BLOOD BANKING DEVICES MARKET ANALYSIS

The global blood banking devices market was valued at US$ 25.25 Bn in 2023 and is expected to reach US$ 42.56 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.

Blood banking devices are devices that are used for blood collection, processing, storage and transportation for safe transfusion. The main devices includes the blood collection needle and blood bags. Collection needles are used to extract blood from the donor's body into collection bags that is designed for storage. Based on the component required, the extracted blood is then further separated by using centrifugation devices into red blood cells, platelets, plasma or whole blood. Advanced apheresis devices are used for direct collection of specific components from the donor to meet demand. The important devices include cell processing systems that are utilized to automatically separate and wash red blood cells, by removing the plasma or platelets from whole blood that are based on transfusion needs. Storage devices such as refrigerators and freezers are critical to maintain blood components at required temperatures for extended shelf life until use. Transportation boxes and bags with temperature monitoring systems have also been developed to facilitate safe transfer of blood between collection centers and hospitals.

Advanced blood banking devices have enabled greater scalability and automation in blood collection, processing, and storage. However, higher costs of new technologies can pose challenges, especially for resource constrained settings. Strict quality standards and regulatory norms also impact product development lifecycles.

Global Blood Banking Devices Market- Regional Insights

• North America is the largest market for blood banking devices, with a market share of 42% in 2022, as North America has witnessed increased demand for blood collection supplies to support its growing population in need of blood transfusions and testing. Hospitals and blood banks in the U.S. require reliable access to quality collection supplies to protect patients and staff from exposure risks.
• Asia Pacific is the second largest market for blood banking devices, with a share of 28% in 2022. Several factors have contributed to the leadership position of blood banking devices in Asia Pacific. The blood processing devices sub segment contributes the highest share in the Asia Pacific (APAC) market. This is due to the growing volume of blood collection in major APAC countries such as China, India, and Japan which process large amounts of blood annually. According to data by the national blood services of respective countries, China processes over 11 million units of blood annually through over 3000 blood centers. Similarly, India and Japan process over 8 million and 3 million units respectively each year.
• Europe is the third-largest market for blood banking devices, with a share of 19.9% in 2022. Blood storage devices have been the leading sub-segment in the Europe region this is due to the rising demand for effective and reliable storage of blood and its components. In 2019, according to the annual report by the European Blood Alliance, there has been a significant rise in blood collection in European countries over the past five years. This has necessitated improved storage infrastructure and devices.

Figure 1. Global Blood Banking Devices Market Share (%), By Region, 2024

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Analyst View of the Global Blood Banking Devices Market:

Global blood banking devices market is expected to witness steady growth driven by rising prevalence of blood disorders and increasing number of trauma and accident cases worldwide. Growing awareness about blood donations and blood screening is also fueling the market growth. However, stringent regulatory framework and product recalls may pose challenges. Many developing nations still face inadequate supply of blood and limited number of blood banks, thereby opening up opportunities for market players.

North America will continue dominating due to presence of major market players and superior healthcare infrastructure. Asia Pacific is expected to be the  fastest growing regional market supported by expanding healthcare penetration, thereby booming medical tourism industry and large patient pool in China and India. Sophisticated product portfolios of key market players and their global footprint enable dominant market position. At the same time, local Asian manufacturers are entering with affordable devices to capture price-sensitive customers.

Rising demand for automated blood collection and processing solutions from hospitals and blood banks provides impetus to technological advancements. Adoption of radio frequency identification and bar coding offers lucrative scope. Growing focus on apheresis collection systems for specific disease treatment augurs well. Collection bags and reagent segments account for maximum revenue share. However, blood screening devices segment is likely to surpass other segments in the near future due  to growing need for blood safety.

