Transfusion Technology Market
Number of pages: 100 | Report Format: PDF | Published date: March 29, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 4.71 billion |
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Revenue Forecast in 2031 |
US$ 8.51 billion |
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CAGR |
6.8% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global transfusion technology market was valued at US$ 4.71 billion in 2022 and is expected to register a revenue CAGR of 6.8% to reach US$ 8.51 billion by 2031.
Market Fundamentals
Transfusion technology is the technique of transferring blood or other fluids from one person to another. It is further classified into two types: whole blood transfusion, in which all three components (red cells, white cells, and platelets) are delivered, and component-specific transfusion, in which just one component (RBCs, PCs, or plasma) is transferred. It can be used to treat anemia, acute bleeding, and people who have lost a significant amount of blood due to an accident or surgery. Transfusions may also assist in minimizing problems associated with severe burn injuries if administered within 24 hours of a patient having burns covering more than 20% of their whole-body surface area (TBSA).
Whole blood transfusion: This involves the administration of whole blood, which comprises all of the components of blood, such as red blood cells, white blood cells, platelets, and plasma. In modern medicine, whole blood transfusion is rarely utilized.
Packed red blood cell (PRBC) transfusion: This includes solely transfusing the donor's red blood cells. The most frequent form of blood transfusion is PRBC transfusion, which is used to treat anemia and boost oxygen-carrying capacity. Platelet transfusion is the process of transferring platelets, which are essential for blood coagulation. Platelet transfusion treats bleeding problems and avoids bleeding in chemotherapy or bone marrow transplant patients.
Transfusion of plasma: This is the process of transferring the liquid fraction of blood, which includes proteins, electrolytes, and clotting factors. Plasma transfusion is used to treat bleeding problems and replenish blood volume in individuals with significant blood loss. Transfusion of a concentrated form of clotting factors, such as fibrinogen, von Willebrand factor, and factor VIII, is known as cryoprecipitate transfusion.
Cryoprecipitate transfusion treats and prevents bleeding in individuals having surgery or who have liver disease. Autotransfusion is the collection and reinfusion of a patient's blood during and after surgery. Autotransfusion reduces the requirement for allogeneic blood transfusions while lowering the danger of blood-borne infections.
Apheresis includes taking blood from a patient, separating it into its constituents, and then removing a specific component before returning the remainder of the blood to the patient. This procedure can be used to treat a variety of medical disorders, as well as to collect particular blood components for transfusion or other uses. Apheresis systems are classified into two types: single-component collection systems and multi-component collection systems. Single-component collection systems collect only one kind of blood component, such as platelets, red blood cells, or plasma. These systems separate the needed component from the rest of the blood, which is subsequently returned to the patient using specialized filters or centrifuges. Single-component collection methods are routinely used to treat blood diseases such as thrombocytopenia and hemophilia. On the other hand, multi-component collection systems are intended to gather numerous blood components simultaneously. Depending on the patient's demands, these systems can collect a mix of red blood cells, plasma, platelets, and/or white blood cells. At blood donation centers, multi-component collection systems are routinely utilized to collect blood products for transfusion to patients.
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Market Dynamics
The increasing prevalence of chronic and infectious diseases such as severe anemia, cancer, hemophilia, kidney disease, liver disease, severe infection, sickle cell disease, and thrombocytopenia, as well as the introduction of technologically advanced products, is driving the demand for blood transfusion. According to the National Heart, Lung, and Blood Institute, anemia is one of the most frequent blood-related illnesses, affecting over 3 million individuals in the United States, with iron deficiency accounting for the majority of cases.
Transfusion-transmitted Infections (TTIs) are becoming more common, resulting in a significant requirement for donor screening. Donor screening is becoming more important to protect patients from inappropriate blood and blood products and combat TTIs. TTI testing is now required in a number of nations, including the UAE, South Africa, and the United States. Consequently, factors such as the increasing number of TTI cases and a lack of information about their diseases among afflicted donors are expected to drive the market in terms of revenue share for blood transfusion diagnostics to a large extent.
Increasing initiatives for blood donation campaigns are another major driver of market expansion. Donate blood and keep the world beating was the 2021 tagline. The main goal of WHO's campaign this year was to encourage young people to give blood and guarantee a safe blood supply. With nations lowering their regulations and the number of blood donation campaigns growing worldwide, the need for blood transfusion diagnostics is projected to rise to pre-COVID-19 levels. For example, e-RaktKash, an Indian blood-collecting company, has scheduled around 53 programs nationwide from October 2021 to March 2022.
Market Ecosystem
The global transfusion technology market has been analyzed from the following perspectives: product, application, end-user, and region.
Transfusion Technology Market by Product
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Based on the product, the transfusion technology market has been segmented into instruments, disposables & consumables. The instrument segment is further sub-segmented into apheresis system & multicomponent system, cell processing and expansion systems, autotransfusion devices, and others.
