Blood Processing Devices and Consumables Market Revenue Growth Predicted by 2021
Blood collected from donors can be stored and transfused in an unmodified state, referred to as whole blood transfusion. However, if processed, the collected blood can be of use to more than one patient. According to the World Health Organization (WHO) 2016 estimates, only 43% of the blood collected in low-income countries are separated into different components such as plasma, red cell concentrates, and platelet concentrates. The rate is much higher (96%) in high income countries such as Argentina, Canada, U.S., Germany, Singapore, U.K., and France. Lack of adequate test kits, blood processing devices and infrastructure are some of the factors responsible for low rate of blood processing in low-income countries.
The global blood processing devices and consumables market was valued at US$ 27,845.1 million in 2015 and is expected to expand at a CAGR of 5.9% during the forecast period: 2016 – 2024.
Increasing number of blood transfusion procedures making blood processing a necessity
Blood transfusion is a process required to make up for the lost blood during a surgery or due to an injury or a disease. According to the American National Red Cross, a humanitarian organization, around 21 million blood components are transfused every year in the U.S. Blood transfusion is a frequent process in sickle cell patients. The sickle cell disease affects 90,000 to 100,000 people in the U.S., as per the American National Red Cross.
Demand for blood processing devices and consumables is growing rapidly with establishment of new hospitals and blood banks, and increasing number of blood transfusion procedures. Asia Pacific is one of the most lucrative markets for blood processing devices and consumables. According to the Friends2support organization, a non-profit organization allowing patient access to blood donors, nearly 30 million blood components are transfused every year in India.
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Lack of blood processing infrastructure in low-income countries
According to WHO, 16 countries across the globe are unable to screen the donated blood for one or more than one infections. WHO identified irregular supply of test kits is the factor attributed to this shortage. The Blood and Transfusion Safety program of WHO supports countries in developing national blood systems to ensure quality blood processing and transfusion practices.
High capital investment and steep operational costs are the factors restraining emerging economies such as India, Brazil, China, and Indonesia to adopt the new blood processing technology.
Development of national blood policy recommended by WHO
According to the 2016 World Health Organization (WHO) statistics, around 112.5 million units of blood donations are collected every year globally. However, only a few get access to blood on time. Several patients in need of blood transfusion are deprived of blood for their treatment. The WHO therefore recommend having a national blood policy to have centralized control for blood collection, testing, storage, processing, and distribution. According to the WHO, in 2013, 73% of 167 countries worldwide had a national blood policy.
Low blood donation rate impacts the demand for blood processing and consumables market negatively. Therefore, improved storage and processing facilities of the donated blood coupled with increase in access to blood and its components will generate demand for blood processing and consumables.
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