Market Research Report
Blood Transfusion Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||629134|
|Published||Content info||116 Pages
Delivery time: 2-3 business days
|Blood Transfusion Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: February 1, 2019||Content info: 116 Pages||
The blood transfusion market was valued at USD 5,704.10 million in 2018, and it is estimated to be valued at USD 7,865.06 million by 2024, witnessing a CAGR of 5.50% during the forecast period. Certain factors driving market growth are an increasing number of surgical procedures, increasing accidents and trauma cases, the rise in a number of blood disorders, and technological development.
The most commonly performed surgeries that require blood transfusion include cardiovascular procedures, C-section procedures, and trauma and accident injuries. As per estimates by the NIH, and National Heart, Lung, and Blood Institute, blood transfusions are very common in the United States, as each year, over 5 million Americans need blood transfusions. A majority of the surgeries performed are for cardiovascular interventions. Also, due to natural calamities and widespread causalities, the demand for blood transfusion is increasing across the globe.
The rise in the number of blood disorders, such as anemia, leukopenia, erythrocytosis, leukocytosis, and thrombocytosis is also boosting the blood transfusion market. As per the WHO, most children with thalassemia are born in low-income countries, where access to blood transfusion is difficult or is available to only a small percentage of the population.
The blood transfusion market is expanding due to various technological advancements. One of the emerging areas of research is the use of stem cell technology to develop lab-grown blood cells for human transfusion.
As per the scope of the report, blood transfusion is a process in which blood and blood products are collected and transfused into one's circulation intravenously. Blood transfusion devices include medical devices used in the collection, processing, separation, and preservation of blood and blood products. The global blood transfusion market is calculated by adding the revenue of the products of blood transfusion.
The Pathogen Reduction System is Expected to have the Largest Market Size
The pathogen reduction system segment of the blood transfusion market is believed to have the largest market size and is expected to witness a CAGR of 5.50% over the forecast period. The demand for pathogen reduction system is growing with the emergence of a cost-effective and innovative solution to inactivate or reduce the risk of infection. For example, the INTERCEPT Blood System from Cerus Corporation has significantly enhanced blood safety at more than 100 blood centers, worldwide.
The apheresis device segment is expected to be the second-largest market with a CAGR of 5.80%. It is used primarily for the treatment of leukostasis, caused by elevated white blood count in leukemia. It is also used in severe rheumatoid arthritis, to reduce the risk of antibody-mediated rejection of organ during, systemic lupus, Goodpasture syndrome, polymyositis or dermatomycosis, and preeclampsia and eclampsia in pregnancy.
North America Dominates the Blood Transfusion Market
North America currently dominates the market for blood transfusion and is expected to remain strong in the future due to an increasing number of trauma cases and surgical procedures, which are driving the demand for blood transfusion. The United States holds the majority of the market in North America, primarily due to the increase in road accidents and rising prevalence of chronic diseases. According to the data published by the Insurance Institute for Highway Safety, in 2016, there were 34,439 fatal motor vehicle crashes in the United States, out of which, 37,461 deaths occurred. It resulted in 11.6 deaths per 100,000 people.
Also, as per the estimates of the American National Red Cross, approximately 36,000 units of red blood cells are needed every day, and nearly 21 million blood components are transfused each year in the country. This indicates the rising demand for blood transfusion in the United States. These statistics also indicate the high requirement for blood transfusion products. Thus, ensuring a consistent supply of these products is crucial to support the growing healthcare requirements in the region.
The blood transfusion market is highly competitive and consists of several major players. However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence by introducing new products with cost-effective pricing. Companies like Immucor Inc., Becton Dickinson, B. Braun, Terumo Corporation, and Grifols SA., hold a significant share in the blood transfusion market.