Blood Processing Devices and Consumables Market Exhibits Higher Growth Prospects during 2018-2026 | Key Players are Abbott Laboratories, Becton, Dickinson
Blood processing devices are an integral part of blood banks and diagnostic laboratories in order to maintain blood components in their actual form for storing and blood transfusion process. Alteration in the blood components may make it unusable. As blood is an integral requisite in stem cell therapy and organ transplant, demand for blood processing devices and consumables is directly proportional to number of surgical procedures, which is increasing rapidly.
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Need for blood processing devices and consumables is projected to continue along an upward growth trajectory, owing to increasing number of blood banks and growing incidence of blood infection and blood disorders. Moreover, number of blood transfusion surgical procedures is increasing due to increasing incidence of immunodeficiency diseases. According to the 2016 World Health Organization (WHO) statistics, around 112.5 million units of donated blood are collected every year globally. WHO recommends implementation of a national blood policy to ensure maintaining quality (free from infection) of the blood collected. This in turn ensures consistent demand for blood processing devices and consumables globally.
This report segments the blood processing devices and consumables market on the basis of devices and consumables. On the basis of device type, the global blood processing devices and consumables market is analyzed for plasma freezers, blood bank refrigerators, lab refrigerators, lab freezers, ultra-low temperatures, shock freezers, grouping analyzers, warmers, hematocrit centrifuges and cell processors. Consumables include blood administration sets, blood bags, blood collection needles, blood collection tubes, slides, sedimentation tubes, slide stainer and blood grouping reagents among others.
Increasing number of blood transfusion procedures making blood processing a necessity
Blood transfusion is a process required to make up for the lost blood during a surgery or due to an injury or a disease. According to the American National Red Cross, a humanitarian organization, around 21 million blood components are transfused every year in the U.S. Blood transfusion is a frequent process in sickle cell patients. The sickle cell disease affects 90,000 to 100,000 people in the U.S., as per the American National Red Cross.
Demand for blood processing devices and consumables is growing rapidly with establishment of new hospitals and blood banks, and increasing number of blood transfusion procedures. Asia Pacific is one of the most lucrative markets for blood processing devices and consumables. According to the Friends2support organization, a non-profit organization allowing patient access to blood donors, nearly 30 million blood components are transfused every year in India.
Lack of blood processing infrastructure in low-income countries
According to WHO, 16 countries across the globe are unable to screen the donated blood for one or more than one infections. WHO identified irregular supply of test kits is the factor attributed to this shortage. The Blood and Transfusion Safety program of WHO supports countries in developing national blood systems to ensure quality blood processing and transfusion practices.
High capital investment and steep operational costs are the factors restraining emerging economies such as India, Brazil, China, and Indonesia to adopt the new blood processing technology.
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Development of national blood policy recommended by WHO
According to the 2016 World Health Organization (WHO) statistics, around 112.5 million units of blood donations are collected every year globally. However, only a few get access to blood on time. Several patients in need of blood transfusion are deprived of blood for their treatment. The WHO therefore recommend having a national blood policy to have centralized control for blood collection, testing, storage, processing, and distribution. According to the WHO, in 2013, 73% of 167 countries worldwide had a national blood policy.
Low blood donation rate impacts the demand for blood processing and consumables market negatively. Therefore, improved storage and processing facilities of the donated blood coupled with increase in access to blood and its components will generate demand for blood processing and consumables.