The instruments segment is likely to dominate the market with a sizable revenue share during the forecast period. Transfusion Technologies Instruments are blood transfusion instruments. They aid in blood collection, processing, and storage operations such as apheresis, volume control (blood administration), filtration/adsorption, and plateletpheresis throughout the transfusion process. Blood administration sets are used during transfusions to collect, process, and store blood. It also aids in the start-up of the system used to carry out these procedures, such as a tubing set (used with gravity drip bags) or a venous access device. Additionally, Increasing the number of clinical medical operations and establishing a medical services foundation are required to drive the global transfusion technology market throughout the forecast period.
The disposables & consumables segment showed lucrative growth during the forecast period. Disposables and consumable products are essential components of transfusion technology, which refers to any medical instruments that deal with blood. Transfusion disposables and consumables comprise a variety of equipment divided into two categories: blood collecting tube systems and blood preservation systems or additive solutions.
Transfusion Technology Market by Application
Based on applications, the global transfusion technology market has been segmented into blood screening and blood group typing.
The blood screening segment is expected to dominate the market because of the global rise in transfusion-transmissible infections (TTI). Because of the advent of automated analyzers and the rising demand for group typing and cross-matching tests before transfusion therapy to verify the compatibility of donor and recipient blood samples, the blood group typing segment is expected to develop at a substantial revenue CAGR.
Transfusion Technology Market by End User
Based on end users, the global transfusion technology market has been segmented into hospital-based laboratories, independent laboratories & blood banks, and others.
Because of the rising number of blood transfusion operations in hospitals, the hospital-based laboratories segment is expected to develop significantly in terms of revenue share throughout the projected period. Furthermore, several hospitals are actively developing blood management programs to preserve blood units and expedite the transfusion process, which is expected to expand this segment even further. The independent laboratories and blood banks segment dominate the transfusion technology market. The leading position may be linked to the enormous number of blood transfusions conducted in these settings and the growing number of stand-alone blood banks and labs in both industrialized and developing nations.
Transfusion Technology Market by Region
Based on regions, the global transfusion technology market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa.
The North America is likely to dominate the market in terms of revenue share during the forecast period. The rising number of trauma cases and surgical operations, technical advances, and the presence of significant competitors are some of the factors driving market revenue expansion in North America. The "The Fight is in Us” campaign was launched in May 2020 to recruit COVID-19 survivors to donate their plasma at licensed blood and plasma donor centers within two months of their recovery, as well as to ensure that their blood plasma contains a robust enough concentration of antibodies to have a positive effect on donating the plasma to another COVID-19 patient. Also, in May 2020, the United States Department of Defense launched an endeavor to collect 8,000 donated units of plasma from COVID-19 patients to help discover a viable therapy for the condition. This initiative has resulted in the widespread use of plasmapheresis equipment and disposables in the United States.
The United States accounts for the largest proportion of revenue share in North America. The local presence of major market participants, the easy availability of multiple assays for testing, and over 600 independent donation facilities are key elements leading to its supremacy. Independent blood facilities collect more than 60% of blood donations in the United States and 25% of Canadian blood collection supplies.
During the forecast period, Asia Pacific is expected to account for a higher revenue CAGR. The rapid expansion is owing to continual attempts by governments and non-governmental organizations in emerging countries to raise awareness about blood donation, as well as the existence of a large population suffering from serious blood diseases. Due to the availability of a largely unexplored market, Latin America and the Middle East, and Africa are likely to grow at a modest CAGR during the forecast period.
Competitive Landscape
Many companies and regulatory organizations are paying close attention to the market. Companies in this market are constantly launching numerous strategic efforts to speed up the research and manufacturing of blood diagnostic tests, obtaining a competitive advantage over others. For example, Hemanext, a blood storage tech company, said in September 2021 that it would raise US$ 15 million in a fresh series A fundraising round and USD 100 million in private equity. It aspires to spread the Hemanext One System methods over the world. The technology has a CE mark and is permitted to be sold in Europe. Some of the prominent market players in the global transfusion technology market include:
Strategic Development
Transfusion technology is the technique of transferring blood or other fluids from one person to another. It is classified into two types: whole blood transfusion, in which all three components (red cells, white cells, and platelets) are delivered, and component-specific transfusion, in which just one component (RBCs, PCs, or plasma) is transferred.
The instruments segment leads the global transfusion technology market in terms of revenue share.
Asia Pacific is the key growth region in the global transfusion technology market.
The growth in blood disorders prevalence and technological advancements in the devices are major driving factors of revenue growth.
The expected market size of the transfusion technology market in 2031 will be US$ 8.51 billion.
*Insights on financial performance are subject to the availability of information in the public domain