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Blood Processing and Storage Equipment Market size is projected to showcase an appreciable growth between 2022 and 2028 with the rising cases of chronic disorders across various parts of the globe. Besides, the rising cases of road traffic crash around the world are also creating a dire need for blood and its components. According to the World Health Organization (WHO) statistics, more than 1.35 million people die in a road accident every year. Such incidences are expected to push the demand for blood processing and storage equipment.
Various government organizations are now taking profound steps towards the storage and maintenance of blood and blood components in order to address various health issues among people. This will drive the product demand to a greater extent and provide lucrative growth prospects for blood processing and storage equipment market in the future.
In terms of the product type, analyzers segment is estimated to exhibit considerable growth over the analysis timeline. This can be attributed to the burgeoning demand for these highly specialized, computerized machines that help in counting the number of different types of white and red blood cells, blood platelets, hematocrit, and hemoglobin levels in a blood sample. The growing preference for technologically advanced equipment across the healthcare domain will open new growth avenues for analyzer segment over the subsequent years.
With regards to the end-user, blood banks segment is expected to capture a significant share by the end of 2028 in light of the ongoing awareness campaigns about blood donation and favorable government initiatives in this direction. To illustrate, in 2021, the UK government announced a new funding scheme to meet the growing demand for organs for patients requiring a transplant from Asian, Black, and minority ethnicity. This initiative also aims to address the severe need for Black blood donors for treating various blood disorders including sickle cell.
Regionally, blood processing and storage equipment market is anticipated to grow substantially across North America over the forecast period of 2022-2028 with the rising demand for blood components in the region. As per the American Red Cross data, around 16 million blood components are transfused every year in the U.S. Besides, the increasing prevalence of cancer in the region is also expected to drive the demand for blood components which, in turn, will support the business expansion over the coming years. According to the American Cancer Society estimates, around 1.9 million new cases of cancer were diagnosed in the U.S.
The major players active in blood processing and storage equipment market include BioMerieux SA (Institut Merieux, Sofina), Bio-Rad Laboratories, Becton Dickinson and Company, Roche Holdings AG, and Danaher Corporation.
These companies are largely focusing on the development of innovative offerings and obtaining regulatory approvals to gain a strong foothold in the market. For instance, in 2020, BioMerieux SA announced that its BACT/ALERT® BPA and BPN culture bottles received 510(k) approval from the U.S. Food and Drug Administration (FDA) for Large Volume Delayed Sampling of leukocyte-reduced whole blood platelet concentrates and leukocyte-reduced apheresis platelets.
The COVID-19 outbreak has seriously impacted the market trend as the number of blood donations declined across various countries. There was also a significant decline in the blood requested and issued for transfusion. However, with the gradual lifting of lockdown restrictions and growing emphasis on restarting the postponed surgical procedures, demand for blood components is expected to increase in the coming years which will subsequently support the market expansion.
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