Major Objectives Behind This Study:
# To define, describe, and forecast the patient blood management market on the basis of product, component, end user, and region.
# To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, opportunities, and industry-specific challenges).
# To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the market.
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
# To forecast the revenue of the market segments with respect to five main regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
# To strategically profile the key players and comprehensively analyze their market shares and core competencies.
# To track and analyze competitive developments such as new product launches; agreements, partnerships, and joint ventures; mergers & acquisitions; business expansions and research & development activities in the market.
Major Growth Driving Factors:
The rising prevalence of blood disorders and the increasing number of blood donations & blood donors will fuel market growth over the forecast period. Moreover, the rising prevalence of target diseases and technological advancements in the patient blood management industry will further fuel the growth of the market in the near future.
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Expected Revenue Gains:
The global patient blood management market size 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.
# In 2019, Abbott (US) received the US FDA approval for its ‘Alinity s’ blood culture screening system as well as the Afinion HbA1c Dx assay kit.
# In 2019, F. Hoffmann-La Roche LTD (Switzerland) received the US FDA approval for its cobas Babesia Test for donor screening.
# In 2018, Terumo BCT (Japan) and Stafa Cellular Therapy (US) entered into a collaborative agreement. Based on this agreement, Terumo BCT expands access to the StafaCT software to healthcare organizations.
# In 2018, B. Braun Melsungen AG (Ireland) acquired the bloodlines business of NxStage Medical, Inc. (US), which operates under the Medisystems brand.
# In 2018, Abbott (US) received a CE mark for its Alinity h-series to be used in the European Union.
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.
The blood banks end user segment garnered the highest revenue in the patient blood management market in 2019
Based on end users, the market is segmented into hospitals and blood banks. The blood bank segment accounted for the largest share of the market in 2019; moreover, the same segment is expected to register significant growth over the forecast period from 2019 to 2024. The significant growth of this segment is attributed to the increasing awareness of blood donations , the high demand for safe blood, and the rising number of blood donations.
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The Asia Pacific market is expected to grow at the highest CAGR during the forecast period
The market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. China and India are expected to offer significant growth opportunities for players in the market, mainly due to the rising patient pool, growing support from government bodies, and the rising awareness about blood transfusion. The governments in these countries are making significant investments toward the modernization of their respective healthcare infrastructure, which will greatly benefit the market.