With the unfortunate rise in occurrence of life threatening situations, the global blood transfusion devices market is anticipated to grow rapidly. According to a survey by the National Heart, Lung, and Blood Institute (NIH), more than 5 million individuals in the United States need blood transfusions. The rising prevalence of chronic ailments, high risk diseases, growing rates of accidents, etc., are the leading situations which may warrant the need of blood transfusion. In such cases, the demand for efficient blood transfusion devices is likely to experience a boost.
In the process of blood transfusion, different components of blood are collected and transfused intravenously. The devices used for blood transfusion collect, process, separate, and preserve blood and separated blood components. Over the past decades, blood transfusion devices have witnessed a revolution, and in recent years have shifted from laboratories to the bedside of the patient. As technology has percolated into the field of medicine, the global blood transfusion devices market has been witnessing a stark growth, and soaring demand
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Analysts at TMR report 3 key factors influencing the global blood transfusion devices market:
- Penetration of Automation in Healthcare
Minimal human intervention in collection and transfusion of blood has necessitated the introduction of automation in the process. The time for blood processing can be reduced by automation. Automated blood transfusion also reduces chances of contamination. Burden on laboratories can be reduced, while expediting patient care and lab efficiency. Blood banks and hospitals are thus increasingly turning to the adoption of automation in the process. This factor is expected to contribute greatly to the demand in the global blood transfusion devices market.
- Rising Healthcare Quality Standards and Expenditures
With rising disposable incomes of people across the globe, and growing concerns towards attaining quality healthcare services, people are spending more on the same. Currently, the U.S. comprises of 46 million people that make up the aged and elderly population. The large pool of affluent, geriatric patients needing blood transfusion who demand best in class facilities from hospitals are likely to spur sales in the blood transfusion devices market in the coming years. Increasing government initiatives towards maintaining standards with regards to blood transfusion and blood transfusion devices are also likely to bolster market growth.
- Growing Prevalence of Blood Disorders and Chronic Diseases
The American Cancer Society reports that at present, approximately 1.32 million people are suffering from lymphoma and leukemia. According to the National Kidney Foundation, the world’s 10% population is affected by chronic kidney ailments. The widespread presence of these medical problems, chronic diseases such as cancer, autoimmune disorders, and rising surgical procedures are playing a key role in fuelling the global blood transfusion devices market. Technological advances in blood transfusion devices and systems, coupled with favorable reimbursement will also aid market development.
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Geographically, developed regions such as North America and Europe are currently contributing majorly to the revenues in the global blood transfusion devices market. North America currently enjoys the leading regional position, due to an abundance of quality healthcare facilities, and high prevalence of diseases. Europe comprises of well-established healthcare infrastructure, and is known to adopt technological advances in medical devices swiftly. The high density of ageing population in the region is expected to further spur the growth of the Europe blood transfusion devices market in the coming years.
Key vendors operating in the global blood transfusion devices market are Terumo Corporation, Baxter International Inc., Grifols, S.A., Keewell Medical Technology Co. Ltd., and Haemonetics Corporation.