Blood Bank Devices Market 2031: Share and Forecast
The Blood Bank Devices Market is expected to register a CAGR of 5.1% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Testing (ABO typing, antibody screening, cross matching test). The report is segmented by Application (collection, processing, testing, storage). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Blood Bank Devices Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Blood Bank Devices Market Segmentation
Testing- ABO typing
- antibody screening
- cross matching test
- collection
- processing
- testing
- storage
Strategic Insights
Blood Bank Devices Market Growth Drivers- Increasing Demand for Blood and Blood Products: Another emerging driver is global demand for blood and blood products, which is spurred by factors such as growing population ages and prevalence of chronic diseases as well as increased surgical procedures and trauma cases. Given the critical attention that health systems have devoted to patient care and safety, there is an intensified requirement for safe and effective blood transfusion practices. This drives the blood bank devices market due to the demand of high technology by various hospitals and blood banks to ensure sufficient blood product supply and safe management.
- Technological Advancements: The latest technologies are revolutionizing the process of blood banking. Automated systems for blood collection, processing, and testing improve efficiency as well as accuracy reduce the possibility of human error. Technologies, including blood warming devices, cell separators, and integrated software solutions, help in better management of blood products at higher levels of safety. Movement toward automation and artificial intelligence at blood banks drives up demand for advanced devices, which in turn supports the market.
- Regulatory Compliance and Safety Standards: The stringent regulations and safety standards by healthcare authorities and organizations such as WHO and FDA have led to the highly influential aspect of the blood bank devices market. The compliance through such regulations demands high-quality equipment along with its processes, which encourages blood banks to invest in advanced devices that are ensured for safety and quality. Concentration on regulatory compliance enhances not only patients' safety but also propels the market for sophisticated blood bank devices.
- Integration of Digital Technologies: Integrating digital technologies in the blood banking industry has now become the new trend. Data analytics, cloud computing, and EHR can help blood banks optimize their operations, manage their inventory much better, and track all the blood products at all levels. With digitization, storage conditions of blood products can be traced in real-time and reporting gets streamlined to automate the entire process and make it more efficient. The trend toward digitalization therefore not only leads to improved productivity but also better quality service provided by blood banks.
- Sustainability and Eco-Friendly Practices: The sustainability factor has become rapidly a governing factor for the purchasing decision in the health sector, including blood banking. In addition, manufacturers wake up and design environment-friendly devices and even incorporate sustainable operation practices in the company business. These include developing biodegradable materials for packaging and even energized processes during manufacturing. Green devices open the avenue for companies that are keen on environmental responsibility to provide more business opportunities for healthcare organizations that want to reach greater sustainability.
- Collaboration and Partnerships: Another important trend is collaboration between stakeholders in the blood banking ecosystem like blood banks, healthcare providers, and technology companies. The collaborations help create innovation and facilitate resource and expertise sharing for development of the new products and services. Such collaborative efforts can promote the research work towards improving blood collection and storage technologies, which then benefits the blood bank devices market in the long run. Strategic alliances by companies are a means of leveraging complementary strengths in pursuit of growth and innovation.
- Emerging Markets: Emerging economies have immense growth opportunities in the market for blood bank devices. As the healthcare infrastructure is being improved across most developing areas, it is gradually diverting its focus towards implementing effective blood banking systems. The governments and private organizations are investing in the healthcare initiatives, which are organizing blood donation campaigns and erecting blood banks; hence, they entail relatively higher demand for blood banking apparatus. Companies can get an edge in the competition if they could so customize their product to serve the needs of these markets.
- Point-of-Care Testing and Decentralization: The growing trend in healthcare is toward point-of-care testing. This encompasses fast and accurate testing at or near the location of patient care, thus improving the outcomes of a patient. In blood banking, this would mean an increase in the need for portable devices that are easy to use, thus immediately rendering blood compatibility testing results. Companies developing and marketing such devices can tap this opportunity to expand their reach in the market for blood bank devices.
- Focus on Blood Safety and Quality: Emphasis on blood safety and quality presents the arena for innovations in blood bank devices. An expanding knowledge of TTIs and other adverse effects associated with transfusions has been leading to increased demands for better blood-testing, screening, and storage devices. Those companies that put more investment into researching and developing new advanced screening techniques, including but not limited to NAT, pathogen reduction systems, etc, can come out well ahead in the marketplace with a larger chunk of the market share while racing towards blood safety.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Blood Bank Devices Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Blood Bank Devices Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
Have a question?
