The global blood banking equipment market is set to experience substantial expansion over the next decade, with projections indicating a compound annual growth rate (CAGR) of 4.7% from 2022 to 2032. The market, valued at USD 14.8 billion in 2022, is anticipated to exceed USD 23.4 billion by 2032, driven by significant advancements in technology and an increasing demand for efficient blood collection and processing solutions.
This impressive growth trajectory highlights the critical role that blood banking equipment plays in global healthcare systems. The rise in market value reflects a broader trend influenced by regulatory changes, technological innovations, and an enhanced focus on ensuring the safety and efficacy of blood-related procedures.
For instance, the AABB promotes full insurance coverage and offers lucrative reimbursement that will support the patients’ access to blood products, transfusion services and cellular therapies. The blood banking equipment market will witness immense growth in the upcoming years if such policies are implemented by developing economies as well.
The development of the blood banking equipment market is reliant on automation in blood bank centers, the rising trend of mobile blood drives/ camps, government support and initiatives and an increasing number of blood donors.
Key Takeaways:
- Blood collection products are expected to hold a 35.8% market value share in 2022 and are projected to display a CAGR growth of4.8% over the forecast period.
- Hospitals hold a higher share in the blood banking equipment market by a value of about 53.3%in 2021.
- North America is slated to be the largest leading region with a value share of 26.2% at the end of the forecast period
- India is expected to lead the growth in South Asia blood banking equipment market during the assessment period.
“Rising prevalence of chronic blood-related disorders, along with increasing trend of blood donation drives will fuel the blood banking equipment market over the forecast period,” says an analyst of Future Market Insights.
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Market Competition:
Acquisitions, partnerships, recognition and product launches are the key strategies adopted by manufacturers and integrators to increase the consumer base in different geographies.
- Blood Collection: BD acquired Velano Vascular in July 2021 with the goal of adding breakthrough needle-free blood draw technology to alleviate the pain and discomfort of multiple needlesticks.
- Blood Processing: The novel plasma collection system developed by Terumo Blood and Cell Technologies received FDA approval in March 2022. Rika is a next-generation automated system that focuses on plasma centre personnel and donors’ experiences. It has safety features to reduce operator mistakes and harvests plasma in under 35 minutes.
Key Companies Profiled:
- Medtronic
- BD Medical
- Boston Scientific
- Smith Medical
- Argon Medical Devices
- Novo Nordisk
- Terumo Corporation
- NIPRO Medical
- B. Braun Melsungen AG
- Medsurg
- Hamilton Syringes & Needles
- Hi-Tech Medicare Devices
- Abbott Laboratories
- Beckman Coulter, Inc.
- Becton, Dickinson and Company
- bioMérieux SA
- Bio-Rad Laboratories, Inc.
- Cerus Corporation
- CSL Behring LLC
- Fresenius Kabi AG
Key Segments:
By Product:
- Blood Collection
- Blood Collection Sets
- Blood Bag Tube Sealer
- Blood Collection Mixer
- Blood Bags
- Reagents
- Lancets
- Others
- Blood Processing
- Centrifuges
- Blood Filters
- Blood Bank Analysers
- Blood Warmers
- Plasma Thawing Baths
- Blood Storage
- Blood Bank Refrigerators
- Blood Bank Freezers
- Test Tube Racks
- Others
By End User:
- Hospitals
- Blood Banks
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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