Blood Processing Devices and Consumables Market: High Incidence of Infectious Diseases Spurs Demand

A spurt in the prevalence of infectious diseases such as HIV-AIDS (acquired immunodeficiency syndrome) and hepatitis have led to a surge in demand for blood processing devices and consumables in the global market. In addition, prevalence of factors such as escalating demand for blood components from the geriatric population, and increased incidence of complex surgical procedures such as orthopedic and open heart surgery have also significantly contributed to the expansion of the market for blood processing devices.  

Based on the studies conducted by Transparency Market Research, the global blood processing devices and consumables market is poised to grow from a value of US$27.27 billion  in 2012 to US$49.16 billion in 2019, exhibiting a compound annual growth rate of 8.9% between 2013 and 2019. 

Enhanced Government Efforts Encouraged Technological Advances and Propelled the Market

Ascertaining health and wellbeing of the populace is a priority for every government. Recently, governments of several nations across the globe have imposed stringent regulations to ensure improvements in blood transfusion procedures. Manufacturers have also engaged in the effort to develop technologically advanced products for collection, storage, processing, and delivery of blood and blood components. Such factors are expected to positively impact the blood processing and devices market. Other factors such as a rise in average disposable incomes, and stable economies have also greatly benefitted the market. 

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Demand for Automated Devices to Remain High

Of the numerous products in the market, automated devices such as automated cell processors and whole blood collection devices have accounted for a majority of the market share. Meanwhile, manual blood collection and processing methods are struggling to pace up in demand and sales volume. Automated blood collection and processing devices save time and enhance operational efficiency, owing to which these devices are highly in demand. The global market for multispecialty blood bags will also exhibit a positive growth rate in the near future due to the advent of new and sophisticated products and incorporation of technological advances. 

According to estimates, over 70 million units of blood are transfused every year in developed countries. Ensuring blood safety, therefore, has emerged as one of the primary concerns for governments as well as manufacturers in these countries. In order to maintain safety, manufacturers have introduced several innovative blood handling equipments, which are safer and more efficient. Due to such reasons, the demand for blood filtration products is also significantly growing, thereby boosting the blood processing devices and consumables market. 

However, despite witnessing a steady increase in demand, the high costs of blood handling equipment are deterring a majority of clinics and healthcare centers located in underdeveloped economies from adopting them. Nevertheless, manufacturers are hoping to penetrate these unexplored markets soon. In addition, development of in-cell therapies is also expected to reap benefits for both consumers and manufacturers in the market. 

North America Proved to be the Most Lucrative Market

Geographically, the global market for blood processing devices and consumables can be segmented into Asia Pacific, North America, Europe, and Rest of the World. Of these, North America is the largest and most lucrative market for blood processing devices and consumables. High level of public awareness in conjunction with encouraging government support in the developed nations of North America has made the region a fertile territory for the blood processing devices and consumables market. Moreover, these countries have less societal stigma, high incomes, and favorable reimbursement policies, which greatly help propel the market. 

Asia-Pacific has also exhibited a favorable growth environment for the market since the past couple of years. High rate of population growth coupled with mounting demand for sophisticated devices for blood collection and transfusion is expected to boost the blood processing devices and consumables market in the region. In addition, governments of emerging economies in Asia Pacific are taking significant steps to ensure better healthcare facilities. This is expected to greatly benefit the market for blood processing devices in the region. 

Leading companies manufacturing blood processing devices and consumables are Haemonetics Corporation, MacoPharma SA, Terumo BCT, Immucor, Inc., Fresenius Kabi AG, and others.

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