The global sales of blood banking equipment is estimated to be worth USD 16,322.1 million in 2024 and anticipated to reach a value of USD 25,591.4 million by 2034. Sales are projected to rise at a CAGR of 4.6% over the forecast period between 2024 and 2034. The revenue generated by blood banking equipment in 2023 was USD 15,604.3 million. The industry is anticipated to exhibit a Y-o-Y growth of 4.7% in 2024.
Blood banking equipment are devices that are used in blood collection, processing, storage, and distribution of blood for several medical purposes. Their benefit is reflected in their ability to manage blood supplies safely and efficiently. Few of the devices included in the blood banking equipment are blood collection systems, centrifuges, plasma freezers and hematology analyzers.
These equipment help in the quality of blood preserved, appropriate storage conditions, and enabling separation of various components for various medical purposes. This makes blood available for various life-saving surgical procedures, trauma care, and treatment of anemia, cancer, and other disorders. The same equipment offers a number of safety advantages such as minimal contamination and particular handling. In summary, this special equipment serves a multitude of needs within worldwide hospitals, blood donation centers, and transfusion clinics.
Global Blood Banking Equipment Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2023 | USD 15,604.3 million |
| Estimated Size, 2024 | USD 16,322.1 million |
| Projected Size, 2034 | USD 25,591.4 million |
| Value-based CAGR (2024 to 2034) | 4.6% |
The equipment in blood banking is composed of special devices used in the collection, processing, storage, and distribution of blood and components with the view to creating an assured and safe blood supply for medical use. Such equipment are essential in hospitals, blood banks, and transfusion centers.
Main blood banking equipment includes blood collection systems, which stand for collecting whole blood from donors, centrifuges separate the blood into components such as plasma, red blood cells, and platelets, blood mixers are for mixing the collected blood with anticoagulants. These devices allow hospitals to keep bulk storage of blood and hence meet the demand in times of crisis periods or when there is a shortage among donors.
The forecast period anticipates substantial growth in the blood banking equipment industry, with an incremental opportunity of USD 9,269.2 million. Projections indicate that the market will expand to 1.6 times its current value by 2034.
Several factors drive growth in the blood banking equipment market. Growing demand for blood transfusions, increase in number of surgical cases and chronic diseases majorly contributes to the growth of the market. Further, various governmental policies encouraging blood donations and other upgrades in health infrastructure also favor the market. Hence, equipment utilized in blood banking has become an essential component of advanced healthcare facilities.
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Comparative analysis of fluctuations in compound annual growth rate (CAGR) for the global blood banking equipment market between 2023 and 2024 on six months basis is shown below. By this examination, major variations in the performance of these markets are brought to light, and also trends of revenue generation are captured hence offering stakeholders useful ideas on how to carry on with the market's growth path in any other given year. January through June covers the first part of the year called half1 (H1), while half2 (H2) represents July to December
The table presents the expected CAGR for the global blood banking equipment market over several semi-annual periods spanning from 2024 to 2034. In the first half (H1) of the decade from 2023 to 2033, the business is predicted to surge at a CAGR of 5.8%, followed by a slightly slower growth rate of 5.2% in the second half (H2) of the same decade.
| Particular | Value CAGR |
|---|---|
| H1 | 5.8% (2023 to 2033) |
| H2 | 5.2% (2023 to 2033) |
| H1 | 4.6% (2024 to 2034) |
| H2 | 4.1% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to decrease slightly to 4.6% in the first half and decrease moderately at 4.1% in the second half. In the first half (H1) the market witnessed a decrease of 120 BPS while in the second half (H2), the market witnessed a decrease of 110 BPS.
Increasing Initiatives for Raising Awareness and Launch of Blood Donation Drives the Growth of the Market
Increasing awareness campaigns and the announcement regarding blood donation camps raise the demand for equipment used in blood banking, for extending the capacity for collection, processing, and storage.
These initiatives often emphasizes on the aspect of periodic donation to ensure a consistent supply of blood and its derivatives. The more frequent the donations, to the blood banks, the more will be the demand for sophisticated equipment as blood collection bags, automated blood separators, apheresis machines, and temperature-controlled storage units in the hospitals, and mobile collection agencies.
Equally, blood donation drives emphasize the need to ensure safety and precision during the collection process. This demand thus requires investment in modern technologies that make blood banking better, including automated collection systems, pathogen reduction technologies, and advanced testing equipment that guarantee the blood collected is safe for transfusion and compliant with regulatory requirements.
Additionally, the fact that donation drives are being extended into the countryside and less privileged areas by way of mobile blood drives, they calls for portable and rugged equipment to adapt easily to most settings. This factors further drives sales of blood collection and storage equipment to meet the growing demand for safe and efficient blood management systems.