Global Blood Banking Devices Market- Drivers

• Increasing product launch by key market players: Global blood banking devices market is expected to witness significant growth due to increasing product launch by key market players. For instance, on April 2022, Owen Mumford, a medical device company, launched a new venous blood collection portfolio under its Unistik brand. The Unistik blood collection range launches with a collection of three devices, Unistik ShieldLock, features a user-centric design that provides protection once the needle is removed from the vein, Unistik ShieldLock Ultra provides advanced protection and Unistik VacuFlip which is designed for safe and straightforward venous blood collection procedures.
• Growing demand for blood and blood-derived products: Global demand for blood and blood-derived products has been steadily increasing over the past few years. This growing demand is directly fueling the expansion of the global blood banking devices market. Blood and blood-derived products are used in a wide variety of medical procedures and treatments. They are crucial for treating traumatic injuries, thus replacing lost blood during surgeries, and managing conditions like blood disorders and cancer. As the global population rises and ages, the prevalence of chronic diseases is also increasing significantly. This has correspondingly led to higher requirements for blood and blood products across healthcare facilities worldwide. For instance, according to data by the World Health Organization (WHO), approximately 118.54 million blood collections are carried out globally each year for transfusions and other therapeutic uses
• Increasing blood disorders and rising accident rates: Global blood banking devices market is witnessing significant growth in recent times mainly due to the rising prevalence of blood disorders as well as increasing incidence of accidents worldwide. Blood disorders such as anemia, blood cancers, thalassemia, and others have been on the rise over the past decade due to factors like changing lifestyle, lack of dietary nutrition, increased stress levels, and others. According to the  recent data provided by WHO, from 2022, around 1.62 billion people worldwide are affected by anemia, with women aged 15-49 years having the highest prevalence at nearly 30%. The economic and disease burden of such blood disorders has prompted increased testing and screening activities across hospitals and blood banks.
• Technological advancements in blood collection and processing: Technological advancements in the field of blood collection and processing are significantly driving the growth of global blood banking devices market. Manual methods for blood collection and processing are giving way to advanced automated devices that are more efficient and enhance safety. Automated blood collection devices such as advanced blood collection tubes and needle holders streamline the blood drawing process and standardize blood volume collection. This minimizes errors and reduces turnaround time as compared to manual methods. Similarly, automated processing devices that utilize robotics, artificial intelligence (AI), etc. are being used widely to separate blood components like red blood cells, plasma, and platelets in a fast, standardized, and high-quality manner. These advanced devices ensure increased safety for donors as well as recipients by minimizing human errors and efficiently detecting contaminated units. For example, automation and AI enabled error-proofing in blood collection and component separation helps to reduce transmission of transfusion-transmitted infections. Advanced technologies also enables precise targeted blood component therapy for individual patient needs. This personalized transfusions leads to better treatment outcomes.

Global Blood Banking Devices Market- Opportunities

Emerging markets in developing nations: Emerging markets in developing nations present a great opportunity for growth in the global blood banking devices market. These nations have large and young population bases that are expected to continue expanding rapidly. However, many, still struggle with having adequate healthcare infrastructure and access to reliable blood banking resources.As incomes rise and standards of living improve in developing countries, greater emphasis is being placed on building out healthcare systems and thereby ensuring a safe, stable blood supply. International aid organizations have also prioritized public health initiatives in these regions. For example, the World Health Organization has set targets for countries to achieve certain blood collection and testing standards by 2031 in order to help save lives. As developing nation governments and non-government organizations (NGOs) allocate more funding towards modernizing blood services, they will need to invest heavily in new blood banking equipment, technologies and facilities.

Growing R&D in separation technologies: Growing research and development (R&D) in the area of separation technologies can unlock significant opportunities in the global blood banking devices market. Separation technologies play a vital role in ensuring safe and high-quality blood components which are essential for transfusion medicine and therapy. Advances in separation methods allow for more precise and accurate isolation of various blood components like red blood cells, white blood cells, plasma, and others from whole blood. This helps meet the growing clinical demands, as each component can be used more effectively, based on patient requirements. R&D in technologies like automated cell separators, blood component extractors, and high-speed centrifugation has enabled blood banks to streamline their separation processes while reducing human errors. According to World Health Organization, automated blood component extractors using advanced centrifugation protocols are helping collection agencies in low-and-middle income countries to derive up to 5 blood components from a single whole blood unit as opposed to just 3 components few years ago. This significantly boosts collection capacities and improves self-sufficiency which is critical challenges faced by blood centers globally. Furthermore, improved separation solutions can help address specific clinical needs like collection of platelet concentrates or plasma rich in clotting factors which have wide applications in transfusion-dependent therapies and complex surgeries.

Increasing adoption of automated instruments: Increasing adoption of automated instruments presents a great opportunity for the global blood banking devices market. Automated instruments provide efficiency and safety benefits over conventional manual processes. They minimize the risk of human errors while processing blood and blood products. Automated instruments can also streamline workflows and handle high sample volumes easily. This allows blood banks to scale up operations and improve turnaround times for critical tasks like blood grouping, disease screening, and processing blood units.

