Transfusion Technology Market is Expanding at a CAGR of 5.1% From 2018 to 2026
Transfusion Technology Market – Snapshot
A transfusion technology device is an electromechanical device that ensures the safety of a patient during blood transfusion and donation. Transfusion technology devices can be classified as apheresis system, blood component separators, cell expansion system, and auto transfusion devices. Apheresis is a procedure performed either for donation of a blood component or for treatment of a disease by removal of the diseased or disease-causing blood component. Whole blood is extracted from the donor or patient’s body, processed through the apheresis machine, and the desired blood components are separated based on their molecular weight, size, and affinity for particular substance, while the remaining blood is transfused back to the donor or patient. Multicomponent collection system, also known as blood component separator, is a device that processes and separates blood components. Automated cell expansion systems are used for the development of cells for cell therapy. Cell expansion is an important step in the manufacture of cell types. The automated cell expansion system is a closed cell bag bioreactor, which is used to culture the cell under controlled environmental condition with perfusion. The auto transfusion device is an electromechanical device that transfers the patient’s own blood during and after surgery. Rise in the incidence of chronic disorders among the geriatric population is likely to drive the need for safer transfusion devices and transfusion technology, which in turn is projected to propel the global transfusion technology market in the near future.
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The global transfusion technology market is characterized by an increase in the incidence of chronic diseases across the world. The market is expanding at a rapid pace, due to implementation of government guidelines about safety of transfusion. The global transfusion technology market is projected to expand at a rapid pace from 2018 to 2026.
Increase in the geriatric population, which is prone to chronic diseases, large patient pool in developing countries requiring better health care facilities, and investments by public and private players in R&D on transfusion technology to ensure elimination of transfusion-associated infections and reduce the risk of transfusion reactions are key factors that are likely to drive the global transfusion technology market during the forecast period. However, lengthy procedure of obtaining regulatory approval, significant investments required in the innovation of transfusion technology, and increase in minimally invasive procedure that leads to low blood loss are likely to restrain the global market during the forecast period. Transfusion technology devices are gaining popularity among health care professionals, as these have proved to be effective in reducing transfusion reaction. Rising investments for innovation in transfusion technology and partnerships for co-development and commercialization of these devices are expected to fuel the global transfusion technology market in the near future.
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In terms of product, the global transfusion technology market has been classified into instruments and disposables & consumables. The instruments segment has been further bifurcated into apheresis system & multicomponent collection systems, cell processing systems & cell expansion systems, auto transfusion devices, and others. The others segment includes tube sealing system, sterile tubing welder, mixer technology, and point of care hemoglobin meters. The cell processing systems & cell expansion systems segment is projected to dominate the market during the forecast period due to advancements in the treatment of cancer, such as cell therapy. The auto transfusion devices segment is projected to expand at a significant pace during the forecast period. Expansion of the segment can be attributed to the increase in adoption of auto transfusion devices, as the risk associated with transfusion of allogeneic blood is reduced in these devices. Moreover, presence of key companies engaged in R&D and manufacture of innovative and technologically advanced transfusion devices boosts the global market. Furthermore, initiatives by public and private organizations that are aimed at spreading awareness about advantages of blood donation among people have led to a rise in the number of donors. The relatively stable growth rate of the instrument segment can be ascribed to the ‘as it is a capital investment’ in developing countries and stringent regulations regarding manufacture and approval. The disposable & consumables segment is anticipated to expand at an above-average growth rate during the forecast period, due to the high use of these transfusion technology devices by end-users. This is due to the implementation of stringent guidelines by government organizations to reduce the prevalence of transfusion-associated infection. Apheresis devices are predominantly utilized in hospitals and public & private blood banks for blood donation. End-users are increasingly preferring apheresis devices and multicomponent collection systems due to a rise in the demand for therapeutic apheresis.
Based on end-user, the global transfusion technology market has been classified into hospitals, blood banks, biotechnology & pharmaceutical companies, and others. The blood banks segment is expected to dominate the global transfusion technology market during the forecast period. In terms of region, the global transfusion technology market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a major share of the global market in 2017. Europe was another significant market for transfusion technology devices in 2017. Developed health care infrastructure, high rate of adoption of technologies, and relatively high paying capacity of patients in North America and Europe, as compared to those in developing countries, offer growth opportunities to new market entrants. This led the regions to hold a high share in the global market. Considerable expansion of the medical industry in India and China and investments made by global companies in Asia Pacific for establishment of sales subsidiaries, in order to provide support and services to existing customers and attract new customers, are expected to propel the transfusion technology market in Asia Pacific in the next few years.
Major players operating in the global transfusion technology market are Haemonetics Corporation, Inc., Medtronic plc, Asahi Kasei Medical Co., Ltd., B. Braun Melsungen AG, Cerus Corporation, Fresenius Kabi AG (Fresenius SE & Co. KGaA), GE Healthcare, Miltenyi Biotec, TERUMO BCT, and LivaNova PLC.