Increased Focus on Blood Component Therapy Surges the Blood Banking Equipment
Blood component therapy refers to a process where whole blood is separated into its components such as red blood cells, plasma, platelets, and cryoprecipitate and each of which can be used to treat specific medical conditions.
The transition from whole blood transfusion to component therapy has been driven by efficiency and, simultaneously, therapeutic efficacy whereby a patient requiring only platelets is given a platelet transfusion to have more patients benefiting from the same donation of blood. This therefore calls for a selective method of transfusion, hence increasing demand for separation and storage of blood components that requires the use of more sophisticated equipment.
This is evidenced by the fact that through component therapy, the shelf life of some blood products is extended, which can be stored in frozen state for longer durations. Moreover, blood component therapy has also necessitated the development and investment in specific equipment required for pathogen reduction and testing to ensure that the components are safe for transfusion. This has therefore resulted in investments by blood banks in advanced systems that meet their specific needs, hence fueling a surge in demand for innovative blood banking equipment.
Growing Demand for Mobile Blood Collection Anticipates the Market Growth for Blood Banking Equipment
Mobile blood collection units help extend the effort of blood collection as they are not confined to the hospital or clinic but are extended to schools, places of work, community centers, and even rural areas. In addition to that, a mobile unit's equipment normally has to be lightweight, efficient, and easy to operate in order to guarantee smooth operation in different environments.
This has also driven technology for mobile blood collection-innovative ideas such as an automated blood collection system capable of collecting the required component, either plasma or platelets, directly from a donor.
Mobile blood collection is also imperative in enhancing donor contribution during times of emergencies or when it is impossible to reach areas without fixed donation centers. Therefore, healthcare providers and blood banks are also interested in investing in mobile-friendly blood banking equipment that helps improve outreach capabilities. This factors is expected to drive sales and growth in the blood banking equipment market.
Higher Investment Costs Associated with the Blood Banking Equipment Restrains its Market Growth
The huge cost of investment in blood banking equipment significantly hampers the growth of the market for blood banking, especially in small healthcare facilities and emerging economies. Advanced blood banking systems include automated blood collection devices, which are very expensive to procure and install. Added to the purchase of such equipment, these costs upfront also include infrastructural needs and space to accommodate such devices.
These financial barriers become restrictive for smaller hospitals, clinics, and blood banks, especially in low-income and developing countries. Limited budgets may preclude institutions from investing in the latest blood banking technology. In effect, this limits the overall adoption of advanced equipment and slows market penetration.
There is also a potential disincentive in investments by healthcare providers in high-cost equipment due to uncertainties over the return on such investment. Additionally, government funding and grants for the development of infrastructure for blood banking might not be sufficient to cover high-end equipment costs. This thus factors in as a critical restraint, for the growth of the blood banking equipment.
Principal Consultant
The global blood banking equipment industry recorded a CAGR of 3.8% during the historical period between 2019 and 2023. The growth of blood banking equipment industry was positive as it reached a value of USD 15,604.3 million in 2023 from USD 12,856.4 million in 2019.
Blood banking equipment refers to specialized devices that are applied in collection, processing, storage, and distribution of blood and its components. The equipment are utilized to collect the blood which enables a rapid and orderly collection of whole blood. Historical factors such as, increase in automation of blood processing and storage improved the efficiency blood banks.
Growing concerns over blood-borne pathogens led to increase in adoption of advanced screening and testing equipment. Moreover, shortage of blood during pandemic led to increase in demand for flexible and efficient mobile donation equipment. This also contributed to innovation in cold storage and transportation methods which ensured blood viability for longer duration.
Development in the field of medical technology, requirement of automated systems for collection and processing further contributes to the growth of the market. The movement toward blood component therapy, in which blood is separated into its components for the administration of more specific treatments, has also increased the use of sophisticated treatment devices such as apheresis machines.
Technological advances in improving automation and pathogen reduction, which add more capabilities to blood banking equipment further drives the growth of the market. Government programs aimed at raising awareness about blood donation and ensuring public health will also contribute to the development of the blood supply and, therefore, fuel the demand for modern blood banking equipment’s.
