- A recent study by Grand View Research, Inc. anticipates the blood processing devices and consumables market to have a CAGR of 7.9% from 2015 to 2022 (forecast period). The market will be valued around USD 50 billion in 2022. Cancers and several other infections need treatment with blood transfusion & surgeries. The higher these medical conditions, greater is the market demand.
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The adoption of stem cell therapies, organ transplantation, and other medical procedures also aids growth. Additionally, incentives & programs by governments to create awareness about blood transfusion and donation prove beneficial for the blood processing devices and consumables market. Favorable reimbursement policies are another advantage.
Grand View Research divides the market on the basis of products and geographies. Products include devices and consumables. Devices comprise cell processors, blood bank refrigerators, hematocrit centrifuges, blood bank freezers, warmers, and grouping analyzers.
Some consumables are blood grouping reagents, blood administration sets, hematology reagents, blood coagulation reagents, sedimentation tubes, and blood collection tubes. Blood bags, blood collection needles, blood filters, blood lancets, slide stainers, vials, test tube racks, and slides are the rest.
Devices contributed about 61% of the blood processing devices and consumables market in 2014. The commercial adoption of technologically-superior automated laboratory equipments is a reason for their dominance. Cell processors accounted for more than 18% shares in 2014. They are widely used in processing plasma components for treating deficiencies and cell-related disorders. Their growth is driven by automated algorithms that lead to efficient cell purging & processing.
Geographical segments of the market comprise Europe, North America, Asia Pacific, and Rest of the World (RoW). North America’s share in the total revenues exceeded 34% in 2014. Multiple chronic infections, emergency hospitalizations, and road accidents necessitate the demand for blood and its components. This, coupled with various regional participants, contributes to its high share. Asia Pacific will grow lucratively (at a CAGR of 8.1%) during the forecast period.
Eminent players in the worldwide blood processing devices and consumables market consist of Abbott Laboratories, Roche Holdings AG, BioMerieux SA, Grifols International, and Bio-Rad Laboratories. They are engaged in developing software solutions that will ensure efficient operations in hospitals and blood repositories. This could tackle the problem of shrinking donor pools and generate growth.
Information Source: Grand View Research
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