New York, United States , Aug. 15, 2024 (GLOBE NEWSWIRE) -- The Global Transfusion Technology Market Size is to Grow from USD 14.4 Billion in 2023 to USD 53.9 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 14.11% during the projected period.
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Transfusion technology involves the methods and systems used to safely transfer blood or blood products from donors to recipients, which is crucial for treating patients who have lost blood due to surgery, injury, or disease. This process starts with collecting blood from donors, testing and processing it to ensure safety, and separating it into components like red blood cells, plasma, and platelets, each used for different medical needs. For instance, red blood cells treat anemia, while plasma helps patients with clotting disorders. Advanced technology includes blood bags, automated separators, and computer systems to track and manage blood products, ensuring compatibility and preventing errors through techniques like blood typing and crossmatching. Innovations in storage and transport maintain blood quality and safety until needed, making transfusion technology essential for saving lives and improving patient outcomes. The rising number of surgical procedures is significantly driving the transfusion technology market. As more surgical procedures are performed, whether routine or complex, there is a greater demand for blood transfusions to ensure patient safety and successful outcomes. The increased demand for blood products and related technologies drives advancements and investments in transfusion technologies, such as blood collection, storage, and transfusion systems. These technologies are critical for optimizing blood supply management, ensuring compatibility, and improving patient care. As a result, the increase in surgical activities directly increases the demand for sophisticated transfusion technologies, leading to innovations and new market opportunities in this sector. However, the need for significant investments in developing and advancing transfusion technology may limit market growth. The high costs associated with research, development, and implementation may slow the rate of innovation and adoption in this field.
Browse key industry insights spread across 220 pages with 110 Market data tables and figures & charts from the report on the "Global Transfusion Technology Market Size, Share, and COVID-19 Impact Analysis, By Product (Instruments, Disposables & Consumables), By End-user (Hospitals, Blood Banks, Biotechnology & Pharmaceutical Companies, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The disposables & consumables segment dominates the market with the highest market share of the global transfusion technology market during the projected period.
Based on the product, the transfusion technology market is divided into instruments and disposables & consumables. Among these, the disposables & consumables segment dominates the market with the highest market share of the transfusion technology market during the projected period. This increase can be attributed to the extensive use of transfusion technology devices by end users. This is due to government agencies enforcing strict regulations to reduce the incidence of transfusion-related illnesses. Apheresis equipment is primarily used for blood donation in hospitals, and government and commercial blood banks. Because of the increased demand for therapeutic apheresis, end users are increasingly choosing apheresis equipment and multi-component treatment facilities.
The blood banks segment is anticipated to grow fastest in the global transfusion technology market during the projected period.
Based on the end-user, the global transfusion technology market is categorized into hospitals, blood banks, biotechnology & pharmaceutical companies, and others. Among these, the blood banks segment holds the highest market share of the global transfusion technology market during the projected period. The increasing prevalence of hematological diseases such as rare genetic abnormalities, anemia, and sickle cell disorders caused by blood and plasma organ dysfunction is a major market driver. Also, the number of sports-related injuries resulting from poor training techniques, structural abnormalities, and unsafe training conditions is rapidly increasing for packed red blood cells (RBCs) during blood transfusions.
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North America is expected to hold the largest share of the global transfusion technology market over the forecast period.
North America is expected to hold the largest share of the global transfusion technology market over the forecast period. This can be attributed to high healthcare expenditure, a high rate of apheresis for treating chronic diseases such as chronic kidney disease, an increase in lifestyle-related diseases, and a growing awareness of the importance of safe blood practices. Additionally, the high market penetration of newly developed transfusion technology devices, favorable reimbursement policies supporting business growth for new market entrants, and the presence of major players in the industry all contribute to this trend.
Asia Pacific is predicted to grow at the fastest pace in the global transfusion technology market during the projected period. This is due to an increasing elderly population, greater adoption of transfusion technology gadgets driven by awareness of their benefits, and a rise in transfusion-acquired infections in the Asia Pacific region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global transfusion technology market are Haemonetics Corporation, Inc., Medtronic plc, Asahi Kasei Medical Co., Ltd., B. Braun Melsungen AG, Cerus Corporation, Fresenius Kabi AG (Fresenius SE & Co. KGaA), GE Healthcare, Miltenyi Biotec, Terumo BCT, LivaNova PLC., Medtronic plc, Kawasumi Laboratories, Lmb Technologie GmbH, Advancis Surgical, Redax, Others Key Vendors.
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Recent Developments
- In March 2024, Haemonetics Corporation, a global medical technology company focused on delivering innovative medical products and solutions to drive better patient outcomes, announced that it has entered into a definitive agreement to acquire privately-held Chicago-based Attune Medical, the manufacturer of the ensoETM proactive esophageal cooling device, the only FDA-cleared temperature regulation device indicated for esophageal protection during radiofrequency (RF) cardiac ablation procedures.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global transfusion technology market based on the below-mentioned segments:
Global Transfusion Technology Market, By Product
- Instruments
- Disposables & Consumables
Global Transfusion Technology Market, By End-user
- Hospitals
- Blood Banks
- Biotechnology & Pharmaceutical Companies
- Others
Global Transfusion Technology Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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