As per the data from World Health Organization, approximately 118.5 million blood donations are collected globally every year for transfusion needs. With rising rates of diseases like cancer that require frequent blood transfusions, the demand for blood and blood-derived products is increasing steadily. Automated instruments can help meet this growing demand through higher productivity while maintaining the highest quality and safety standards. Various advanced instruments are available that can automate critical steps like antibody screening, blood separation into components, labeling blood bags, and final packaging of blood units ready for transfusion.

Global Blood Banking Devices Market- Trends

• Growing preference for personalized medicine: Growing preference for personalized medicine is having a significant impact on the global blood banking devices market. Personalized medicine aims to tailor treatment and prevention, based on an individual's genes, environment, and lifestyle. With advances in genomics and molecular diagnostics, there is increasing scope to develop customized therapies suitable for specific patient subgroups based on biomarkers. This trend towards precision and personalized healthcare is driving more focus on blood typing at a granular level. Previously, blood grouping was done based on the presence or absence of A, B, O antigens and Rh factor D antigen. But with more knowledge about various blood group systems and rare antigens, there is a need to characterize donors and recipients at a higher resolution level. This requires blood banking devices with expanded functionality for accurate antigen typing as well as antibody screening and identification tests. For example, blood centers are investing in new automated antigen typing platforms that can detect antigens beyond the core ABO and RhD groups. For instance, in February 2021, the American Red Cross announced plans to implement a high-throughput antigen typing instrument from Grifols, Pharmaceutical company, across its blood collection sites to boost inventory of blood products tailored to patient needs.
• Increasing demand for therapeutic apheresis: Increasing demand for therapeutic apheresis procedures is a key trend that is positively influencing the global blood banking devices market. Therapeutic apheresis involves removing blood from the patient and separating out its different components like plasma, platelets, and others. and returning the remaining blood to treat various medical conditions. More patients are opting for therapeutic apheresis to treat autoimmune diseases, blood disorders and other complicated conditions that cannot be treated with medication alone. This rising diagnostic and treatment usage of therapeutic apheresis globally is directly fuelling the need for specialized blood banking devices that can efficiently perform different apheresis procedures with minimal turnaround time. Device manufacturers are focusing more on technologies like continuous flow centrifugation and membrane separation techniques to achieve high precision and automation in apheresis treatments. Companies are also improving device throughput, programmability, and flow path design to handle higher workloads in hospitals and blood centers. The demand for multi-use devices that can perform different types of apheresis with just a change of disposables is also growing.
• Consolidation of players to tap new opportunities: The consolidation of players in the blood banking industry through mergers and acquisitions is allowing companies to tap new opportunities and expand their global presence. As the demand for blood and blood products continue to grow amidst rising healthcare needs, large providers are looking to achieve economies of scale and consolidated leadership positions through strategic partnerships and takeovers. For instance, in December 2022, an American pharmaceutical company Baxter, a healthcare company completed the acquisition of Hillrom, a Medical device company increasing their product portfolio to include blood bank refrigerators and freezers in addition to existing blood collection and transfusion equipment. This deal has enabled Baxter to strengthen its position, as one of the leading providers of end-to-end blood management solutions on a global scale.

