Redding, California, Feb. 09, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Blood Banking Equipment Market by Product (Collection [Tubes, Bags, Syringes], Processing [Centrifuge, Filters, Processor], Storage [Refrigerator, Freezer]), Functionality (Automated, Manual), End User (Hospital, Blood Bank) - Global Forecast to 2030,’ published by Meticulous Research®, the blood banking equipment market is projected to reach $24.26 billion by 2030, at a CAGR of 4.6% from 2023 to 2030.
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Donated blood or blood products are tested to ensure their safety before being used in blood transfusions and other medical procedures. Blood banking encompasses functions such as testing for infections and illnesses, typing the blood, and collecting, storing, and transporting the blood for transfusions. Several types of equipment are used in blood banks, such as collection monitors, tube sealers, lancets, plasma thawing baths, refrigerators, freezers, blood bags, vials, needles, and syringes. Blood bank equipment is used to test, separate, and preserve the blood till it is required for a patient.
The growth of this market is driven by the rising demand for blood and blood-related products, the increasing number of surgical procedures being performed globally, and technological advancements and automation in blood banking devices. In addition, untapped opportunities in emerging countries and the supportive initiatives to promote blood transfusion offer significant opportunities for the growth of this market.
Expansion of Plasma Collection Centers to Offer Lucrative Opportunities for the Blood Banking Equipment Market’s Growth
Blood plasma is a vital component of certain medical treatments for rare diseases and has no substitutes, due to which its demand is rising globally. Many treatments are plasma intensive and require millions of liters of plasma annually. For instance, hemophilia treatment may require as many as 1,200 donations annually (Source: National Hemophilia Foundation, U.S.). Thus, the increasing prevalence of diseases requiring plasma-based therapies drives the global demand for plasma. The number of plasma collection centers is rising, particularly in the U.S., as the country allows two plasma donations a week, unlike other countries that restrict more than one donation a week. In 2010, the annual blood plasma collection in the U.S. was 19.8 million, which increased to 43.8 million in 2021. Market players such as Grifols, S.A. (Spain) manage 300 plasma centers for donation under Interstate Blood Bank, Inc., Talecris Plasma Resources, and Biomat USA. The company has expanded its plasma collection centers from 171 in 2016 to 370 in 2021.
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Blood Banking Equipment Market: Future Outlook
The blood banking equipment market is segmented by Product (Blood Collection Equipment [Needles, Tubes, Syringes, Blood Bags, Lancets, IV Cannulas, Vials, and Other Blood Collection Equipment], Blood Processing Equipment [Centrifuges, Blood Filters, Blood Analyzers, Blood Processors, and Other Blood Processing Equipment], Blood Storage Equipment [Blood Bank Refrigerators, Blood Bank Freezers, Test Tube Racks]), Functionality (Automated Blood Banking Equipment, Manual Blood Banking Equipment), End User (Hospitals, Blood Banks [Private, Public, Hybrid]), and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on product type, the blood banking equipment market is segmented into blood collection equipment, blood processing equipment, and blood storage equipment. In 2023, the blood collection equipment segment is expected to account for the largest share of the blood banking equipment market due to the high demand for blood or blood-related products, technological advancements and automation in blood banking equipment, and the high rate of blood donations, especially in the high-income countries. For instance, according to the WHO, in 2021, 118.5 million blood donations were collected globally, of which 40% were conducted in high-income countries.
Based on functionality, the blood banking equipment market is segmented into automated blood banking equipment and manual blood banking equipment. The automated blood banking equipment segment is projected to register the highest CAGR over the forecast period. The growth of this segment is attributed to the shortage of skilled technicians in blood banks, growing automation in blood banks, and an increase in the daily demand for blood & blood components.
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Based on end user, the blood banking equipment market is segmented into hospitals and blood banks. In 2023, the blood banks segment is expected to account for the largest share of the blood banking equipment market. The large market share of this segment is attributed to the large number of blood banks globally, the availability of funding for acquiring advanced equipment, and the increasing volume of blood donations and blood processing at blood banks.
Based on geography, the blood banking equipment market is segmented into North America, Europe, Asia-pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the blood banking equipment market. North America’s major market share is attributed to the high healthcare spending, the high demand for blood or related components such as whole blood, RBCs, WBCs, plasma, platelets and others, and initiatives promoting blood donations in the U.S. However, Asia-Pacific is expected to register the highest CAGR during the forecast period. The growth of this regional market is attributed to the rising healthcare spending, developing infrastructure for blood banking, growing geriatric population and the subsequent increase in chronic disease prevalence, and growing initiatives promoting blood donations.
Some of the key players operating in the blood banking equipment market are Abbott Laboratories (U.S.), F. Hoffman-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Danaher Corporation (U.S.), Fresenius Kabi AG (Germany), Becton, Dickinson and Company (U.S.), Terumo Corporation (Japan), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux SA (France), HORIBA, Ltd. (Japan), Mindray Bio-Medical Electronics Co, Ltd (U.S.), Sysmex Corporation (Japan), and Hamilton Bonaduz AG (Switzerland).
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Scope of the Report:
Blood Banking Equipment Market, by Product
- Blood Collection Equipment
- Needles
- Tubes
- Syringes
- Blood Bags
- Lancets
- IV Cannulas
- Vials
- Other Collection Equipment
(Note: Other collection equipment includes reagents, tube sealers, and collection monitors)
- Blood Processing Equipment
- Centrifuges
- Blood Filters
- Blood Analyzers
- Blood Processors
- Other Processing Equipment
(Note: Other processing equipment include blood warmers, sedimentation tubes, and plasma thawing bags)
- Blood Storage Equipment
- Blood Bank Refrigerators
- Blood Bank Freezers
- Test Tube Racks
Blood Banking Equipment Market, by Functionality
- Automated Blood Banking Equipment
- Manual Blood Banking Equipment
Blood Banking Equipment Market, by End User
- Blood Banks
- Private
- Public
- Hybrid
- Hospitals
Blood Banking Equipment Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
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