Blood Banking Devices Market, By Product Type (Blood Collection Devices, Blood Processing Devices, Blood Storage Devices, Blood Transfusion Devices, Blood Grouping/Testing Reagents, Others), By Method of Collection (Manual Blood Collection, Automated Blood Collection), By End User (Hospitals, Clinics, Blood Banks, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Feb 2024

Code : CMI1980

Pages :182

Formats :

Excel and PDF

Industry : Medical Devices

Blood Banking Devices MarketSize and Trends

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.

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.
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.
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.
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.

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.

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.

Increasing adoption of automated instruments: Increasing adoption of automated instruments presents a great opportunity for the global blood banking devices market.

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.
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.
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.

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.
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.
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.

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