Storage Equipment Market by Product, 2014-2025 (USD Million)
- Hematocrit centrifuges
- Cell processors
Blood Processing and Storage Equipment Market by End-use, 2014-2025 (USD Million)
- Diagnostic centers
- Blood banks
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Bio-Rad Laboratories
- BioMerieux SA
- Becton Dickinson and Company
- Danaher Corporation
- Roche Holdings AG
- Immucor, Inc.
- Grifols International
- Terumo Corporation
- Macopharma SA.Beurer GmbH
- Haemonetics Corporation
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