The study involved four major activities to estimate the current size of the patient blood management market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the size of the segments and sub segments.
The research methodology used to estimate the market size includes the following:
# Product mapping of various manufacturers for each product type of patient blood management at the regional and/or country level
# Relative adoption pattern of each patient blood management system among key end users at the regional and/or country level
# Detailed primary research to gather quantitative information related to segments and sub segments at the region and/or country-level
# Detailed secondary research to gauge prevailing market trends at the region and/or country-level
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Recent Developments:
# In 2019, Abbott (US) received the US FDA approval for its ‘Alinity s’ blood culture screening system as well as the Afinion HbA1c Dx assay kit.
# In 2019, F. Hoffmann-La Roche LTD (Switzerland) received the US FDA approval for its cobas Babesia Test for donor screening.
# In 2018, Terumo BCT (Japan) and Stafa Cellular Therapy (US) entered into a collaborative agreement. Based on this agreement, Terumo BCT expands access to the StafaCT software to healthcare organizations.
# In 2018, B. Braun Melsungen AG (Ireland) acquired the bloodlines business of NxStage Medical, Inc. (US), which operates under the Medisystems brand.
# In 2018, Abbott (US) received a CE mark for its Alinity h-series to be used in the European Union.
Key Questions Addressed by the Report:
# What are the growth opportunities related to the adoption of patient blood management solutions across the globe in the future?
# Which product segment will register the highest adoption rate during the forecast period?
# Where will the advancements in products offered by various companies take the industry in the mid- to long-term?
# Emerging countries have immense opportunities for the growth of the market. Will this scenario continue in the next five years?
# Which end users are estimated to adopt patient blood management systems?
# What are the key strategies adopted by the key players operating in the market?
Factors Influencing Global Growth:-
The rising prevalence of blood disorders and the increasing number of blood donations & blood donors will fuel market growth over the forecast period. Moreover, the rising prevalence of target diseases and technological advancements in the patient blood management industry will further fuel the growth of the market in the near future.
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Restraints:
# High Cost Associated With Automated Systems
Opportunities:
# Market Penetration Opportunities in Developing Countries
# Growing Awareness Regarding the Safety of Donated Blood
Monetary Growth Expectations, Globally:
According to the Research Study conducted by MarketsandMarkets™: The global patient blood management market size is projected to reach USD 15.3 billion by 2024 from USD 10.7 billion in 2019, at a CAGR of 7.4% from 2019 to 2024.
Geographical Growth Scenario:
The Asia Pacific region is expected to register significant growth during the forecast period of 2019-2024
The patient blood management market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The Asia Pacific blood management market is expected to register significant growth over the forecast period due to the modernization of healthcare infrastructure, increasing prevalence of chronic lifestyle diseases, and rising awareness about blood donation & blood safety. China accounted for a major share of the Asia Pacific market, owing to a large patient pool and favorable government guidelines to improve healthcare infrastructure in the country.
Leading Market Players:
# Haemonetics Corporation (US)
# Fresenius SE & Co. KGaA (Germany)
# Terumo Corporation (Japan)
# Immucor, Inc. (US)
# B. Braun Melsungen AG (Ireland)
# Macopharma (US)) and many more…
An analysis of market developments between 2016 and 2019 revealed that several growth strategies such as product launches and enhancements, collaborations, partnerships, agreements, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the patient blood management market.
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