Blood Processing Devices & Consumables Market is expected to rise by 20301

Posted by omkar on October 19th, 2019

The Global Blood Processing Devices & Consumables Market size is estimated to be USD 49.53 billion in 2019 and is predicted to reach USD 115.49 billion by 2030 with a CAGR of 8.0% from 2020-2030. Blood is the red liquid in the body that serves as a transporter medium for oxygen and nutrients to the cells and carrying away carbon dioxide and other various waste products. Components of blood include red blood cells (RBC), platelets, white blood cells (WBC) and numerous clotting factors suspended in a fluid called plasma. Separation of all of these components of the blood is called blood processing.

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The main reason behind developing the blood component processing technology is to maximise the use of each whole blood donation by processing the blood into various components, each of which can be used individually for separate recipients. Technological advancements are leading to the growing development of next-generation blood processing devices with automated interface systems. This systems will provide faster and accurate results and reduce human intervention. By only transfusing the specific blood component required by the patient, the patient pool benefiting from a single donation is effectively increased.

Market Dynamics and Trends:

Every two seconds someone in the US needs blood for surgeries, cancer treatment, chronic illnesses, and traumatic injuries. Also, blood supply is the major part in processes such as organ transplantation and stem cell therapy. With growing patient pool suffering with chronic diseases and increasing number of surgical procedures, the demand for blood and blood components is highly increasing. According to the American Red Cross, around 36,000 units of red blood cells, 7,000 units of platelets and 10,000 units of plasma are needed every day in the US. Moreover, rising demand for safe blood collection and transfusion procedures are likely to make the market lucrative for the providers and suppliers in this market. However, lack of blood processing infrastructure in low-income countries, safety concerns and cost of blood handling equipment are expected to restrain the growth of this blood processing devices & consumables market.

The blood processing devices and consumables market is fragmented with large number of established as well as emerging players. With large number of players there is intense rivalry to gain competitive market share. The players mainly focus on developing devices with innovative technologies. In February 2018, Cesca Therapeutics launched AXP II System for Advanced Cord Blood Processing. Additionally, companies also focus on strategic agreements, partnerships, and collaborations with various diagnostic laboratories, blood banks and public and private organizations to develop their share in this market. For instance, in November 2018 Orgenesis Inc., to establish the infrastructure to collect, process, test, cryopreserve and bio bank sampling materials, including liver biopsies, entered into a collaboration agreement with the New York Blood Center (NYBC). Such developments enable the companies to enhance their product offerings and improve their market position.

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Competitive Landscape:

Comprehensive competitive analysis and profiles of major market players such as Biomerieux SA, Abbott Laboratories, Bio-Rad Laboratories, Becton, Dickinson And Company, Roche Holdings AG, Danaher Corporation, Grifols International, Terumo Corporation, Haemonetics Corporation, and Macopharma SA is also provided in this report.