Growing Awareness Regarding the Safety of Donated Blood - A Major Building Block for Patient Blood Management Market

Globally, the demand for donated blood is increasing because of greater volume of sophisticated medical surgical procedures conducted and the increasing number of trauma cases due to road accidents.

These procedures require blood transfusions to make up for blood loss incurred during the procedures. Thus, the rising number of accidents, trauma cases, and surgical procedures performed are contributing to the market growth, thereby increasing the need for patient blood management products.

The blood management market is projected to reach USD 15.3 billion by 2024 from USD 10.7 billion in 2019, at a CAGR of 7.4% from 2019 to 2024.

Major Growth Boosters:

The study involved four major activities to estimate the current size of the patient blood management market. Exhaustive secondary research was done to collect information on the market and its different subsegments.

The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the size of the segments and subsegments.

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Global Industry Segmentation:

The blood transfusion segment of instruments to register significant growth over the forecast period

Based on product, the blood management market is segmented into instruments, accessories, reagents & kits, and software. The instrument segment is further sub-segmented into blood processing devices, blood transfusion devices, blood culture screening devices, diagnostic & testing instruments, and blood storage devices. Among these, the blood transfusion segment is anticipated to register significant growth over the forecast period.

Key Questions Addressed by the Report:

# What are the growth opportunities related to the adoption of patient blood management solutions across the globe in the future?
# Which product segment will register the highest adoption rate during the forecast period?
# Where will the advancements in products offered by various companies take the industry in the mid- to long-term?
# Emerging countries have immense opportunities for the growth of the market. Will this scenario continue in the next five years?
# Which end users are estimated to adopt patient blood management systems?
# What are the key strategies adopted by the key players operating in the market?

The whole blood segment is projected to hold the largest share of the market, by component, during the forecast period of 2019 to 2024

By component, the patient blood management market is segmented into whole blood and blood components. The whole blood segment is expected to hold a major share of the market during the forecast period. An increase in the number of surgical procedures coupled with rising incidences of blood-related disorders that require blood transfusion during treatment are the key factors supporting the market growth of this segment.

Recent Developments:

# In 2019, Abbott (US) received the US FDA approval for its ‘Alinity s’ blood culture screening system as well as the Afinion HbA1c Dx assay kit.
# In 2019, F. Hoffmann-La Roche LTD (Switzerland) received the US FDA approval for its cobas Babesia Test for donor screening.
# In 2018, Terumo BCT (Japan) and Stafa Cellular Therapy (US) entered into a collaborative agreement. Based on this agreement, Terumo BCT expands access to the StafaCT software to healthcare organizations.
# In 2018, B. Braun Melsungen AG (Ireland) acquired the bloodlines business of NxStage Medical, Inc. (US), which operates under the Medisystems brand.
# In 2018, Abbott (US) received a CE mark for its Alinity h-series to be used in the European Union.

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Blood banks were the key end users in the patient blood management market in 2019

On the basis of end users, the blood management market is segmented into hospitals and blood banks. The increasing number of blood donations has increased the need for proper management of blood. Blood banks are the key end users for various blood processing devices, blood collection devices, and blood storage devices.

Major Leaders:

The major players in the patient blood management market include Haemonetics Corporation (US), Fresenius SE & Co. KGaA (Germany), Terumo Corporation (Japan), Immucor, Inc. (US), B. Braun Melsungen AG (Ireland), Macopharma (US), bioMérieux SA (France), Asahi Kasei Corporation (Japan), Bio-Rad Laboratories, Inc. (US), Abbott Laboratories (US), Grifols, S.A. (Spain), F. Hoffmann-La Roche LTD (Switzerland), LivaNova PLC (UK), Danaher Corporation (US), Mediware Information Systems (US), Kawasumi Laboratories, Inc. (Japan), Haier Biomedical (China), Diatron (Hungary), and BAG Diagnostics GmbH (Germany), among others.