Blood Transfusion Market is anticipated to grow at a CAGR of ~5.2% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Blood TransfusionMarket - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global blood transfusionmarket was valued at~US$ 6.0billion in 2019. It is anticipated to grow at a CAGR of ~5.2% from 2020 to 2030.
Blood transfusion process finds its application across a broad range of disease indications & surgical procedures. The demand for blood transfusion procedure and its associated devicesare expected to remain stable in the coming years, as the process of transfusing blood to a receiver, is of utmost importance for any surgical procedure or treatment of any trauma cases. Growing incidences & rising prevalence of renal disorders, increasing number of road accidents, and the introduction of technologically advanced productsare some of the major factors driving the global blood transfusion market. Improving healthcare services, favorable government regulations, and increasing healthcare expenditure, among others, are some of the other factors that have played a key role in propelling the growth of the global market.
One of the primary factors contributing to the growth of the global blood transfusion market is the continuous rise in the number of surgical procedures. Surgeries have always been a critical constituent of the global healthcare system. However, in the past few decades, the number of surgeries being conducted worldwide for diverse ailments has witnessed a significant surge. In 2017, the European Union alone accounted for 1.4 million caesarean sections. According to National Center for Health Statistics, the total number of inpatientsurgical procedures conducted in 2009, stood at a staggering 48 million. One of the essential requirements for performing surgical procedures is blood. Majority of surgical procedures require additional supply of patient’s blood types, incase of any complication during the procedure. Hence, blood transfusion methods are indispensable for any surgical procedure.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Blood Transfusion Market by Product(Blood Bag and Accessory, Blood Mixer, Filter, Blood Component Separator, Apheresis Device, Pathogen Reduction System, and Consumables & Supplies), and End Users (Hospital and Laboratories &Diagnostic Labs)- Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/blood-transfusion-market/315
Similarly, patients suffering from critical renal disorders are required to be administered with fresh & pure-blood on an uninterrupted basis, and blood transfusion processes play a vital role for patients suffering from such ailments. In the US, chronic kidney disease, or CKD, causes more deaths than breast cancer or prostate cancer. It is known to affect more than 37 million Americans, and approximately 90% of those suffering from CKD are unaware of its existence.In 2016, over 500,000 patients received dialysis treatment, and over 200,000 lived with a kidney transplant.Growing burden and high prevalence rate of kidney disorders is anticipated to favorably contribute to the growth of the global blood transfusion market.
However, high costs & risks associated with blood transfusion process may hamper the growth of the global blood transfusion market to a certain extent. Recently another factor, which has significantly hindered the growth of the global market, is the proliferation of the Coronavirus disease 2019 (COVID-19). Blood transfusion services in the midst of this crisis have been severely impacted as blood banks, and other centres responsible for collecting blood are facing shortages of blood donations. The COVID-19 pandemic has claimed more than 1,65,939lives & infected more than 2.4 million individuals globally. The impact of the crisis has been single-handedly responsible for a significant shortage of blood supply and a drastic decline in the number of blood donations. Thereby, directly contributing to the imbalance in the supply & demand side for blood, and blood components required for treating several forms of illness.
North America registered the largest market share in the global blood transfusion market in 2019, owing to factors such as high prevalence of chronic disorders such as chronic renal diseases, presence of advanced healthcare & research facilities, high spending on public health systems, among others. High expenditure on health services, high disposable income, and favorable reimbursement policies were some of the other factors that complimented the large market share of this region.
The prominent players operating in the global blood transfusion market are Abbott, B. Braun Melsungen AG, BD, Terumo Corporation, Grifols, S.A., Fresenius SE & Co. KGaA, Haemonetics Corporation, macopharma, KANEKA CORPORATION, Cerus Corporation,among others.
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