Blood Banking Devices Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The Blood Banking Devices market size was estimated at USD 42.89 billion in 2023 and is projected to reach USD 76.760 billion in 2030 at a CAGR of 8.67% during the forecast period 2023-2030.

Blood banking devices are specialized medical equipment and instruments used in the collection, processing, testing, storage and distribution of blood and its components. These devices play a crucial role in ensuring the safety and availability of blood products for various medical procedures and treatments. Blood banking devices are critical for maintaining a safe and reliable supply of blood for various medical needs, including surgeries, trauma care, cancer treatments, and more. They ensure that blood products are collected, processed, and distributed with the highest standards of quality and safety.

The blood banking devices market is expected to grow during the forecast period. This growth can be attributed to factors such as increasing demand for blood transfusions, rising incidence of blood-borne diseases, increasing number of blood donation camps and technological advancements in blood banking devices. Moreover, the growing awareness about the importance of blood donation is expected to drive the growth of the market during the forecast period.

However, there are factors that might hamper the growth of the market such as the high cost of blood banking devices and stringent regulations by governments.

The COVID-19 pandemic has had a significant impact on the blood banking devices market. The pandemic led to a decrease in the number of blood donations, as people became hesitant to donate blood due to the fear of contracting the virus. This caused a shortage of blood, which put a strain on blood banks and hospitals. Moreover, the pandemic has also led to disruptions in the supply chain for blood banking devices. This made it difficult for blood banks to get the supplies they need, which further deteriorated the market.

Delvens Industry Expert's Standpoint

The blood banking devices market is expected to grow during the forecast period. This growth can be attributed to several factors. Firstly, the increasing number of surgeries and other medical procedures that require blood transfusions is driving the demand for blood banking devices. Moreover, the rising incidence of blood-borne diseases, such as HIV and hepatitis, is also driving the demand for blood banking devices. In addition, the increasing number of blood donation camps and the technological advancements in blood banking devices is expected to drive the growth of the market further during the forecast period. However, the high cost of blood banking devices and stringent regulations from authorities might hamper the growth of the market.

Market Portfolio

Key Findings

• Based on product, the market is segmented into blood collection devices, blood processing devices and blood storage devices. The blood collection devices dominated the market in this segment. Blood collection devices segment can be further divided into blood collection needles, blood collection tubes, syringes, blood bags, lancets, IV cannulas, vials and other. This growth can be attributed to the extra precaution which have been instilled ever since the pandemic. Moreover, rise in antimicrobial prevalence and infection control will drive the growth of the market during the forecast period.

• Based on mode of collection, the market is segmented into manual blood collection and automated blood collection. The automated blood collection dominated the market in this segment. This can be attributed to the increasing demand for efficient and painless blood collection methods.

• Based on end user, the market is segmented into hospital, academic institutes, independent diagnostics centres/clinics and blood banks. Hospitals dominated the market in this segment. This is due to the increasing number of surgeries and other medical procedures that require blood transfusions.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. This is because of the growing adoption of advanced technology and presence of major market players in this region.

Regional Analysis

North America to Dominate the Market

• North America is estimated to account for the largest market share during the forecast period. This is because of the growing adoption of advanced technology and presence of major market players in this region.
   
• Moreover, the increasing prevalence of breast cancer patients will further enhance the market's growth rate in this region.

Competitive Landscape

• Abbott
• BD
• Beckman Coulter, Inc.
• Bio-Rad Laboratories, Inc.
• Boston Scientific
• Cardinal Health (US)
• Sysmex Corporation
• China Biologic Products Holdings, Inc.
• F. Hoffmann-La Roche Ltd.
• Fresenius Kabi AG
• Hindustan Syringes & Medical Devices Ltd.
• Medtronic
• Nova Biomedical
• Ortho Clinical Diagnostics
• Polymedicure
• Randox Laboratories Ltd.
• REMI GROUP
• Siemens Healthcare GmbH
• Smith Medical
• Terumo Corporation
• Thermo Fisher Scientific, Inc.

Recent Developments

• In Jan 2023, Abbott, blood centers of america launch first-of-its-kind mixed reality experience for use during blood donation. The mixed reality technology is an immersive digital experience designed to improve the blood donation process, attract new donors and motivate a younger generation to give blood. The effort intends to address the global challenge of sustaining a reliable blood supply. The Innovation aims to improve the experience and attract new, younger blood donors by adding an element of high-tech mixed reality.
   
• In May 2022, Vitalant launched its new mobile app which allows donors to make and schedule blood donation appointments and also access donation history and blood typing information very easily.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Blood Banking Devices Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope