Patient Blood Management Market to Reach $22.1 Billion, Globally, by 2031 at 6.3% CAGR: Allied Market Research

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Feb 01, 2023, 08:57 ET

Rise in unmet healthcare needs, improving healthcare infrastructure, coupled with increase in the number of blood donation drive the growth of the global patient blood management market.

PORTLAND, Ore., Feb. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Patient Blood Management Market by Product (Instruments, Accessories, Reagents & Kits, Software), by Component (Whole Blood and Red Blood Cells, Plasma), by End User (Blood Banks, Hospitals, Diagnostic Clinics and Pathology Labs): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global patient blood management market size was valued at $12.2 billion in 2021 and is projected to reach $22.1 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, top investment pockets, regional landscapes, and competitive scenarios.

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Drivers, Restraints, and Opportunities-

Improving healthcare infrastructure, rise in unmet healthcare needs, increase in the number of blood donation, surge in the prevalence of blood cancer, and increase in government expenditure on healthcare drive the growth of the global patient blood management market. On the other hand, risks related to blood transfusion procedures, and high cost of advanced patient blood management products such as automated blood collection system restrain the growth to some extent. However, surge in promotional activities by manufacturers, rise in awareness about the importance of blood donation among individuals and rise in demand for blood and other blood related products across the globe are expected to create lucrative opportunities in the industry.

Covid-19 scenario-

The outbreak of the pandemic led to the cancellation of blood drives. All educational institutions, industries, social organizations, and IT sectors have been working remotely during COVID-19. These sectors mainly organize outdoor blood donation camps, and the shutdown of these organizations has resulted in fewer blood donations. This factor impacted the market negatively.
However, an increased prevalence of trauma and accidents, increase in initiative taken by government and development of innovative technologies will help drive the growth of patient blood management market.

The instruments segment to rule the roost-

By product type, the instruments segment held the largest share in the patient blood management market in 2021 and is projected to rule the roost by 2031. The reagents and kits segment would display the fastest CAGR of 6.8% throughout the forecast period. The surge in awareness about blood test among the population in developing regions and increase in use of reagents and kits for diagnosis of disease fuel the segment growth.

The whole blood and red blood cells segment held the maximum share in 2021 -

By component, the whole blood and red blood cells segment generated maximum revenue in 2021, owing to rise in blood diseases such as anemia, hemophilia, and blood cancers such as leukemia, increase in a number of accidents, and high demand of blood. The plasma segment is expected to witness a highest CAGR of 6.5% during the forecast period, owing to rise in demand of plasma associated with rise in prevalence of liver diseases in elderly population.

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The hospitals segment to maintain its dominance during the forecast period-

By distribution channel, the hospitals segment held the largest share in 2021, garnering nearly three-fourths of the global patient blood management market revenue, and is projected to maintain its dominance by 2031. This is driven by the considerable number of patient visits to the hospitals for surgery and blood donation after the pandemic. The diagnostic clinics and pathology labs segment would also showcase the fastest CAGR of 6.6% during the forecast period.

North America garnered the major share in 2021-

By region, Asia-Pacific held the major share in 2021, and is expected to witness a CAGR of 7.2% from 2022 to 2031. This is due to the high population base, rise in spending on healthcare research, and increase in awareness regarding patient blood management, increase in demand for patient blood management product and related services, prevalence of many blood cancer cases in the Australia and other major regions across Asia-Pacific. Moreover, the presence of key players contributes to the growth of the market. The key players such as Haemonetics Corporation and LivaNova PLC are operating in the region.

Leading Market Players-

Terumo Corporation
Grifols, S.A.
B. Braun SE
Haier Biomedical

The report analyzes these key players in the global patient blood management market. These players have adopted various strategies such as acquisition, agreement, collaboration, and product approval, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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