The blood banking equipment market sales is showing a consistent increasing trend, suggesting significant growth in the near future. This pattern highlights the continued importance of blood banking supplies in global healthcare systems. The evolution of the market is probably impacted by changes in regulations, technical breakthroughs, and the growing focus on guaranteeing the effectiveness and safety of procedures involving blood. In order to address the changing demands of the healthcare industry, market participants are expected to investigate novel methods and technologies as the demand for dependable and sophisticated blood banking solutions keeps growing.
The market for blood banking equipment is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2032, with a projected valuation of US$ 14.8 billion in 2022. Because of the availability of technology to facilitate blood collection and processing, the market for blood banking equipment is expected to surpass US$ 23.4 billion in 2032.
Need for blood components due to increasing surgical procedures and accidents has always been a matter of concern for blood banks and hospitals. In the U.K. the number of surgeries has been on the rise over the last few years. About 70,000 A&E cases were registered in 2019 in the country. Such cases will mostly require surgical procedures and this will in turn demand more blood banking equipment and products.
Increasing awareness about blood donation is the top priority of all blood transfusion centers. To address this issue, governments across the globe are offering several attractive reimbursement opportunities to volunteer donors.
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For instance, the AABB promotes full insurance coverage and offers lucrative reimbursement that will support the patients’ access to blood products, transfusion services and cellular therapies. The blood banking equipment market will witness immense growth in the upcoming years if such policies are implemented by developing economies as well.
The development of the blood banking equipment market is reliant on automation in blood bank centers, the rising trend of mobile blood drives/ camps, government support and initiatives and an increasing number of blood donors.
Key Takeaways
- Blood collection products are expected to hold a 35.8% market value share in 2022 and are projected to display a CAGR growth of4.8% over the forecast period.
- Hospitals hold a higher share in the blood banking equipment market by a value of about 53.3%in 2021.
- North America is slated to be the largest leading region with a value share of 26.2% at the end of the forecast period
- India is expected to lead the growth in South Asia blood banking equipment market during the assessment period.
“Rising prevalence of chronic blood-related disorders, along with increasing trend of blood donation drives will fuel the blood banking equipment market over the forecast period,” says an analyst of Future Market Insights.
Market Competition
Acquisitions, partnerships, recognition and product launches are the key strategies adopted by manufacturers and integrators to increase the consumer base in different geographies.
- Blood Collection: BD acquired Velano Vascular in July 2021 with the goal of adding breakthrough needle-free blood draw technology to alleviate the pain and discomfort of multiple needlesticks.
- Blood Processing: The novel plasma collection system developed by Terumo Blood and Cell Technologies received FDA approval in March 2022. Rika is a next-generation automated system that focuses on plasma centre personnel and donors’ experiences. It has safety features to reduce operator mistakes and harvests plasma in under 35 minutes.
Want More Insights
Future Market Insights brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2032. The global blood banking equipment market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the blood banking equipment market segment based on product– (blood collection [blood collection sets, blood bag tube sealer, blood collection mixer, blood bags, reagents, lancets, and others], blood processing [centrifuges, blood filters, blood bank analysers, blood warmers, and plasma thawing baths], blood storage [blood bank refrigerators, blood bank freezers, and test tube racks], and others), and end user (hospitals, and blood banks), across seven major regions.
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Key Segments:
By Product:
- Blood Collection
- Blood Collection Sets
- Blood Bag Tube Sealer
- Blood Collection Mixer
- Blood Bags
- Reagents
- Lancets
- Others
- Blood Processing
- Centrifuges
- Blood Filters
- Blood Bank Analysers
- Blood Warmers
- Plasma Thawing Baths
- Blood Storage
- Blood Bank Refrigerators
- Blood Bank Freezers
- Test Tube Racks
- Others
By End User:
- Hospitals
- Blood Banks
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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