According to FutureWise analysis the market for blood banking devices in 2023 is US$ 15.53 billion, and is expected to reach US$ 22.8 billion by 2031 at a CAGR of 4.90%.
Blood transfusion, a procedure used to treat a variety of medical disorders, replenishes lost blood components and improves the patient's health. However, a lack of timely access to safe blood transfusions will raise demand for blood banks to provide efficient, safe, and real-time blood unit availability. Blood banks serve as a central hub for blood collection, separation, and storage. Blood banks collect and separate blood into different components, such as red blood cells, white blood cells, and platelets, in order to efficiently distribute them to patients. Blood donation is a simple, crucial, and life-saving resource for patients, as opposed to medications that assist patients' bone marrow in producing new blood cells more quickly, which takes weeks. Four alternative blood banking service models have been deployed in any geographical area, including centralised, regionalized, coordinated hospital services, and a coordinated mixed system.
A blood bank is a facility that stores blood or plasma for transfusion. Collection of blood, processing of blood, testing of a blood sample to verify it is non-infectious and fit for transfusion, and storage and transportation of blood samples to end-users are the four basic functions of blood banks. The process of collecting, aggregating, processing, and storing blood is known as blood banking. The tools used in the collection and storage of blood and blood components are known as blood banking devices. These devices are used in the blood processing process to ensure that the blood transfer is safe. Increased demand for advanced instruments, advancement in automation technology, positively changing reimbursement scenarios, awareness about blood donation and safe blood transfusion, and government initiatives to promote blood donation are expected to propel the global blood bank devices market forward during the forecast period.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Blood Banking Devices Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Blood Banking Devices Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.