Blood Processing Consumables Market Size, Share, Growth, and Industry Analysis, By Type (Blood Lancets, Coagulation and Blood Grouping Reagents, Blood Filters, Vials, Blood Collection Tubes and Needles and Blood Bags), By Application (Hospitals and Blood Banks) Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Blood Processing Consumables Market Report Overview

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The global blood processing consumables market size was USD 18430 million in 2021 and is projected to touch USD 35794.48 million by 2031, exhibiting a CAGR of 6.3% during the forecasting period.

All of the blood's constituent parts, including RBCs, platelets, and plasmas, are separated during blood processing. Blood clotting is avoided by using an anticoagulant made of citrate, phosphate, and dextrose, which also keeps cells functioning while being stored. Red blood cell quality is also enhanced by the usage of adenine. Consumables for blood processing are products that are used during the blood processing process. These supplies include of tubing, garbage bags, needles, and syringes. Utilizing these materials is crucial since they keep the blood processing process safe and efficient.

Consumables used in the processing of blood are made using coagulation and blood grouping reagents. These medicines range from fibrinolytic drugs to anticoagulants and coagulation factors. The demand for blood transfusions is predicted to rise significantly over the course of the projection period due to both an increase in patient awareness of safe blood transfusion practises and an increase in demand for blood transfusions globally. Patients' blood is drawn using blood lancets. They are primarily utilised in medical procedures where a venous sample from a patient needs to be collected and checked to see if there is enough blood present. Lancets are most frequently used to screen for conditions including diabetes, high cholesterol, and thyroid dysfunction.

COVID-19 Impact: Decline in Revenue due to Lockdown to Hinder Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with blood processing consumables market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Due to mandatory lockdowns and other restrictions set by the relevant regulating bodies in the wake of the recent COVID-19 outbreak, the activities of various industries have either been temporarily suspended or are running with small personnel. Similar to other markets, the worldwide blood processing consumables market is expected to experience a considerable decline in revenue growth as a result of this aspect. Over the course of this forecast period, the high expenses related to the installation and maintenance of these machines is another factor that could restrain the revenue growth of the worldwide Blood Processing Devices and Consumables market.

LATEST TRENDS

"Relief During the Pandemic with the help of the Device to Promote Market Growth "

The introduction of vaccinations and the lifting of COVID-19 restrictions are projected to result in an increase in surgical procedures and a rise in the demand for blood processing in the near future, which has prompted multiple organisations to take a number of actions that will help the market develop. In order to reduce the potential danger to the safety and sufficiency of the blood supplies during the pandemic, the World Health Organization (WHO) underlined the need for preparation and prompt action and outlined important activities and procedures that the blood services should follow. This helped the blood processing consumables market grow at a fast pace.

Blood Processing Consumables Market Segmentation

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By Type

Based on type; the market is divided into blood lancets, coagulation and blood grouping reagents, blood filters, vials, blood collection tubes and needles and blood bags.

In terms of product, coagulation and blood grouping reagents is the largest segment.

• By Application

Based on application; the market is divided into hospitals and blood banks.

In terms of application, hospitals are the largest segment.

DRIVING FACTORS

"Increasing Demand for Blood Transfusion to Augment Market’s Growth"

According to a report by the Centres for Disease Control and Prevention, the rising number of diseases requiring blood transfusions is fuelling the market's expansion (CDC). People with congenital blood diseases like thalassemia frequently need blood transfusions on a regular basis to stay healthy. According to the source, red blood cell transfusions are a crucial component of many thalassemia patients' medical therapy. For instance, according to a published article titled "Changing Patterns in the Epidemiology of -Thalassemia," migration is a major factor in the rise of -thalassemia incidence in other countries, such as Northern Europe and North America. As a result, the burden of these conditions is growing, increasing the demand for items used in the blood processing consumables.

"Automated Technology in the Devices to Enhance Market Growth"

In comparison to manual blood collection and processing techniques, automated technologies such as whole blood collection devices and automated cell processor devices accounted for a bigger percentage. Automated devices that collect and process data save time and improve operational effectiveness. With the support of technical improvements, the launch of new high-end products, and an ageing population that is expected to increase, the global market for blood processing consumables is anticipated to expand at a healthy rate in the near future. Blood bags successfully replace the use of glass bottles in transfusion procedures and guarantee sterility. Thus, the use of blood bags has increased significantly as a result of their capacity to preserve the safety and quality of blood.

RESTRAINING FACTORS

"Expensive Installation and Onerous Government Regulations"

Factors such as high installation cost and stringent government regulation impede the blood processing consumables market growth. This is one of the reasons why small clinics and hospitals refrain from buying this medical device. The market is working on making the device more accurate and cost effective.

Blood Processing Consumables Market Regional Insights

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"North America to Dominate the Region Due to Large Disposable Incomes"

North America dominates the market and owns largest portion of blood processing consumables market share. Due to its developed economy, higher level of public awareness, and extensive government support, North America holds the greatest proportion of the global market for blood processing equipment and supplies. Additionally, advantageous reimbursement rules, large disposable incomes, and lower cultural stigma all contribute to the expansion of these nations. The area has tremendous potential for growth in the near future. The market in the area is expanding as a result of the region's growing population and the rising demand for blood and blood components. Additionally, the governments of these countries are working hard to increase public trust in blood donation and transfusion procedures. Additionally, the industry is projected to become profitable for the suppliers due to the increase in demand for safe blood collection and transfusion methods.

KEY INDUSTRY PLAYERS

"Rising Commercial Operations Among Market Players to Boost Market Growth"

The growth of their commercial operations in developing regions is a key priority for numerous well-known manufacturers active in the global blood processing devices and consumables market. Companies in the global blood processing devices and consumables market are also developing strategies for new product development and product portfolio growth through investments and mergers and acquisitions. The Global Blood Processing Devices and Consumables Market will be better understood thanks to the report's in-depth research of supply chain analysis. The market for blood processing equipment and supplies is extremely fragmented and characterised by fierce competition among the providers. Manufacturers are using mergers and acquisitions as part of their growth strategy to increase their geographic reach and supply cutting-edge goods. The high volume, low profit market for blood processing consumables necessitates clever pricing to set one operator apart from the others.

List of Market Players Profiled

• Macopahrma (France)
• Biomerieux (France)
• Bio-Rad Laboratories (U.S.)
• Abbott Laboratories (U.S.)
• Dickinson (U.S.)
• Roche Holdings (Switzerland)
• Grifols International (Spain)
• Haemonetics (U.S.)
• Beckman Coulter (U.S.)
• Immucor (India)

REPORT COVERAGE

Sales of Blood Processing Consumables With strategic analysis, micro and macro market trend and scenarios, pricing analysis, and a comprehensive summary of the market circumstances in the forecast term, market research reports provide a careful watch on key rivals. It is an expertly written, in-depth study that emphasises key and secondary drivers, market share, top categories, and regional analysis. The paper also examines prominent actors, significant partnerships, mergers, and acquisitions, as well as popular innovations and business practises.