Blood Banking Equipment Market is expected to reach US$ 23.4 Bn by 2032

 The Global Blood Banking Equipment Market is expected to be worth US$ 14.8 billion in 2022, with a CAGR of 4.7% during the forecast period (2022-2032). Because of the availability of systems to aid in blood collection and processing, the blood banking equipment market is expected to exceed US$ 23.4 billion by 2032.

Need for blood components due to increasing surgical procedures and accidents has always been a matter of concern for blood banks and hospitals. In the U.K. the number of surgeries has been on the rise over the last few years. About 70,000 A&E cases were registered in 2019 in the country. Such cases will mostly require surgical procedures and this will in turn demand more blood banking equipment and products.

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Increasing awareness about blood donation is the top priority of all blood transfusion centers. To address this issue, governments across the globe are offering several attractive reimbursement opportunities to volunteer donors.

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 of 4.8% 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.

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.