Tier 1 companies comprise market leaders with a market revenue of above USD 100 million capturing significant market share of 29.5% in global market. These market leaders are characterized by high production capacity and a wide product portfolio. These market leaders are distinguished by their extensive expertise in manufacturing and reconditioning across multiple packaging formats and a broad geographical reach, underpinned by a robust consumer base. Prominent companies within tier 1 include Medtronic, BD Medical, Boston Scientific, Smith Medical; Argon Medical Devices
Tier 2 companies include mid-size players with revenue of USD 50 to 100 million having presence in specific regions and highly influencing the local market and holds around 32.7% market share. These are characterized by a strong presence overseas and strong market knowledge. These market players have good technology and ensure regulatory compliance but may not have advanced technology and global reach. Prominent companies in tier 2 include Terumo Corporation, NIPRO Medical, B. Braun Melsungen AG, and Medsurg.
Finally, Tier 3 companies, act as suppliers to the established market players. They are essential for the market as they specialize in specific products and cater to niche markets, adding diversity to the industry.
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The section below covers the industry analysis for the blood banking equipment market for different countries. Market demand analysis on key countries in several regions of the globe, including North America, Asia Pacific, Europe, and others, is provided. The United States is anticipated to remain at the forefront in North America, with a value share of 87.7% through 2034.
| Countries | Value CAGR (2024 to 2034) |
|---|---|
| UK | 1.7% |
| China | 4.7% |
| Japan | 1.9% |
| South Korea | 3.7% |
| India | 5.3% |
| Australia | 2.2% |
| Spain | 2.7% |
USA blood banking equipment market is poised to exhibit a CAGR of 2.4% during the forecast period. Currently, it holds the highest share in the North American market, and the trend is expected to continue during the forecast period.
Mobile units reach out to the people, especially in rural areas, workplaces, and public events where it would be more accessible for donors. Such outreach programs create greater volumes of donations and thus require additional machines and equipment to collect, process, and store the blood effectively.
More portable, more durable, and more user-friendly, blood banking equipment depends largely on the number of mobile units put into operation. That would help in ensuring that the collected blood has no traces of contaminants before going into use in transfusions.
The trend for mobile blood collection also contributes to broader initiatives that ensure adequate supplies of blood at the national level in emergency situations or times of national shortages. As more healthcare providers continue to invest in mobile units with the aim of expanding their networks of donors, demand for blood banking equipment designed for mobility continues, which therefore drives the growth of the blood equipment sales in the market.
China currently holds significant amount of share of the blood banking equipment market. Chinese attenuated vaccine market is anticipated to grow at a CAGR of 3.4% throughout the forecast period, and amount for substantial value in 2034.
The healthcare reforms and initiatives by the Chinese government have facilitated impressive development in blood banking equipment with better infrastructure, and safety for the blood supply system of the nation. One of the major factors that drives growth for the market is the focus of the government on safe and adequate availability of blood for medical purposes.
Government funds have also been invested in modernizing blood collection and storage houses by replacing outdated machines with more effective and automated ones. Besides that, healthcare reforms have encouraged the extension of medical services to the most rural areas. These reforms undertaken by government ensure better patient outcomes, further building up the demand for sophisticated blood banking equipment across China.
Germany is expected to have a strong foothold when it comes to technology innovation. In 2023 the country is projected to account for a significant share of the blood banking equipment market.
The increase in demand for blood transfusion supports the growth of blood banking equipment in Germany as it necessitates the expansion and modernization of collection, processing, and storage systems of body fluid. The growing prevalence of chronic disease among aging population, there is increase in demand for blood transfusions from hospitals and medical fraternities for treatments and procedures.
The increased need for safety and quality also calls for equipment with modern methods of pathogen reduction and highly accurate testing. Greater demand for blood, apart from putting pressure on continuous maintenance of adequate and safe blood supply, encourages investment in fixed and mobile blood banking infrastructure. Therefore, greater demand for blood transfusions fuels the continuous development and deployment of sophisticated technologies within the German blood banking equipment market.
The section contains information about the leading segments in the industry. By product, the blood collection products segment hold dominant share of 35.8% and is estimated to grow at a significant CAGR during the forecast period.
| Product | Blood Collection Products |
|---|---|
| Value Share (2024) | 35.8% |
The blood collection products segment accounted for the largest share in the market, because blood donation itself is inconceivable without it. In turn, these products are taken as the basis for safe and effective collection of blood from donors. The high-volume usage across a range of settings, including hospitals, clinics, and mobile blood collection units, further drives the dominance of the segment.
Also, coupled with the quality and compliant nature of blood collection products are governed by stringent regulatory standards, further embeds the market with growing demand for improved products that are safe, comfort and efficient. Therefore, with high usage rates, continuous advancements, and an indispensable role played by blood collection products in the segment, it holds the topmost position in the blood banking equipment market.
| End Use | Hospitals |
|---|---|
| Value Share (2034) | 69.7% |
The hospitals segment is forecast to account for a significant revenue in the blood banking equipment market by 2034 end. It is also poised to expand at a lucrative CAGR during the forecast period.