Mrinal
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Antibidy Screening segment, by testing, dominated the market in 2023.
Players operating in the market are Abbott, Beckman Coulter Inc, Becton Dickinson and Company, Bio-Rad Laboratories Inc., Roche Holdings AG, Siemens Healthcare, TERUMO CORPORATION, Thermo Fisher Scientific, Inc.
Point-of-Care Testing and Decentralization act as a opportunity for growth of the market in forecast period.
North America region dominated the Blood Bank Devices market in 2023.
The Blood Bank Devices Market is estimated to witness a CAGR of 5.1% from 2023 to 2031
The major factors driving the Blood Bank Devices market are:
1. Increasing Demand for Blood and Blood Products
2.Regulatory Compliance and Safety Standards
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Blood Bank Devices Market - By Testing
1.3.2 Blood Bank Devices Market - By Application
1.3.3 Blood Bank Devices Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BLOOD BANK DEVICES MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. BLOOD BANK DEVICES MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. BLOOD BANK DEVICES MARKET - GLOBAL MARKET ANALYSIS
6.1. BLOOD BANK DEVICES - GLOBAL MARKET OVERVIEW
6.2. BLOOD BANK DEVICES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. BLOOD BANK DEVICES MARKET - REVENUE AND FORECASTS TO 2028 - TESTING
7.1. OVERVIEW
7.2. TESTING MARKET FORECASTS AND ANALYSIS
7.3. ABO TYPING
7.3.1. Overview
7.3.2. ABO typing Market Forecast and Analysis
7.4. ANTIBODY SCREENING
7.4.1. Overview
7.4.2. antibody screening Market Forecast and Analysis
7.5. CROSS MATCHING TEST
7.5.1. Overview
7.5.2. cross matching test Market Forecast and Analysis
8. BLOOD BANK DEVICES MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. COLLECTION
8.3.1. Overview
8.3.2. collection Market Forecast and Analysis
8.4. PROCESSING
8.4.1. Overview
8.4.2. processing Market Forecast and Analysis
8.5. TESTING
8.5.1. Overview
8.5.2. testing Market Forecast and Analysis
8.6. STORAGE
8.6.1. Overview
8.6.2. storage Market Forecast and Analysis
9. BLOOD BANK DEVICES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Blood Bank Devices Market Overview
9.1.2 North America Blood Bank Devices Market Forecasts and Analysis
9.1.3 North America Blood Bank Devices Market Forecasts and Analysis - By Testing
9.1.4 North America Blood Bank Devices Market Forecasts and Analysis - By Application
9.1.5 North America Blood Bank Devices Market Forecasts and Analysis - By Countries
9.1.5.1 United States Blood Bank Devices Market
9.1.5.1.1 United States Blood Bank Devices Market by Testing
9.1.5.1.2 United States Blood Bank Devices Market by Application
9.1.5.2 Canada Blood Bank Devices Market
9.1.5.2.1 Canada Blood Bank Devices Market by Testing
9.1.5.2.2 Canada Blood Bank Devices Market by Application
9.1.5.3 Mexico Blood Bank Devices Market
9.1.5.3.1 Mexico Blood Bank Devices Market by Testing
9.1.5.3.2 Mexico Blood Bank Devices Market by Application
9.2. EUROPE
9.2.1 Europe Blood Bank Devices Market Overview
9.2.2 Europe Blood Bank Devices Market Forecasts and Analysis
9.2.3 Europe Blood Bank Devices Market Forecasts and Analysis - By Testing
9.2.4 Europe Blood Bank Devices Market Forecasts and Analysis - By Application
9.2.5 Europe Blood Bank Devices Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Blood Bank Devices Market
9.2.5.1.1 Germany Blood Bank Devices Market by Testing
9.2.5.1.2 Germany Blood Bank Devices Market by Application
9.2.5.2 France Blood Bank Devices Market
9.2.5.2.1 France Blood Bank Devices Market by Testing
9.2.5.2.2 France Blood Bank Devices Market by Application
9.2.5.3 Italy Blood Bank Devices Market
9.2.5.3.1 Italy Blood Bank Devices Market by Testing
9.2.5.3.2 Italy Blood Bank Devices Market by Application
9.2.5.4 Spain Blood Bank Devices Market
9.2.5.4.1 Spain Blood Bank Devices Market by Testing
9.2.5.4.2 Spain Blood Bank Devices Market by Application
9.2.5.5 United Kingdom Blood Bank Devices Market
