Global Blood Transfusion Devices Market, By Product Type [Pathogen Reduction System, Apheresis Devices, Blood Component Separator, Blood Bag & Accessory, Venous Access Devices, and Others (Filters, Blood Mixer, Fridge & Freezer)], By End User [Hospital, Ambulatory Surgical Centers, Blood Bank, and Others (Research & Academic Institutes, etc)], and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 4.86 Bn in 2023, and is expected to exhibit a CAGR of 5.7% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key market players are focusing on adoption of inorganic growth strategies such as acquisition, and this is expected to drive the global blood transfusion devices market growth over the forecast period. For instance, on March 15, 2023, Werfen, a leader in specialized diagnostics, announced the acquisition of Immucor Inc., a U.S based in vitro diagnostics (IVD) company. Through the acquisition of Immucor, Inc., Werfen strengthened its presence as a reference company in the specialized diagnostics market thatincludes blood transfusion devices, and expanded its portfolio of diagnostic solutions for hospitals and clinical laboratories.
Global Blood Transfusion Devices Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others faced problems regarding the transportation from one place to another.
In December 2020, according to a research paper published by International Society of Blood Transfusion (ISBT), the African region, like the rest of the world, experienced socio-economic upheaval due to COVID-19 pandemic. It had a substantial impact on the delivery of health care services. The study found that the region's safe blood supply and demand were under threat due to a decline in blood donation activities in the majority of respondent countries, particularly during the start of the COVID-19 pandemic. As a result, the COVID-19 pandemic reduced blood-related activity in Africa, including supply and demand. Thus, the COVID-19 pandemic has a negative impact on the market.
Global Blood Transfusion Devices Market: Key Developments
In April 2022, Owen Mumford Ltd., a global medical device manufacturer, launched a new venous blood collection portfolio under its well-known Unistik brand. The new portfolio is developed on the company's expertise and heritage in capillary blood sampling to offer a variety of venous devices that provides healthcare professionals (HCPs) and patients safety, comfort, and quality.
In May 2021, Cerus Corporation, a multinational biotechnology company, signed a agreement for INTERCEPT Blood System for Platelets with Canadian Blood Services, one of Canada's two blood service providersthat serves all provinces and territories with the exception of Quebec. The system is used to kill a wide variety of pathogens including viruses, bacteria, and protozoan parasites, and thus, lowering the risk of transfusion-transmitted infections (TTI).
Browse 29 Market Data Tables and 30 Figures spread through 180 Pages and in-depth TOC on “Global Blood Transfusion Devices Market”- Forecast to 2030, Global Blood Transfusion Devices Market, By Product Type (Pathogen Reduction System, Apheresis Devices, Blood Component Separator, Blood Bag & Accessory, Venous Access Devices, and Others (Filters, Blood Mixer, Fridge & Freezer)], By End User [Hospital, Ambulatory Surgical Centers, Blood Bank, and Others (Research & Academic Institutes, etc.)], and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/blood-transfusion-devices-market-4156
Key Takeaways of the Global Blood Transfusion Devices Market:
- Global blood transfusion devices market is expected to exhibit a CAGR of 5.7% over the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global blood transfusion devices market.
- Among product type, the pathogen reduction segment is expected to hold the highest share in the global blood transfusion devices market over the forecast period, owing to regulatory approvals of innovative solutions. For instance, in November 2020, Cerus Corporation, a biotechnology company, announced that the INTERCEPT Blood System for Cryoprecipitation hads been approved by the U.S. Food and Drug Administration (FDA). The system is used to produce pathogen reduced cryoprecipitated fibrinogen complex for the treatment and control of bleeding including massive hemorrhage, associated with fibrinogen deficiency.
- Among region, North America is expected to be the dominant region in the global blood transfusion devices market due to rising number of medical procedures that require blood According to the data published in 2021 by Centers for Disease and Prevention (CDC), around 600,000 hysterectomies are performed in the U.S.each year. Furthermore, in 2020, according to American College of Obstetricians and Gynecologists (ACOG), almost one-third of all women will have a hysterectomy by the age of 60. These numbers indicates high demand for blood transfusion devices in this region.
- The major players operating in the global blood transfusion evices market are Fresenius Kabi AG, Grifols, S.A., Tenko International Group Corp, Terumo Corporation, Kawasumi Laboratories, Inc., Ecomed Solutions, LLC., Kaneka Corporation, Immucor Inc., Haemonetics Corporation, Becton Dickinson and Company, RAYS S.P.A., Baxter, Macopharma SA, B. Braun Melsungen AG, Baxter International Inc., Neomedic Limited, Vitestro, and 3M Company