Global Blood Banking Devices Market- Restraints

• Shortage of voluntary blood donors: The shortage of voluntary blood donors has been a major challenge restraining the growth of the global blood banking devices market. An insufficient blood donor population has made it difficult for blood banking organizations to meet the ever-growing demand for blood and blood products. Relying on a pool of voluntary unpaid donors allows for a safe and sustainable collection of blood. However, in many parts of the world, voluntary donation rates are low. According to data provided by the World Health Organization, only about 38% of the world's countries have achieved 100% voluntary non-remunerated blood donations. In the remaining countries, cash payments or in-kind incentives are still being used to attract blood donors. This compromises the safety of blood as it increases the possibility of drawing donors who may hide important medical information. The reliance on family donors or paid donors also limits the availability and diversity of blood types. The limited access to safe blood due to the shortage of voluntary donors has hampered the growth potential of the blood banking devices market. Healthcare providers are unable to procure enough blood to meet patient requirements. This restricts the demand for blood collection, processing, storage and administration devices. Addressing this supply constraint through international coordination and public awareness initiatives is critical for driving further expansion of this market.
• High capital investment and maintenance costs: High capital investment and maintenance costs associated with blood banking devices pose a significant challenge for the growth of the global blood banking devices market. Setting up a blood bank requires huge upfront capital for purchasing expensive tools and equipment necessary for collecting, testing, processing, storing, and distributing blood and blood components. The high costs associated with medical-grade refrigerators, freezers, separators, bags, tubes and testing kits places a massive financial burden, especially on smaller healthcare units and facilities in developing regions. These blood banking devices require continuous maintenance and calibration to ensure optimum performance and safety. Regular servicing, repairs, software upgrades and personnel training drive operational expenses significantly higher over the lifespan of these devices. For example, advanced analyzers used for immunohematology reference testing need maintenance by factory-trained technicians at least once a year to maintain regulatory compliance. Reagents, controls and consumables also need periodic replenishment. All these activities leave a substantial impact on the budgets of blood centers and hospitals worldwide. According to a World Bank report, healthcare expenditure accounts for a large chunk of government expenditure in many developing nations, thus leaving limited resources for expensive blood banking infrastructure.
• Counterbalance: As a result, the key market players should be able to keep the capital investment and the other necessary maintenance costs at an affordable rate so that there remains a required portion of the investment for carrying out expenses for other blood banking infrastructure.
• Stringent regulatory framework and complex licensing procedures: Stringent regulatory frameworks and complex licensing procedures across different countries are posing significant challenges for the growth of the global blood banking devices market. Various nations have their own set of strict rules and guidelines regarding the handling, storage, processing, and distribution of blood and blood components. Complying with the regulatory standards of each country is a complex and lengthy process for manufacturers. This involves conducting extensive research, performing multiple tests and trials, seeking various certifications and approvals before launching any new product. This regulatory burden increases the cost, time, and resources spent by companies on product development and market entry. Especially for smaller players and start-ups, meeting wide-ranging global compliance norms is difficult and acts as a deterrent. According to data from the World Health Organization, in 2020, only about 60% of low and lower-middle income countries had a functional regulatory system for blood transfusion services in place. The lack of harmonization across regulatory landscapes has fragmented the market and curtailed the scope for companies to tap into new territories.

Figure 2. Global Blood Banking Devices Market Share (%), By Product Type, 2024

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Recent Developments

New product launches

• On November 2, 2023, BD (Becton, Dickinson and Company) a medical technology company, launched new needle-free blood draw technology compatible with integrated catheters
• On August 18, 2023, Nightingale Health, a medical laboratory company, launched blood collection kit for trial customers. The Nightingale kit and self-collection device enable trial participants to draw their own blood sample from a finger-prick. Nightingale Health has introduced a remote blood collection kit for its medical research and clinical trial customers.
• In December 2022, Capitainer, a medical device company, launched a new product for the self-sampling of blood. The sampling card can collect five times as much blood as its predecessor. The product significantly extends Capitainer’s range and market opportunity by enabling more and other types of analyses. It is also easier for laboratories to implement.
• In May 2022, Vitestro, a medical device company, launched autonomous device for blood collection. The new device combines artificial intelligence (AI) and ultrasound-guided 3D reconstruction with robotic needle insertion to ensure the precise and secure collection of blood.

Partnership and Collaboration

• In May 2022, Babson Diagnostics, a science-first, health care technology company, and BD, a medical technology company, announced the expansion of a strategic partnership to move blood sample collection into new care settings, thus enabling patients to collect blood samples at home for diagnostic testing.
• In April, 2022, BioIVT LLC., Biospecimens and Research Services provider company, announced that it has acquired Tennessee Blood Services, a commercial blood bank located in Memphis, U.S. Tennessee Blood Services is FDA-registered to collect whole blood and blood products for diagnostic use by manufacturers and research facilities worldwide.
• On April 19, 2021, Terumo Corporation, a medical device company, CSL Plasma, a plasma collector company, announce a collaboration to deliver a new plasma collection platform at CSL Plasma U.S. collection centers.

Top Companies in Global Blood Banking Devices Market

• Haemonetics Corporation
• Fresenius Kabi
• Terumo BCT, Inc.
• Immucor
• Macopharma
• Braun
• Grifols
• Beckman Coulter
• Sarstedt

Definition: Blood banking devices are crucial medical instruments that are used to process blood and blood components to ensure safe transfusion. There are various types of blood banking devices that aid in collection, separation, processing, storage, and transportation of blood and its components.