Blood processing devices and consumables are used in the collection, separation, and storage of blood and its components, such as red blood cells, platelets, plasma, and white blood cells. These include bags and tubes for collection, centrifuges, freezers, and refrigerators for storage of blood and its components for transfusion.
The Blood Processing Devices and Consumables Market is expected to witness significant growth over the forecast period owing to rising blood donation activities and increasing number of blood disorders across the globe. According to the World Health Organization, around 118.4 million blood donations are collected worldwide from voluntary unpaid donors in 2020. This rising donation has increased the demand for safe blood storage and handling, thereby propelling the market growth. Furthermore, growing incidences of blood disorders such as anemia, blood cancer, and bleeding disorders are also fueling the market growth. For instance, according to the Centers for Disease Control and Prevention, around 5 million Americans are affected by bleeding disorders. This rising prevalence of blood disorders is further augmenting the demand for efficient blood processing consumables and devices and thus accelerating the market growth during the forecast period.
Blood Processing Devices and Consumables Market Drivers
Growing Prevalence of Blood Disorders and Diseases Globally Rising instances of various blood disorders and life-threatening diseases like cancer, hematological diseases, cardiovascular diseases, etc. are majorly driving the need for blood and blood-derived products. Blood disorders are becoming increasingly common owing to unhealthy diets and lifestyles along with genetic disorders and aging population. Growing cases of trauma and injuries from accidents also contribute to the increasing demand for blood and related products. All these factors have significantly boosted the volume of blood collection procedures worldwide, thereby propelling the blood processing devices and consumables market growth.
Advancements in Blood Collection and Processing Technologies
Continuous research and development activities in this field have led to various technological innovations and advancement of blood collection and processing equipment. Many new and advanced blood bags, filters, centrifuges, blood collection needles & tubes and other consumables have been introduced with improved functionalities like reduced turnaround time, enhanced separation efficiency, minimal wastage and better donor/patient safety. Introduction of automated blood collection devices and customizable blood components systems as per specific medical requirements have made blood collection more efficient. Growing integration of IoT and artificial intelligence is further optimizing blood collection procedures. These ongoing technological upgrades are fueling the market expansion.
Blood Processing Devices and Consumables Market Restrain
Stringent Regulatory Framework and Time-Consuming Approval Process The blood processing devices and consumables market is tightly regulated by various governmental bodies to ensure safety, efficacy and quality of blood and blood products. Players in this market have to adhere to stringent standards and undergo a long and complex approval process for new product launches. Getting regulatory clearances is a costly and time-taking process, acting as a major roadblock especially for small businesses. Moreover, frequent changes in regulatory guidelines along with variation in approval processes across regions, further complicate the compliance process. This regulatory challenge remains a key restraining factor inhibiting the market growth potential.
Blood Processing Devices and Consumables Market Opportunity
Increasing Investments and Partnerships for Developing Innovative Solutions Growing market attractiveness has encouraged massive investments by medical device giants as well as startups for developing advanced, affordable and customized blood collection solutions. Continuous funding and partnerships between market players, research institutes as well as government organizations are helping accelerate the research activities. For example, major players are focusing on developing automated blood collection systems integrated with artificial intelligence for real-time donation monitoring and inventory management. Similarly, efforts are ongoing for innovative blood separation solutions using microfluidics technology. Such innovative product developments are expected to bring various opportunities for greater market expansion in the coming years.
Blood Processing Devices and Consumables Market Trend
Emergence of Personalized Blood Collection and Processing Blood collection practices are evolving with growing focus on implementing personalized approaches and point-of-care collection solutions. Manufacturers are developing customized blood collection tubes and filtration systems as per specific requirements of blood disorders, diseases, medical conditions or individual sensitivity. Similarly, portable and compact blood processing kits tailored for resource limited and remote locations are gaining popularity. Rapid advancements in microfluidics and lab-on-chip technologies are further complementing these personalized blood collection trends. Growing demand for customized blood products is likely to reshape the conventional blood processing workflow. This emerging trend towards personalized blood management presents significant growth prospects for market players.
- Source: Coherent Market Insights, Public sources, Desk research
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