Market Size Estimation:
A detailed market estimation approach was followed to estimate and validate the size of the patient blood management market and other dependent submarkets, as mentioned above. The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. The research methodology includes the study of the annual and quarterly financial reports of the top market players as well as interviews with industry experts for key insights (both quantitative and qualitative trends) on the market.
All percentage shares, splits, and breakdowns were determined by using secondary sources and verified through primary sources. All the possible parameters that affect the market segments covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data was consolidated and added with detailed inputs and analysis from MarketsandMarkets and presented in this report. The research methodology used to estimate the market size includes the following:
# Product mapping of various manufacturers for each product type of patient blood management at the regional and/or country level.
# Relative adoption pattern of each patient blood management system among key end users at the regional and/or country level.
# Detailed primary research to gather quantitative information related to segments and subsegments at the region and/or country-level.
# Detailed secondary research to gauge prevailing market trends at the region and/or country-level
Blood banks were the key end users in the patient blood management market in 2019
On the basis of end users, the patient blood management market is segmented into hospitals and blood banks. The increasing number of blood donations has increased the need for proper management of blood. Blood banks are the key end users for various blood processing devices, blood collection devices, and blood storage devices. The key factors attributing to the growth of the blood banks segment include the growing awareness about blood donations, rising automation in blood banks, and the increase in the number of blood banks in developing countries.
After arriving at the overall market size of the patient blood management industry from the market estimation approach explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact market value data, data triangulation, and market breakdown methodology methods were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand- and supply-side analysis.
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Major Growth Boosting Factors:
Globally, the demand for donated blood is increasing because of greater volume of sophisticated medical surgical procedures conducted and the increasing number of trauma cases due to road accidents. These procedures require blood transfusions to make up for blood loss incurred during the procedures. Thus, the rising number of accidents, trauma cases, and surgical procedures performed are contributing to the market growth, thereby increasing the need for patient blood management products.
Expected Revenue Growth:
The patient blood management market is projected to reach USD 15.3 billion by 2024 from USD 10.7 billion in 2019, at a CAGR of 7.4% from 2019 to 2024.
Overview of This Research:
The study involved four major activities to estimate the current size of the patient blood management market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the size of the segments and subsegments.
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The Asia Pacific region is expected to register significant growth during the forecast period of 2019-2024
The patient blood management market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific blood management market is expected to register significant growth over the forecast period due to the modernization of healthcare infrastructure, increasing prevalence of chronic lifestyle diseases, and rising awareness about blood donation & blood safety. China accounted for a major share of the Asia Pacific market, owing to a large patient pool and favorable government guidelines to improve healthcare infrastructure in the country.
The major players in the market include Haemonetics Corporation (US), Fresenius SE & Co. KGaA (Germany), Terumo Corporation (Japan), Immucor, Inc. (US), B. Braun Melsungen AG (Ireland), Macopharma (US), bioMérieux SA (France), Asahi Kasei Corporation (Japan), Bio-Rad Laboratories, Inc. (US), Abbott Laboratories (US), Grifols, S.A. (Spain), F. Hoffmann-La Roche LTD (Switzerland), LivaNova PLC (UK), Danaher Corporation (US), Mediware Information Systems (US), Kawasumi Laboratories, Inc. (Japan), Haier Biomedical (China), Diatron (Hungary), and BAG Diagnostics GmbH (Germany), among others.
Growth Strategies Adopted by Global Leaders:
An analysis of market developments between 2016 and 2019 revealed that several growth strategies such as product launches and enhancements, collaborations, partnerships, agreements, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the patient blood management market.
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