Blood Processing and Storage Equipment Market Analysis

Blood Processing and Storage Equipment Market Analysis

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The market by product is categorized into devices and consumables. The devices segment is sub segmented into plasma freezers, blood bank & lab refrigerators, lab, ultralow temperature, & shock freezers, grouping analyzers, warmers, hematocrit centrifuges, and cell processors. The consumables segment is further subdivided into blood administration sets, blood bags, blood collection needles, blood collection tube, blood filters, blood lancets, blood grouping reagents, blood coagulation reagents, hematology reagents, and other consumables. The devices segment garnered USD 28.1 billion revenue size in the year 2022.

• Devices are primarily used owing to their cost-efficiency, safety, accurate results, among others. Automated devices can perform tasks with a high degree of accuracy, reducing the margin of error that might be present with manual consumable use.
   
• Additionally, devices can be used repeatedly, reducing the ongoing costs associated with disposable items. Equipment can often be adapted or reconfigured for different types of processing. This flexibility is not always possible with consumables, which are designed for specific purposes.
   

The blood processing and storage equipment market by end-use is categorized into blood banks, hospitals & clinics, diagnostic laboratories, and others. The blood banks segment garnered USD 15.7 billion revenue size in the year 2022.

• Blood processing and storage equipment devices play a crucial role in blood banks, ensuring the safety, efficiency, and availability of blood products for medical treatments. Their efficiency ensures a quick turnaround time, enabling blood banks to supply hospitals and medical facilities promptly.
   
• Furthermore, efficient processing and storage equipment can help blood banks handle a larger volume of donations, leading to an increased blood supply. This is particularly important during emergencies or disasters when the demand for blood products surges.
   

U.S. blood processing and storage equipment market accounted for USD 16.6 billion revenue size in 2022.

• The U.S. has solidified its dominant position in the industry, primarily due to the annual increase in the demand for blood components. For instance, 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. According to the American Cancer Society, in 2022, around 1.9 million new cases of cancer were diagnosed in the U.S.
• Furthermore, U.S. advanced healthcare infrastructure, leadership in innovative medical practices, high surgical volumes, and accessibility to advanced products contribute to its central role in the industry.