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.
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.
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# 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.
Key Questions Addressed by the Report:
# What are the growth opportunities related to the adoption of patient blood management solutions across the globe in the future?
# Which product segment will register the highest adoption rate during the forecast period?
# Where will the advancements in products offered by various companies take the industry in the mid- to long-term?
# Emerging countries have immense opportunities for the growth of the market. Will this scenario continue in the next five years?
# Which end users are estimated to adopt patient blood management systems?
# What are the key strategies adopted by the key players operating in the market?
Factors Influencing Global Growth:-
The growth of this market is attributed to the increasing demand for donated blood, rising prevalence of target diseases, increasing number of blood donations and blood donors, and technological advancements.
# High Cost Associated With Automated Systems
# Market Penetration Opportunities in Developing Countries
# Growing Awareness Regarding the Safety of Donated Blood
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Monetary Growth Expectations, Globally:
According to the Research Study conducted by MarketsandMarkets™: 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.
Geographical Growth Scenario:
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.
Leading Market Players:
# Haemonetics Corporation (US)
# Fresenius SE & Co. KGaA (Germany)
# Terumo Corporation (Japan)
# Immucor, Inc. (US)
# B. Braun Melsungen AG (Ireland)
# Macopharma (US) and many more…
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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