Patient Blood Management Market Overview
The patient blood management market is showing signs of massive improvement in comparison to the last period’s growth. During the historic forecast period that ended in 2019, the market was reported to reach a final market value worth USD 10.7 billion. Based on the patient blood management market dynamics of the current forecast period that is from 2020 to 2027, the market is expected to grow at a CAGR of 7.56% and hence, reach a final market valuation worth USD 15,848 Million by the end of the period in 2027.
COVID 19 Analysis of Patient Blood Management Market
The spread of the coronavirus disease has been a major issue for the common man, businesses enterprises, corporate entities, and other workforce groups and associations. The spread of the infection was so high that the government had no other alternative rather than opting for strict measures like the imposition of lockdown and others like functional restrictions that will impact the functioning of the market players and hence, might impact the demand and supply chain mechanism for the forecast period ending in 2028, as well. Since the cases of the pandemic were imposed the major focus of the doctors, surgeons, and other healthcare service providers were to develop medicine and vaccine that will help in putting the patients in a better place. The patient blood management market has also been affected as there was a lack of skilled professionals for crisp management during the forecast period that ends in 2028.
The market players are investing in the research and development departments that are supported by the global governments in the form of regulations and support schemes that will help the patient blood management market grow and develop regionally during the forecast period that ends in 2028. The funding has resulted in a mass availability of innovative products that will be launched at an international scale especially during the ongoing forecast period.
Patient Blood Management Market Dynamics
There has been a rising number of blood donors worldwide owing to the rising awareness regarding the importance of blood requirement of various blood groups in times of emergency. The global market operations are likely to undergo a noteworthy rate of growth for the forecast period that ends in 2028. Blood donation has been a major focus in the past decade and the rise of prevalence amongst the youth they are turning up in huge numbers. Also, the frequency of severe road accidents has increased which will help the patient blood management market to grow during the forecast period as per the predictions laid by the market experts and leaders.
However, one of the restraints that the market is likely to face during the period that might end up in presenting the market strategies with challenges and hurdles is that the availability of the right blood group on the requirement and the corruption in blood banks. Stocking is done which leads to black marketing at the time of emergency that is likely to restrain the market from growing.
There are a lot of target diseases that have a connection with the prior requirement of blood. This is one factor that is giving rise to great opportunities. Also, the advancements in the medical field with the rapid implementation of technology that will help the patient blood management market show great results for the period ending in 2028.
Patient Blood Management Market Segment Overview
There have been major market trends that have been significant enough to help the market reach the expected and forecasted growth during the ongoing forecast period that ends in 2028. Having an idea about the market segments help in understanding the ability of the market to cater to the vibrant needs of the target audience for the period and the ones that are likely to be continued later, post the end of the currently ongoing period. The global patient blood management market has been segmented based on the following given factors:
Based on the market products:
The patient blood management market deals in products like instruments, blood processing devices, blood storage devices like freezers and refrigerators, blood transfusion devices like cell salvage systems and apheresis machines, blood culture screening devices, testing and diagnosis instruments, accessories, reagents, kits, blood typing reagents, culture media, vials, tubes, etc.
Based on the components:
The patient blood management market is inclusive of whole blood and the important blood components like red blood cells, and white blood cells as these are equally important.
Based on the market end-users:
The end-users of the global patient blood management market products and services are blood banks, hospitals, healthcare centers, rotary units, amongst others.
Patient Blood Management Market Regional Analysis
Based on the segmentation of the market based on the global geographical regions, the patient blood management market is functional in 5 main regions. Out of these, the APAC region is expected to undergo a massive demand and hence, grow at the highest CAGR rate during the forecast period that will be ending in 2028. Countries like India and China, as a part of this region, are showing signs of the development of excellent growth opportunities as there has been a significant rise in the patient pool which is backed by the rising support from the government bodies and public sector.
To understand the factors that will result in a substantial rate of growth during the forecast period that ends in 2028 is the rising investment and efforts by the prominent players of the market. They are as follows:
The global patient blood management market report helps in getting qualitative market insights into the market. The components mentioned are as follows:
The patient blood management market report that has been formed consists of various market factors that will help the global market take advantage of the drivers and opportunities during the forecast period that ends in 2028. Also, the market discusses the challenges that the market players are likely to witness. The report also discusses the working of the market post the COVID 19 pandemic hit followed by the market segmentation across various global locations during the period. The patient blood management market report also discusses the role of the market players in understanding the regional analysis and rising competition based on the recent developments of the market players during the forecast period of 2021-2028.
|Market Size||2027: USD 15,848 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Component and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Biomérieux SA, Bio-Rad Laboratories, Inc., Fresenius Se & Co. KGaA, B. Braun Melsungen AG, Abbott Laboratories, Danaher Corporation, Hitachi, Ltd., Terumo Corporation, Grifols, S.A, Immucor, Inc., and others.|
|Key Market Opportunities||Rising Prevalence of Target Diseases and the increasing number of blood donations are likely to impact the growth of the Patient Blood Management Industry Positively|
|Key Market Drivers||
Global patient blood management market is estimated hold a market value of USD 15,848 million by the end of 2025.
Global patient blood management market is anticipated to thrive at a CAGR of 6.48% by the end of 2025.
The APAC region is estimated to be the fastest growing regional market.
The global patient blood management market can be segmented on the basis of component, product, end-user, and region.
Hitachi, Ltd., Braun Melsungen AG, Bio-Rad Laboratories, Inc., Grifols, S.A are some of the eminent players of the global patient blood management market.