9.2.5.5.1 United Kingdom Blood Bank Devices Market by Testing
9.2.5.5.2 United Kingdom Blood Bank Devices Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Blood Bank Devices Market Overview
9.3.2 Asia-Pacific Blood Bank Devices Market Forecasts and Analysis
9.3.3 Asia-Pacific Blood Bank Devices Market Forecasts and Analysis - By Testing
9.3.4 Asia-Pacific Blood Bank Devices Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Blood Bank Devices Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Blood Bank Devices Market
9.3.5.1.1 Australia Blood Bank Devices Market by Testing
9.3.5.1.2 Australia Blood Bank Devices Market by Application
9.3.5.2 China Blood Bank Devices Market
9.3.5.2.1 China Blood Bank Devices Market by Testing
9.3.5.2.2 China Blood Bank Devices Market by Application
9.3.5.3 India Blood Bank Devices Market
9.3.5.3.1 India Blood Bank Devices Market by Testing
9.3.5.3.2 India Blood Bank Devices Market by Application
9.3.5.4 Japan Blood Bank Devices Market
9.3.5.4.1 Japan Blood Bank Devices Market by Testing
9.3.5.4.2 Japan Blood Bank Devices Market by Application
9.3.5.5 South Korea Blood Bank Devices Market
9.3.5.5.1 South Korea Blood Bank Devices Market by Testing
9.3.5.5.2 South Korea Blood Bank Devices Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Blood Bank Devices Market Overview
9.4.2 Middle East and Africa Blood Bank Devices Market Forecasts and Analysis
9.4.3 Middle East and Africa Blood Bank Devices Market Forecasts and Analysis - By Testing
9.4.4 Middle East and Africa Blood Bank Devices Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Blood Bank Devices Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Blood Bank Devices Market
9.4.5.1.1 South Africa Blood Bank Devices Market by Testing
9.4.5.1.2 South Africa Blood Bank Devices Market by Application
9.4.5.2 Saudi Arabia Blood Bank Devices Market
9.4.5.2.1 Saudi Arabia Blood Bank Devices Market by Testing
9.4.5.2.2 Saudi Arabia Blood Bank Devices Market by Application
9.4.5.3 U.A.E Blood Bank Devices Market
9.4.5.3.1 U.A.E Blood Bank Devices Market by Testing
9.4.5.3.2 U.A.E Blood Bank Devices Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Blood Bank Devices Market Overview
9.5.2 South and Central America Blood Bank Devices Market Forecasts and Analysis
9.5.3 South and Central America Blood Bank Devices Market Forecasts and Analysis - By Testing
9.5.4 South and Central America Blood Bank Devices Market Forecasts and Analysis - By Application
9.5.5 South and Central America Blood Bank Devices Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Blood Bank Devices Market
9.5.5.1.1 Brazil Blood Bank Devices Market by Testing
9.5.5.1.2 Brazil Blood Bank Devices Market by Application
9.5.5.2 Argentina Blood Bank Devices Market
9.5.5.2.1 Argentina Blood Bank Devices Market by Testing
9.5.5.2.2 Argentina Blood Bank Devices Market by Application
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL BLOOD BANK DEVICES MARKET
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Rest of the World
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. BLOOD BANK DEVICES MARKET, KEY COMPANY PROFILES
12.1. ABBOTT
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. BECKMAN COULTER, INC.
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. BECTON, DICKINSON AND COMPANY
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. BIO-RAD LABORATORIES, INC.,
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. ROCHE HOLDINGS AG
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. SIEMENS HEALTHCARE
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. TERUMO CORPORATION
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. THERMO FISHER SCIENTIFIC, INC.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. Abbott
2. Beckman Coulter, Inc.
3. Becton, Dickinson and Company
4. Bio-Rad Laboratories, Inc.,
5. Roche Holdings AG
6. Siemens Healthcare
7. TERUMO CORPORATION
8. Thermo Fisher Scientific, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For