Global Patient Blood Management Market Size, Share, Growth Analysis, By Type(Instruments, Software and Consumables), By Application(Preoperative Anemia Management, Acute Blood Loss Management and Chronic Blood Loss Management) - Industry Forecast 2023-203

Global Patient Blood Management Market size was valued at USD 12.2 billion in 2021 and is poised to grow from USD 12.97 billion in 2022 to USD 21.14 billion by 2030, growing at a CAGR of 6.3% during the forecast period (2023-2030).

The global patient blood management market is experiencing significant growth, driven by various factors such as the rising prevalence of chronic diseases, increasing surgical procedures, and growing awareness about the benefits of patient blood management strategies. Patient blood management (PBM) involves a comprehensive approach to optimize the care of patients who might need blood transfusion, aiming to improve patient outcomes and reduce the need for blood transfusions whenever possible. One of the key drivers of the global market is the rising prevalence of chronic diseases, such as cardiovascular disorders, cancer, and blood disorders. These conditions often require surgical interventions, which may involve the need for blood transfusions. However, healthcare providers are increasingly adopting patient blood management strategies to minimize the use of blood transfusions, as they are associated with risks and complications. This trend is fueling the demand for patient blood management solutions and services. The emphasis on improving surgical outcomes, reducing complications, and shortening hospital stays is driving the adoption of patient blood management protocols, leading to market growth. Blood transfusions are associated with various risks, including infections, immune reactions, and transfusion-related complications.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Patient Blood Management Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: 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. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets 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.

Global Patient Blood Management Market Segmental Analysis

Global Patient Blood Management Market is segmented by type, application, and region. Based on type, the market can be segmented into Instruments, Software and Consumables. Based on application, the market is segmented into Preoperative Anemia Management, Acute Blood Loss Management and Chronic Blood Loss Management. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Patient Blood Management Market

Advancements in transfusion medicine

• The field of transfusion medicine has experienced notable progress, marked by the emergence of novel techniques and technologies for blood management. These advancements have significantly improved the safety and effectiveness of blood transfusions, thereby encouraging the adoption of patient blood management practices.

Restraints in the Global Patient Blood Management Market

Challenges in changing transfusion practices

• The implementation of patient blood management practices often necessitates a departure from established transfusion methods and medical norms. Overcoming resistance to change, accommodating physician preferences, and providing adequate training and education present challenges to the widespread acceptance of patient blood management approaches.

Market Trends of the Global Patient Blood Management Key

• One significant market trend in the global patient blood management market is the increasing focus on personalized and evidence-based approaches to optimize blood transfusion practices. This trend emphasizes the importance of tailoring blood transfusion strategies to individual patients based on their specific needs and clinical conditions, rather than adopting a one-size-fits-all approach. Healthcare providers and organizations are recognizing the potential risks and complications associated with unnecessary blood transfusions, such as transfusion reactions, infections, and increased healthcare costs.