Blood Processing Devices and Consumables Market is Expected to Reach USD 49.16 Billion Globally in 2019: Transparency Market Research
According to a new market report published by Transparency Market Research “Blood Processing Devices and Consumables Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” the global blood processing devices and consumables market was valued at USD 27.27 billion in 2012 and is estimated to reach a market worth USD 49.16 billion in 2019 at a CAGR of 8.9% from 2013 to 2019.
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The growth of the blood processing devices and consumables market is driven by factors such as increase in aging population, increasing cancer therapies, emergence of infectious diseases (HIV and Hepatitis) and significant rise in surgical procedures. In addition, strict government regulations across the world are also positively impacting market growth. Moreover, manufacturers are developing improved and automated products for collection, processing and storage of blood and blood components. According to WHO, it is estimated that global population over age 60 years would double from 11% (2000) to 22% (2050). People aged 60 and above are more prone to cancer risk and other surgical procedures. Hence, graying population and increasing demand of cell therapy will act as driving factors for the growth of this market.
Blood processing devices and consumables market is a rapidly developing field, and have been witnessing numerous technological advancements Growth of the market is influenced under the rising demand for pathogen-free blood. Blood being a vital component of the body, is routinely used in wide range of hospital procedures for transplantations, cancer therapies and other forms of surgeries. Therefore, safe blood supply is integral in surgical and other blood transfusion procedures. Manufacturers are developing automated products to reduce blood associated risks. Automaton of devices reduces human intervention, requires less number of professionals and also reduces the risk of pathogen development. Therefore, automated devices and consumables have been gaining lot of popularity in recent times. Automated cell processors and automated blood collection devices have become one of the standard procedures for blood procurement, thereby further giving a boost to this market. Other major technological advancements include blood bags with in-built filters, blood collection monitors, and tube sealers which are further supplementing the market growth.
Blood bags used in each step of blood collection, processing, storage and delivery account for the largest share in blood processing consumables segment. Coagulation reagents, which are used for detecting bleeding disorders and coagulation rate is the fastest growing segment of blood processing consumables market and is poised to grow at a CAGR of 13.3%.
North America accounts for the largest share of the blood processing devices and consumables market owing to the developed economies in this region. In North America, more than 27 million units of blood and blood components are transfused each year. Therefore, to meet this huge blood requirement, the market is characterized by government support, increased public awareness and presence of technologically advanced equipments. Despite the developed countries holding a major share, Asia-Pacific region is poised to show a significant growth in the coming years. Expanding population bases in countries such as India and China, coupled with increasing epidemic of diseases such as dengue and chikunguniya will boost the market demand and successive growth. Additionally, the government in these nations is focused towards improving healthcare infrastructure, thus, in turn, further propelling the growth of this market.
Blood processing devices and consumable market is witnessing intense competition among the players which are willing to offer complete reliable and cost-effective products. Some of the significant key players in this market include Terumo BCT, Fresenius Kabi, Haemonetics Corporation, Immucor, Inc., Abbott Diagnostics and others. Manufacturers are entering into strategic alliances with other players for the development and commercialization of new and innovative products, for maintaining the competitive edge.
The Blood processing devices and consumables products market is segmented as follows:
· Blood Processing Devices and Consumables Market, by Product Type
o Blood Processing Devices
§ Blood Bank Refrigerators
§ Blood Bank Freezers
§ Blood Warmers
§ Blood Grouping Analyzers
§ Hematocrit Centrifuges
§ Blood Cell processors
o Blood Processing Consumables
§ Blood Administration Sets
§ Blood Bags
§ Slide Stainer
§ Sedimentation Tubes
§ Blood Lancets
§ Blood Filters
§ Test Tube Racks
§ Microscopic Slides
§ Blood Grouping Reagents
§ Coagulation Reagents
§ Blood Collection Needles
§ Hematology Reagents
§ Blood Collection Tubes
· Blood Processing Devices and Consumables Market, by Geography
o North America
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