BLOOD BANKING DEVICES MARKET ANALYSIS

Market Challenges And Opportunities

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.