Global Blood Banking Devices Market, By Product Type (Blood Collection Devices, Blood Processing Devices, Blood Storage Devices, Blood Transfusion Devices, Blood Grouping/Testing Reagents, Others (Blood Bank Management Software, Blood Transportation Boxes, among others)), By Method of Collection (Manual Blood Collection, Automated Blood Collection) By End User (Hospitals, Clinics, Blood Banks, Others (Research Laboratories, among others)) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa). 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 3031, as highlighted in a new report published by Coherent Market Insights.
Blood banking devices are used in various healthcare settings, including hospitals, blood banks, and laboratories. They are used for processes like blood collection, separation, testing, and storage.
The increasing blood donation rates across the world are a major driver propelling the growth of the global blood banking devices market. Blood donation rates have increased significantly over the past few years, owing to growing awareness regarding the importance of voluntary blood donations. For instance, according to data published on June 2, 2023, by the World Health Organization, over 118.5 million blood donations are collected globally every year. This rising rate of blood donation is driving the demand for advanced blood banking devices for the collection, processing, testing, and storage of blood and its components. Additionally, governments around the world are focusing on strengthening their national blood systems by supporting blood banks through funding and initiatives.
Global Blood Banking Devices Market- Drivers
The growing prevalence of various blood-related disorders across the globe is one of the key factors fueling the expansion of the global blood banking devices market. Various blood-related conditions including blood cancers, blood clotting disorders, bleeding disorders and other genetic anomalies are on the rise. As per the World Health Organization (WHO), around 80 million people worldwide have some form of genetic or congenital bleeding disorder. Similarly, as per the statistics from the Centers for Disease Control and Prevention (CDC), more than 750,000 people develop blood cancer annually in the United States.
The rising incidence of these medical ailments has significantly increased the demand for blood and blood components from blood centers and banks. This is directly driving the need for advanced blood banking devices that can efficiently collect, process, test, store and transport blood and its components in a safe and effective manner. Different types of blood banking devices such as blood collection devices, blood processing devices, blood storage devices and blood collection tubes are witnessing worldwide adoption.
Global Blood Banking Devices Market - Restraints
The stringent regulatory framework imposed by various governing bodies across nations is one of the major factors restraining the growth of the global blood banking devices market. Regulations surrounding blood collection, testing, processing, storage and distribution are becoming increasingly complex with new rules being introduced regularly to ensure safety. Compliance with these evolving regulations require extensive validation and reliability testing of new devices, technologies and processes. This increases the development cost and timelines for the market players substantially.
For example, according to the data published by World Health Organization in 2021, the average time required by small firms to obtain regulatory approval for a new blood collection device in United States was about 18 months, which used to be only 6 months five years ago. Similarly, European Union guidelines for approving blood storage refrigerator technologies increased device testing period from 3-6 months in 2010 to 9-15 months currently. The intricate regulatory compliance procedures discourage innovation and prompt companies to delay the launch of upgraded solutions. This Acts as a roadblock for continuous technology advancement in blood banking sector.
Global Blood Banking Devices Market- Opportunities
Increasing awareness about the importance of blood donation can provide a significant opportunity for growth in the global blood banking devices market. Regular blood donors are essential for maintaining an adequate blood supply and meeting the ongoing needs of patients. However, in many parts of the world, fewer than 1% of eligible donors actually donate blood on a regular basis. Raising awareness through community engagement and education programs has the potential to substantially increase the number of repeat donors.
Creating a “donation culture” where giving blood is seen as a civic duty or social norm will be key to sustaining an adequate donor base over the long run. Younger generations in particular need to gain an understanding of transfusion medicine’s importance from an early age. Partnerships between blood collection agencies, schools, community groups and medical specialists can help embed donation as a valued humanitarian act.
Global Blood Banking Devices Market Segmentation:
The global Blood Banking Devices market report is segmented into product type, method of collection, end user, and region
Based on the product type, the market is segmented into blood collection devices, blood processing devices, blood storage devices, blood transfusion devices, blood grouping/testing reagents, others (blood bank management software, blood transportation boxes, among others). Out of which, the blood storage devices segment is expected to provide a lucrative opportunity for the growth of the global blood banking devices market during the forecast period. According to a recent report from the World Health Organization, over 118.5 million units of donated blood are collected annually across the globe for storage and future use in medical emergencies or planned medical procedures. Safe and efficient storage of this large volume of blood and its components requires sophisticated blood storage devices that can preserve the quality and viability of stored blood products for extended periods. Many leading blood banks and hospitals worldwide have increasingly adopted automated blood storage devices to minimize storage errors and enable easy inventory management of their blood supplies.
