Patient Blood Management Market Insights and Industry Analysis by Product (Instruments, Accessories, Reagents and Kits, Software), By Component (Whole Blood, Plasma) and By End-User (Blood Banks, Hospitals, Diagnostic Clinics and & Pathology Labs), Competitive Market Size, Share, Trends, and Forecast till 2027
New York, US, June 23, 2021 (GLOBE NEWSWIRE) -- Patient Blood Management Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Patient Blood Management Market Information by Product, Component, End-User, and Region - Forecast till 2027” the market is forecasted to reach USD 15,848 Million by 2027 at 7.56% CAGR.
The mounting risk associated with TTIs/Transfusion-Transmitted Infections has resulted in a considerable demand for patient blood management, especially donor screening. To bring down the risk related to unsuitable blood as well as blood products and to curb TTIs, patient blood management has emerged as the perfect solution in healthcare. Strong support from associations like AABB/American Association of Blood Banks Transfusion Transmitted Diseases Committee that consistently monitors and analyses the risks related to unknown and known pathogens will also enhance the market share in the near future.
Escalation in road accidents, injuries, surgeries and trauma have been favourable for the global market. CDC reports that annually, close to 6 million car accidents are recorded in the US alone. Meanwhile, nearly 50 million injuries globally are caused by road accidents every year, states the WHO 2018 survey. In addition, surgeries like neurosurgery, posterior eye surgery and post-cardiopulmonary bypass with dire requirement for platelet transfusions also elevate the need for advanced patient blood management. Significant burden of hematological disorders among the global population and the introduction of favourable reimbursement policies in developing economies regions should also benefit the global market.
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Key Players Locking Horns:
The patient blood management industry is rife with several companies that strive to boost their consumer base, which in turn enhances the competition level. Many of the companies are focused on carrying out extensive research and development activities to introduce enhanced products that have multiple applications. Leading companies also adopt various organic and inorganic growth strategies, such as product launches, expansions, mergers & acquisitions, partnerships to bolster their market positions.
Most reputed companies actively seeking ways to elevate their positions in the global market are:
Bio-Rad Laboratories Inc.
Braun Melsungen AG
Fresenius Se & Co.
Developments Post COVID-19 Outbreak
The recent pandemic outbreak has forced the healthcare industry to take up strategies to ensure efficient patient care while also addressing disruptions to blood supply chains as well as shortages brought on by the lockdown, which have led to lower blood donations. Healthcare systems are focusing on fostering blood collection, blood banks are doing everything in their capacity to deal with the situation, while also monitoring blood product use. Awareness regarding patient blood management that comprises blood utilization as well as anemia management has increased, especially since the advent of the novel coronavirus.
Acutely ill patients are directly impacted by the shortage of blood, which has raised the demand for innovative PBM solutions to ensure smooth workflow in healthcare. The COVID-19 outbreak, in many ways, has acted as a catalyst for adopting modern solutions like patient blood management and will ensure that the global market stays on an upward growth trajectory throughout the evaluation period.
Browse In-depth Market Research Report (112 pages) on Patient Blood Management: https://www.marketresearchfuture.com/reports/patient-blood-management-market-8798
Product, component and end-user are the top market segments listed in the MRFR report.
Product-wise segments are accessories, instruments, software, reagents and kits, and more. Instrument segment has taken the lead in the global market, given the mounting use of blood transfusion devices, blood processing devices, diagnostic & testing instruments, blood storage devices and blood culture screening devices worldwide.
Major components considered are whole blood and plasma. Whole blood segment accounts for the biggest share in the global market owing to the surge in blood transfusion in view of surging number of road accidents and more.
End-users highlighted in the report include hospitals, blood banks, pathology labs and diagnostic clinics. Patient blood management is extensively used in hospitals and the accelerated number of surgical procedures across the globe should favor the segment in the following years.
Europe, Americas along with MEA or Middle East & Africa and Asia Pacific or APAC are the regions analyzed in the MRFR report to understand the growth prospects of the worldwide market.
Americas has been the most lucrative market since 2018, thanks to the significant number of surgical procedures taking place in the United States. Also, the high prevalence of cancer and the strong awareness level about blood donation among the mass also render the regional market quite profitable. In addition to this, mounting burden of chronic disorders like severe anemia, kidney disease, hemophilia, sickle cell disease, thrombocytopenia and liver disease in the region fosters the need for patient blood management solutions, especially blood transfusion diagnostics.
Europe has been witnessing a rapid increase in blood donations, along with an escalation in road accidents, which has raised the demand for patient blood management solutions. The Federal Statistical Office of Germany reveals that the number of injuries due to road accidents jumped by 1.8% between November 2018 and November 2019. The European market is further bolstered by the presence of renowned vendors and the substantial availability of several assays.
Asia Pacific remains the fastest advancing market for patient blood management, since the region has some of the most populous countries in the world, with rapidly growing healthcare industries. China and India are brimming with attractive opportunities for global firms, in view of the expanding patient pool, rising support from the government, and the soaring awareness level with regard to blood transfusion and donation. These countries spend considerably on upgrading their healthcare infrastructure, which should greatly contribute to the market growth in the ensuing years.
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410 Medical Inc., a medical device firm that develops advanced products to resuscitate critically ill patients, has launched LifeFlow PLUS Blood & Fluid Infuser in the US market. It is a new addition to the company’s LifeFlow series and can be used by clinicians for quick delivery of blood as well as blood components. With LifeFlow PLUS, clinicians will be able to infuse a unit or 500mL a unit of blood in only 2 minutes, ensuring high speed, simplicity and control required while stabilizing critically ill patients.
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