Hospitals depict the biggest share in the blood banking equipment market, mainly because all the activities of collection and usage regarding blood and its products are centered on them. They require all types of blood banking equipment, starting from collection bags, centrifuges, and storage units to pathogen reduction systems, in order to have a continuous supply of safe blood for different medical procedures.
This explain their involvement in many critical and routine procedures requiring transfusions, such as surgical operations, trauma management, and emergency interventions that account for their high demand for blood in hospitals. The resultant high utilization requires sophisticated, efficient, and safe equipment to manage large volumes of blood-advanced technology that can match the high volume.
Hospitals are the focal points for the collection of blood, both due to contingencies and when there is an organized drive for donation, thus increasing their role in the chain. Therefore, the center role played by the hospitals, in addition to high-volume usage in their daily practices places the hospitals as the largest end-user segment in the blood banking equipment market.
Substantial investments are seen in the blood banking equipment industry towards research and development. Many of the key players are also emphasizing on organizing blood donation drives and campaigns for raising the awareness and strengthening their brand name in the market. Another key strategic focus of these companies is to actively look for strategic collaborations to bolster their product portfolios and expand their global market presence.
Recent Industry Developments in Blood Banking Equipment Market
In terms of Product, the industry is divided into blood collection (blood collection sets, blood bag tube sealer, blood collection mixer, blood bags, reagents, lancets and others), blood processing (centrifuges, blood filters, blood bank analysers, blood warmers and plasma thawing baths), blood storage (blood bank refrigerators, blood bank freezers and test tube racks) and others
The industry is classified by end user as blood banking equipment for hospitals, and blood banks.
Key countries of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa (MEA) have been covered in the report.
The global blood banking equipment market will reach USD 14.2 Billion in 2022 and is set to expand 1.6X over the next ten years.
The blood banking equipment market is expected to reach USD 23.4 Billion by end of 2032 at a CAGR of 4.7%.
Key trends for the growth of blood banking equipment include laboratory automation in blood bank centres, the rising trend of mobile blood drives/ camps, government support and initiatives, and an increasing number of blood donors.
North America held the highest market share of about 25.2% by value in 2021 in the global blood banking equipment market.
The USA, India, China, Japan, and Germany are the top five countries which are expected to drive demand in the blood banking equipment market.
Medtronic, BD Medical, Boston Scientific, Smith Medical, Argon Medical Devices, Novo Nordisk, Terumo Corporation, NIPRO Medical, B. Braun Melsungen AG, Medsurg, Hamilton Syringes & Needles, Hi-Tech Medicare Devices, Abbott Laboratories, Beckman Coulter, Inc., Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Inc., Cerus Corporation, CSL Behring LLC, and Fresenius Kabi AG are the key players in this market.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand (Value in USD) and Volume (Units) Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Global Market - Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. By Product 6.2. By End User 6.3. By Region 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product 7.1. Blood Collection 7.1.1. Blood Collection Sets 7.1.2. Blood Bag Tube Sealer 7.1.3. Blood Collection Mixer 7.1.4. Blood Bags 7.1.5. Reagents 7.1.6. Lancets 7.1.7. Others 7.2. Blood Processing 7.2.1. Centrifuges 7.2.2. Blood Filters 7.2.3. Blood Bank Analysers 7.2.4. Blood Warmers 7.2.5. Plasma Thawing Baths 7.3. Blood Storage 7.3.1. Blood Bank Refrigerators 7.3.2. Blood Bank Freezers 7.3.3. Test Tube Racks 7.4. Others 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by End User 8.1. Hospitals 8.2. Blood Banks 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region 9.1. North America 9.2. Latin America 9.3. East Asia 9.4. South Asia and Pacific 9.5. Western Europe 9.6. Eastern Europe 9.7. Middle East and Africa 10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. South Asia & Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Sales Forecast 2024 to 2034 by Product, and End User for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Medtronic 19.2. BD Medical 19.3. Boston Scientific Corporation 19.4. Argon Medical Devices 19.5. Novo Nordisk 19.6. Terumo Corporation 19.7. NIPRO Medical 19.8. B. Braun 19.9. Cardinal Health 19.10. Hi-Tech Medicare Devices 19.11. Abbott Laboratories 19.12. Beckman Coulter, Inc. 19.13. bioMérieux SA 19.14. Bio-Rad Laboratories, Inc. 19.15. Cerus Corporation 19.16. CSL Behring LLC 19.17. Fresenius Kabi AG
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Blood Banking Equipment Market
