Blood Transfusion Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2507
Blood Transfusion Market size is expected to grow significantly from 2018 to 2024.
Blood transfusion market is showing significant growth due to increasing incidents of accidents. Accidents resulting in sever blood loss that has been increasing demand for blood transfusion worldwide. Increasing number of surgeries due to accidents and other orthopedic disorders have elevated the market demand. Rising occurrence of cancer that requires high amount of blood for chemotherapy have enhanced market growth. Furthermore, rising incidences of blood disorders will boost industry growth.
Increasing healthcare expenditures and government initiatives have improved the quality of healthcare services. This has increased demand for better and accurate blood transfusion devices. Automation has facilitated blood transfusion procedure that has resulted in market expansion. Increasing geriatric population will further augment demand for blood transfusion. For instance, the current elderly population in U.S.is 46 million that is expected to double by 2060 this will create a favorable scenario for the market growth.
High costs associated with blood transfusion process and risks involved may have a negative impact on the industry during the forecast period; however, with advents in technological and automation the risks can be minimized. Stringent government regulations also have a restraining impact on market growth.
Apheresis devices collect blood from donors or patients and separate it into various components such as white blood cells, plasma, pallets and red blood cells. This device extracts blood components effectively that helps in accurate detection of diseases. The separated components of blood from the donor are also needed in treatment of cancer that is the largest growing disease. This has led to an increase in demand for apheresis devices. Apheresis devices account to largest growth amongst the other segments. Demand for blood components such as white blood cells, plasma, pallets and red blood cells has elevated due to increasing application in cancer therapies. Blood disorders have further propelled the market demand. High efficiency and accurate results have increased the rate of adoption shown by doctors for apheresis device. The aforementioned factors have a positive effect on the market growth.
Laboratories and diagnostic labs account to high demand for blood transfusion devices such as blood component separator, apheresis devices and other consumables. Increase in population has facilitated high demand for blood transfusion devices. This is supporting market growth.
U.S. market should witness growth owing to an increase in diseased population with high disposable income. The increase in healthcare expenditure will help doctors to adopt advanced technology and improve patient’s health. Furthermore, increasing number of surgeries have been propelling market growth. For instance, in U.S., it was reported in 2015 that there were 6.3 million accidents with major injuries that resulted in huge loss of blood. These reasons have aided market development in North America.
India will drive the blood transfusion market due to increasing geriatric population that is giving rise to high demand for surgeries. Growing prevalence of blood disorders have increased demand for blood transfusion process that has supported market growth. Increasing occurrence of diseases such as cancer, gangrene and other diseases that need surgical procedures have facilitated the market growth.
Some of the key industry players include Abbott, Becton Dickinson, B Braun, Fresenius Kabi, Haemonetics Corporation, Immucor, Kidde-Fenwal and Macopharma. Industry players invest in merges and acquisitions to attain financial stability and support business segment growth. In January 2017, Abbott announced that it acquired CE mark for Alinity so that the product will be available in countries that recognize CE mark. Alinity is a product developed that will enhance blood and plasma screening process. Development of this product will expand the product portfolio of the company thereby generating profits.
Blood Transfusion Market by Product, 2013-2024 (USD Million)
- Consumables and supplies
- Blood bag and accessories
- Blood mixer
- Fridge and freezer
- Inline filter
- Dockable filter
- Blood component separator
- Apheresis devices
- Pathogen reduction system
Blood Transfusion Market by End User, 2013-2024 (USD Million)
- Ambulatory Surgical centers
Industry Impact Forces
Growing incidents of accidents
Increasing number of surgeries
Increasing healthcare expenditures
Increase in blood disorders
Industry Pitfalls and Challenges
High costs associated with blood transfusions
Stringent government regulations
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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