Overview:
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.
Major Growth Boosting Factors:
The rising prevalence of blood disorders and the increasing number of blood donations & blood donors will fuel market growth over the forecast period. Moreover, the rising prevalence of target diseases and technological advancements in the patient blood management industry will further fuel the growth of the market in the near future.
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Secondary Research:
This research study involved the extensive use of secondary sources, directories, and databases (such as D&B Hoovers, Bloomberg Businessweek, and Factiva), along with government databases, which were used to identify and collect information for this method-based, market-oriented, and commercial study of the market.
In-depth interviews were conducted with various primary respondents that mainly include key industry participants, medical practitioners, subject-matter experts (SMEs), C-level and D-level executives of key market players, and industry consultants to obtain and verify critical qualitative and quantitative information as well as to assess prospects of the market.
Primary Research:
Extensive primary research was conducted after acquiring knowledge about the patient blood management market scenario through secondary research. A significant number of primary interviews were conducted with both the demand (healthcare providers, blood bank operators, physicians, and blood bank technicians) and supply sides (developers, manufacturers, and distributors of patient blood management products).
The primaries interviewed for this study include experts from the patient blood management industry (such as CEOs, VPs, directors, sales heads, and marketing managers of tier 1, 2, and 3 companies engaged in offering patient blood management products across the globe), purchase managers in healthcare provider organizations, blood banks, blood collection centers, plasma collection centers, and CROs.
Around 60% and 40% of primary interviews were conducted with the supply and demand sides, respectively. A robust primary research methodology has been adopted to validate the contents of the report and to fill gaps. Telephonic and e-mail communications were adopted to conduct interviews (questionnaires were designed and sent to primary participants as per their convenience).
Projected Revenue Growth:
The global patient blood management market size 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.
Data Triangulation
After arriving at the overall market size of the patient blood management industry from the market estimation approach explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact market value data, data triangulation, and market breakdown methodology methods were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand- and supply-side analysis.
End Users:
The blood banks end user segment garnered the highest revenue in the patient blood management market in 2019
Based on end users, the market is segmented into hospitals and blood banks. The blood bank segment accounted for the largest share of the market in 2019; moreover, the same segment is expected to register significant growth over the forecast period from 2019 to 2024. The significant growth of this segment is attributed to the increasing awareness of blood donations , the high demand for safe blood, and the rising number of blood donations.
Geographical Growth Scenario:
The Asia Pacific market is expected to grow at the highest CAGR during the forecast period
The market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. China and India are expected to offer significant growth opportunities for players in the market, mainly due to the rising patient pool, growing support from government bodies, and the rising awareness about blood transfusion. The governments in these countries are making significant investments toward the modernization of their respective healthcare infrastructure, which will greatly benefit the market.
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Key Market Players
The major players in the 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.
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