The global sales of blood banking equipment are poised for substantial growth, with an estimated market value of USD 16,322.1 million in 2024. Projections indicate that this figure will soar to USD 25,591.4 million by 2034, reflecting a robust compound annual growth rate (CAGR) of 4.6% during the forecast period from 2024 to 2034. In 2023, the blood banking equipment sector generated revenue of USD 15,604.3 million, with a year-on-year growth rate of 4.7% anticipated for 2024.
Blood banking equipment plays a vital role in the healthcare ecosystem, encompassing a variety of devices used in the collection, processing, storage, and distribution of blood for medical applications. The importance of these tools is underscored by their ability to manage blood supplies safely and efficiently, ultimately supporting critical healthcare needs.
Key components of blood banking equipment include blood collection systems, centrifuges, plasma freezers, and hematology analyzers. These devices are integral to ensuring the quality of preserved blood, maintaining appropriate storage conditions, and facilitating the separation of various blood components for multiple medical purposes.
The applications of blood banking equipment extend to life-saving surgical procedures, trauma care, and the treatment of conditions such as anemia and cancer. Furthermore, these technologies enhance safety protocols, minimizing contamination risks and ensuring proper handling of blood products.
As the demand for blood and blood products continues to rise, the global blood banking equipment market is set to address the needs of hospitals, blood donation centers, and transfusion clinics worldwide. This significant growth trajectory signals a pivotal advancement in blood banking technology, ensuring that essential medical resources remain accessible for patients in need.
Key Takeaways:
- India is projected to have the highest CAGR (5.3%), indicating significant growth potential in the BPC market over the next decade.
- China is also expected to experience substantial growth with a CAGR of 4.7%.
- South Korea and Spain are projected to have CAGRs of 3.7% and 2.7%, respectively, indicating moderate growth.
- Australia and Japan are expected to have similar CAGRs of 2.2% and 1.9%, respectively.
- The UK is projected to have the lowest CAGR (1.7%) among the listed countries.
Overall, the BPC market in these countries is expected to grow steadily over the next decade, driven by factors such as increasing disposable incomes, growing middle class, and rising consumer awareness of personal care and beauty products.
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Competitive Landscape:
The blood banking equipment sector is witnessing significant investments in research and development. Key players in the industry are also prioritizing the organization of blood donation drives and awareness campaigns to enhance their brand visibility. A crucial strategic focus for these companies involves seeking strategic collaborations to strengthen their product offerings and broaden their global market reach.
Recent Developments in the Blood Banking Equipment Market:
- In June 2024, Fresenius Kabi conducted blood donation activities across multiple cities in China and initiated similar campaigns in various other countries to promote blood donation awareness.
- In December 2023, BD received FDA clearance for its MiniDraw Capillary Blood Collection System, marking an important expansion of its product portfolio in the market.
Key Players of Blood Banking Equipment Industry:
- Medtronic
- BD Medical
- Boston Scientific Corporation
- Argon Medical Devices
- Novo Nordisk
- Terumo Corporation
- NIPRO Medical
- B. Braun
- Cardinal Health
- Hi-Tech Medicare Devices
- Abbott Laboratories
- Beckman Coulter, Inc.
- bioMérieux SA
- Bio-Rad Laboratories, Inc.
Key Segments of Blood Banking Equipment Industry:
By Product:
In terms of Product, the industry is divided into 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
By End-User:
The industry is classified by end user as blood banking equipment for hospitals, and blood banks.
By Region:
Key countries of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa (MEA) have been covered in the report.
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