BLOOD TRANSFUSION DEVICES MARKET ANALYSIS

Blood Transfusion Devices MarketSize and Trends

Global blood transfusion devices market is estimated to be valued at US$ 4.86 Bn in 2023, and is expected to reach US$ 7.16 Bn by 2030, exhibiting a CAGR of 5.7% during the forecast period (2023-2030).

Global Blood Transfusion Devices Market - Drivers

• Rising number of surgeries: Cardiovascular procedures, Cesarean section procedures, and trauma and accident injuries are the most common surgeries that require blood transfusion. According to report published by World Health Organization (WHO),  in 2021, worldwide cesarean section rates have increased from around 7% in 1990 to 21% in 2021, and are expected to continue increasing over the next decade. If current trends continue, Eastern Asia (63%), Latin America and the Caribbean (54%), Western Asia (50%), Northern Africa (48%) Southern Europe (47%), and Australia and New Zealand (45%) will have the highest rates by 2030. As a result, increasing number of surgical procedures is expected to drive  growth of the global blood transfusion devices market.
• Organic growth strategies such as product launch: Increasing number of organic growth strategies such as product launch by key market players is expected to drive the market growth over the forecast period. For instance, in May 2022, Vitestro, a medical robotics company, launched world's most advanced autonomous blood drawing device at the annual meeting of the Netherlands Society for Clinical Chemistry and Laboratory Medicine (NVKC) held in Rotterdam. Vitestro's device combines AI-based, ultrasound-guided 3D reconstruction with robotic needle insertion to ensure accurate and secure blood collection.

Figure 2. Global Blood Transfusion Devices Market Share (%), By Region, 2023