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Blood Banking Equipment Market Worth $24.26 Billion by 2030
Blood Banking Equipment Market
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According to this latest publication from Meticulous Research®, the blood banking equipment market is projected to reach $24.26 billion by 2030, at a CAGR of 4.6% from 2023 to 2030. The growth of this market is driven by the rising demand for blood and blood-related products, the increasing number of surgical procedures being performed globally, and technological advancements and automation in blood banking devices. In addition, untapped opportunities in emerging countries and the supportive initiatives to promote blood transfusion offer significant opportunities for the growth of this market.
The blood banking equipment market is segmented by Product (Blood Collection Equipment [Needles, Tubes, Syringes, Blood Bags, Lancets, IV Cannulas, Vials, and Other Blood Collection Equipment], Blood Processing Equipment [Centrifuges, Blood Filters, Blood Analyzers, Blood Processors, and Other Blood Processing Equipment], Blood Storage Equipment [Blood Bank Refrigerators, Blood Bank Freezers, Test Tube Racks]), Functionality (Automated Blood Banking Equipment, Manual Blood Banking Equipment), End User (Hospitals, Blood Banks [Private, Public, Hybrid]), and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
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Based on product, in 2023, the blood collection equipment segment is expected to account for the largest share of the blood banking equipment market. The large market share of this segment is attributed to the high demand for blood collection devices such as needles, syringes, tubes, and blood bags due to the growing volume of blood donations collected globally and the high demand for blood components for the treatment of specific diseases.
Based on functionality, in 2023, the automated blood banking equipment segment is projected to register the highest CAGR over the forecast period. The growth of this segment is attributed to the shortage of skilled professionals to handle the growing workloads in blood banks and the growing need for blood & blood products to treat various conditions.
Based on end user, in 2023, the blood banks segment is expected to account for the largest share of the blood banking equipment market. The large market share of this segment is attributed to the rising number of surgeries performed globally and the subsequent increase in demand for blood and blood products from blood banks. Blood banks are the primary source of blood or blood-related products; hence, the demand for collection, processing, and storage equipment is higher in blood banks.
Based on geography, in 2023, Asia-Pacific is expected to register the highest CAGR during the forecast period. The growth of this regional market is attributed to the rising healthcare spending, developing infrastructure for blood banking, growing geriatric population and the subsequent increase in chronic disease prevalence, and growing initiatives promoting blood donations.
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Key Players:
The key players profiled in the blood banking equipment market report are Abbott Laboratories (U.S.), F. Hoffman-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Danaher Corporation (U.S.), Fresenius Kabi AG (Germany), Becton, Dickinson and Company (U.S.), Terumo Corporation (Japan), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux SA (France), HORIBA, Ltd. (Japan), Mindray Bio-Medical Electronics Co, Ltd (U.S.), Sysmex Corporation (Japan), and Hamilton Bonaduz AG (Switzerland).
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