The global patient blood management market size is expected to grow from USD 11.26 billion in 2020 to USD 18.38 billion by 2026 at a CAGR of 8.5%.
The increase in the number of blood disorders and the growing number of blood donors and blood donors will increase market growth over the forecast period. In addition, the increasing popularity of targeted diseases and technological advances in the patient's blood management industry will also improve market growth soon.
By product, the market is divided into instruments, accessories, reagents & kits, and software. Among these, the instruments segment had the largest share of the market in 2020 due to factors such as an increase in the number of blood donors and blood donors and technological advances in blood management tools.
By component, the market is broadly divided into whole blood and blood component. The whole blood segment had the largest share in the market. The segment is expected to register the highest growth rate forecast period. According to WHO figures published in 2018, road accidents cause the deaths of an estimated 1.35 million people worldwide each year. It goes on to say that 20 million to 50 million more people suffer from non-lethal injuries, resulting in severe blood loss. About 90% of all road accidents occur in developing countries. Therefore, the increase in the number of road accidents combined with the increase in the demand for whole blood units during surgery contributes to market growth.
By end-user, the market is divided into hospitals and blood banks. The blood bank segment had the largest share in the market in 2020; in addition, the same segment is expected to record significant growth in the forecast period from 2020 to 2026. The remarkable growth in this category is due to the growing awareness of blood donations, the high demand for safe blood, and the increasing number of blood donations.
The market is divided into five major regions, namely, North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The Asia Pacific market is estimated to be growing at the highest CAGR forecast period. China and India are expected to offer great opportunities to grow in the market, largely due to the increase in patient numbers, growing support from government agencies, and increased awareness of blood transfusions. The governments of these countries are making significant investments in revitalizing their health care infrastructure, which will greatly benefit the market.
The major players in the patient blood management market are Bio-Rad Laboratories, Inc. (US), Haemonetics Corporation (US), Fresenius SE & Co. KGaA (Germany), Terumo Corporation (Japan), F. Hoffmann-La Roche LTD (Switzerland), Immucor, Inc. (US), Danaher Corporation (US),B. Braun Melsungen AG (Ireland), bioMérieux SA (France), Asahi Kasei Corporation (Japan), Abbott Laboratories (US), Grifols, S.A. (Spain), Macopharma (US), LivaNova PLC (UK), Mediware Information Systems (US), Diatron (Hungary), Kawasumi Laboratories, Inc. (Japan), Haier Biomedical (China), and BAG Diagnostics GmbH (Germany).