Based on the method of collection, the market is segmented into manual blood collection, automated blood collection. Out of which, manual blood collection segment is expected to hold a dominant position in the global blood banking devices market during the forecast period, and this is due to the continued prevalence of manual blood donation drives and kits in developing regions. Low-resource settings have relied on manual methods for blood collection due to their affordability as compared to automated options. According to data from the World Health Organization, over 60% of blood donations globally are still collected through manual methods such as vein punctures and blood bags.
Manual blood collection involves the use of consumables like needles, blood collection bags, and lancets. Phlebotomists or nurses manually collect blood from donors through a vein puncture. The blood flows via gravity into collection bags attached to the needle apparatus. Though labor-intensive, manual methods have remained popular in community drives and replacement donations due to their low cost. Various non-profit blood banks continue to use manual collection kits extensively to meet the need for regular blood replenishments in developing country hospitals.
Based on end user, the market is segmented into hospitals, clinics, blood banks, others (research laboratories, among others. Out of which, blood bank segment is expected to hold a dominant position in the global blood banking devices market during the forecast period. Blood banks play a pivotal role in collecting, processing, storing and distributing blood and blood products to hospitals, clinics and other end users. Often operated by non-profit organizations or government agencies, blood banks across the world handle thousands of blood donations daily to meet the transfusion needs of patients. The extensive networks and infrastructure established and maintained by blood banks over the years make them the largest procurers of blood banking devices.
Equipment such as blood collection monitors, blood mixers, blood bags and bottles, blood bank refrigerators and freezers form the core of blood bank operations. With a constant need to store, process and transport large volumes of blood while ensuring safety, quality and efficiency, blood banks rely heavily on automated and advanced blood banking devices. According to the World Health Organization, over 100 million blood donations are collected globally each year, the bulk of which passes through blood banks. This steady and consistent demand from blood banks drives the sales and development of new products in this segment
Browse 35 Market Data Tables and 34 Figures spread through 160 Pages and in-depth TOC on Global Blood Banking Devices Market, By Product Type (Blood Collection Devices, Blood Processing Devices, Blood Storage Devices, Blood Transfusion Devices, Blood Grouping/Testing Reagents, Others (Blood Bank Management Software, Blood Transportation Boxes, among others)), By Method of Collection (Manual Blood Collection, Automated Blood Collection) By End User (Hospitals, Clinics, Blood Banks, Others (Research Laboratories, among others)) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Key Developments:
- On January 6, 2023, Abbott, a medical device company, and Blood Centers of America, a provider of a variety of human blood products, launched mixed reality experience for use during blood donation. The mixed reality technology is an immersive digital experience designed to improve the blood donation process, attract new donors, and motivate a younger generation to give blood. The effort intends to address the global challenge of sustaining a reliable blood supply.
- In June 2021, Sysmex, a provider of vitro diagnostic hematology systems, launched the US Food and Drug Administration cleared XN-10 Blood Bank Mode, This latest analyzer supports red blood cell (RBC) and platelet component testing and provides an automated complete blood count with differential (CBC/DIFF) for whole blood samples.
Link: https://www.coherentmarketinsights.com/market-insight/blood-banking-devices-market-1980
Key Takeaways of the Global Blood Banking Devices Market:
- The global blood banking devices market is expected to exhibit a CAGR of 6.7% during the forecast period. Advancement in blood collection and processing technologies offers lucrative growth opportunities for players in the global blood banking devices market. New technologies are helping address long-standing challenges and improving efficiencies at every step of the blood banking process. For collection, automated blood collection systems are being developed that standardize the donation process and minimize human error. These sorts of systems allow for high-volume donations in places like bloodmobiles or donation centers. Additionally, additive solutions are improving the stability and shelf life of blood cells and plasma after collection.
- Among region, North America is expected to be the dominant region in the global blood banking devices market. The presence of well-established healthcare infrastructure along with accessibility to technologically advanced medical devices has led to faster adoption of automated blood collection, processing and storage systems in the region. Stringent regulations pertaining to blood safety and quality standards laid down by the US FDA have propelled hospitals and blood banks to incorporate reliable blood bank technology. Major industry players based in the U.S. and Canada have further aided market penetration through continuous innovation and customized product offerings. With a sizable healthcare expenditure, North American countries represent lucrative growth opportunities for market leaders to penetrate their existing customer base and launch new products.
- Major players operating in the global blood banking devices market are Haemonetics Corporation, Fresenius Kabi, Terumo BCT, Inc., Immucor, Macopharma, B. Braun, Grifols, Beckman Coulter, and Sarstedt
