Global Market Report on Blood Transfusion Devices Forecasts Solid Growth To Reach $6.65 Billion at a CAGR of 6.9%

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What's Driving The Rapid Growth In The Blood Transfusion Devices Market?

The blood transfusion devices market has witnessed steady growth in recent years and continues to expand. The market size grew from $4.77 billion in 2023 to $5.09 billion in 2024, reflecting a solid compound annual growth rate CAGR of 6.8%. The growth in the historic period can be traced back to factors such as the mounting prevalence of chronic diseases that demand blood transfusions, a global rise in surgical operations involving blood transfusions, emergent awareness about blood donation and its life-saving impetus, escalating demand for advanced blood transfusion devices in emergency care, and the growing adoption of automated blood collection systems.

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What Is The Future Outlook For The Blood Transfusion Devices Market?

Projecting phenomenal growth, the blood transfusion devices market size is expected to march forward and reach $6.65 billion by 2028 with a robust compound annual growth rate CAGR of 6.9%. The growth trend in the forecast period can be credited to factors like the increasing demand for blood transfusion devices due to an aging population, improved focus on blood safety through cutting-edge screening technologies, robust investments in developing next-generation transfusion devices, heightened healthcare expenditure in emerging markets stimulating device adoption, and the proliferation of government initiatives advocating blood donation and safe transfusion practices.

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What Are The Key Market Dynamics And Trends?

The escalating incidence of accidents and trauma cases is a primary driver propelling the blood transfusion devices market. With increased urbanization, elevated vehicle usage, and unsafe road conditions, blood transfusion devices are rising to the occasion as an essential tool for rapidly administering life-saving blood to stabilize patients and manage severe bleeding. In fact, the National Safety Council NSC Injury Facts reported that motor-vehicle fatalities in the US almost remained unchanged in the first half of 2024 with 20,900 fatalities, comparatively alone to 20,930 in the same period of 2023. This occurred despite a 0.8% escalation in mileage from 2023 and a 3.1% surge from 2022.

Who Are The Key Industry Players In This Market?

The blood transfusion devices market is teeming with leading companies, providing robust competition and driving innovation. Major players operating in the market include Fresenius Kabi AG, Becton Dickinson and Company, Baxter International Inc., Medline Industries LP, Grifols SA, Terumo Corporation, Bio-Rad Laboratories Inc, LivaNova PLC, Haemonetics Corporation, Sarstedt AG & Co KG, STRATEC Biomedical AG, Cerus Corporation, Charter Medical Ltd, Kawasumi Laboratories Inc., Macopharma SA, GenesisBPS Inc., Mediware Information Systems Inc., EryPharm, Glycorex Transplantation AB, and Werfen S.A.

What Are The Emerging Trends In The Blood Transfusion Devices Market?

The market is witnessing a stream of technological advancements meant to optimize efficiency and safety in blood transfusion devices. The integration of AI and IoT in transfusion devices is increasingly prevalent, providing better monitoring and control. Portable blood transfusion devices are also gaining popularity for remote and emergency applications. Moreover, companies are focusing on developing better blood grouping and testing solutions to gain the competitive edge. For instance, in June 2024, Innobiochips, a France-based biopharmaceutical company, launched Omnys, an advanced blood transfusion device that enhances laboratory productivity and accuracy through multiplex analysis.

Which Blood Transfusion Devices Segments Are Expected To Show Significant Growth?

The blood transfusion devices market is divided into:

1 By Product Type: Pathogen Reduction System, Apheresis Devices, Blood Component Separator, Blood Bag And Accessory, Venous Access Devices, Other Product Types
2 By Application: Cardiovascular Surgeries, Orthopedic Surgeries, Neurological Surgeries, Obstetrics And Gynecological Surgeries, Other Applications
3 By End User: Hospital, Ambulatory Surgical Centers, Blood Bank, Other End Users

What Are The Regional Insights?

North America was identified as the largest market region for blood transfusion devices during the year 2023. However, Western Europe, Eastern Europe, Asia-Pacific, South America, Middle East, and Africa are also regions to watch as they present promising opportunities for the market.

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