The global blood processing devices and consumables market is expected to reach USD 51.0 billion by 2022 growing at an estimated CAGR of 7.8% from 2015 to 2022, according to a new report by Grand View Research, Inc. This expected rise in demand can be ascribed to increasing incidence of chronic oncology diseases and other infections that are dependent on transfusion & surgery for treatment.
Higher usages of techniques such as stem cell therapy and organ transplantation also contribute towards boosting demand in the sector, and in turn leading to growth. Rapid introduction of advancements and automations in blood processing equipment is further expected to enhance potential for growth in this market during the forecast period.
Rise in government initiated awareness programs and incentives for blood donation and transfusion are attributive to fuel demand in this industry. Furthermore, provision of comparatively better reimbursement policies is also a high impact rendering driver for anticipated progress.
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Further key findings from the report suggest:
- Devices accounted for over 60% of the revenue generated in this sector for 2014. This large share can be attributed to the introduction and commercialization of technologically advanced automated laboratory equipment. Furthermore, presence of highly differentiated product portfolios offered by industry participants is also responsible for this large share in revenue.
- Cell processors contributed for over 17% of the revenue generated in the market in 2014. Higher usage of this product for processing various plasma components such as RBC’s and WBC’s in order to treat cell associated disorders and deficiencies is attributive towards its comparatively larger share. Furthermore, incorporation of automated algorithms to aid efficient cell purging and processing is anticipated to drive segment demand through to 2022.
- Consumables are expected to register lucrative growth in the coming years owing to rise in R&D prospects in administration sets, hematology reagents, and filters. Technological advancements in these products for enhancing blood transfusion are anticipated to drive growth in revenue.
- North America accounted for over 33% of revenue generated in 2014. Key factors attributing to its large share include increasing incidence of chronic infections critical hospital emergencies and road accidents thus subsequently higher demand for blood and blood components. Furthermore, presence of large number of market participants headquartered in the U.S. result in generation of significant revenue in this region.
- Asia Pacific is expected to witness lucrative CAGR of over 8% from 2015 to 2022 due to rise in awareness amongst the population regarding blood donation and improvement in government incentives in developing nations of this region for rapid improvement in health care infrastructure.
- Key participants of the blood processing devices & consumables market are Abbott Laboratories, BioMerieux SA, Bio-Rad Laboratories, Roche Holdings AG, Haemonetics Corporation, Danaher Corporation, Becton, Dickinson And Company, Immucor, Inc., Grifols International, Macopharma SA, Terumo Corporation, and Thermogenesis Corporation.
- These participants are involved in R&D for development of efficient software solutions for hospitals and blood repositories in order to manage the operational efficiency and manage shrinking donor pool and thus influencing sector growth.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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