SEATTLE, Sept. 20, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global blood processing devices and consumables market is estimated to be valued at US$ 40,139.2 million in 2021 and is expected to exhibit a CAGR of 6.7% during the forecast period (2021-2028).
Key Trends and Analysis of the Global Blood Processing Devices and Consumables Market:
Key trends in the market includes increasing initiatives by various organizations for centralization of blood donation and storing process. Both the processes of blood donation and blood storing requires blood processing devices and consumables. For instance, according to 2020 statistics of World Health Organization (WHO), every year 118.5 million units of blood is collected worldwide. Still, several patients require blood transfusion are deprived of blood required for their treatment. Hence, WHO recommended to have national blood policy for centralized control over blood collection. Furthermore, according to WHO in 2019, 123 countries out of 171 countries had national blood policy. Thus increase in centralization and development of blood policies is expected to boost the market.
In addition, government of various countries are encouraging blood donation which is further expected to boost the global blood processing devices and consumables market. For instance, after every blood donation government of Malaysia offers hospitalization benefits and free outpatient treatment. Similarly, in January 2018, Poland government announced blood donor with an award and an honorary title for the blood donation. Hence, the encouragement for blood donation from governments will propel the global blood processing devices and consumables market as the donated blood is required to be stored and processed for future use.
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Key Market Takeaways:
The global blood processing devices and consumables market is expected to exhibit a CAGR of 6.7% during the forecast period owing to increasing research, development, and launch of new technologies in field of life sciences. For instance, in November 2019, at SITC conference, MicroMedicine, Inc. announced launch of one of its patented technology, Sorterra Cell Isolation System. This is a new automated technology that isolates White Blood Cells from the human peripheral blood by using microfluidic channels without the use of labeling or centrifuges.
Among product type, the devices segment is expected to observe highest growth in the global blood processing devices and consumables market over the forecast period, owing to the research and development and key players in the market launching new products. For instance, in February 2019, Institute of Life Sciences launched a magnetic cell separation kit, that separates immune cells from other cells.
On the basis of end user, diagnostic laboratories segment accounts for the largest market share in the global blood processing devices and consumables market. Due to increase in prevalence of various diseases such as cancer, diabetes, hepatitis B, heart diseases, and HIV AIDS; diagnostic laboratories segment has highest market share as all the diseases require to go through various blood tests to confirm the severity of the disease.
On the basis of region, Asia Pacific is expected to exhibit a higher CAGR in the global blood processing devices and consumables market over the forecast period. The healthcare and life sciences infrastructure is developing extensively after the COVID-19 pandemic in the Asia Pacific, this will boost the market during the forecast period. For instance, in India around 30 million blood components are transfused every year, according to Friends2support organization which is a non-profit organization.
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Competitive Landscape:
Key players operating in the global blood processing devices and consumables market include Beckman Coulter, Inc., Thermogenesis Holdings, Inc., Maco Pharma International GmbH, Immucor, Inc., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Grifols, S.A., Abbott Laboratories, Global Scientific Company, Sigma Laborzentrifugen GmbH, Terumo BCT, Inc., Poly Medicure Ltd, and Thermo Fisher Scientific, Inc.
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Blood and Blood Components Market, by Product Type (Whole Blood and Blood Components (Red Blood Cells, White Blood Cells, Platelets, and Plasma)), by Application (Anemia, Trauma and Surgery, Cancer Treatment, Bleeding Disorders, and Others (Others include rare blood diseases)), by End User (Hospitals, Ambulatory Surgical Centers, Blood and Blood Component Bank, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028
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