Blood Processing Devices And Consumables Market Analysis By Product (Devices, Consumables), By End-use (Hospitals & Clinics, Diagnostic Laboratories), By Region, And Segment Forecasts, 2023 - 2030

Blood Processing Devices And Consumables Market Analysis By Product (Devices, Consumables), By End-use (Hospitals & Clinics, Diagnostic Laboratories), By Region, And Segment Forecasts, 2023 - 2030

Blood Processing Devices And Consumables Market Growth & Trends

The global blood processing devices and consumables market is expected to reach USD 77.71 billion by 2030, registering a CAGR of 7.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. This expected rise in demand can be ascribed to increasing incidence of chronic oncology diseases and other infections that are dependent on transfusion & surgery for treatment.

Higher usages of techniques such as stem cell therapy and organ transplantation also contribute towards boosting demand in the sector, and in turn leading to growth. Rapid introduction of advancements and automations in blood processing equipment is further expected to enhance potential for growth in this market during the forecast period.

Rise in government initiated awareness programs and incentives for blood donation and transfusion are attributive to fuel demand in this industry. Furthermore, provision of comparatively better reimbursement policies is also a high impact rendering driver for anticipated progress.

Blood Processing Devices And Consumables Market Report Highlights

• The devices segment accounted for the largest revenue share of around 60% in 2022. Technological advancements have led to the development of better and more user-friendly devices, improving performance, accuracy, and safety.
• The consumables segment is expected to grow at the fastest rate of 7.6% during the forecast period. The consumables segment in the global market is experiencing significant growth, primarily driven by the increased demand for blood transfusion procedures due to the growing prevalence of medical conditions, surgeries, and trauma cases.
• The other segment accounted for the highest revenue share of around 45% in 2022. The dominance of the "others" segment in terms of revenue in the market can be attributed to the significant contribution of blood banks. They play a vital role in collecting, storing, and processing blood products for transfusion purposes.
• The diagnostic laboratories segment is estimated to register a CAGR of 8.3% over the forecast period. This is attributed to the increasing demand for diagnostic testing in healthcare settings has fueled the need for consumables in laboratories and clinics.
• North America dominated the market and accounted for the largest revenue share of 40% in 2022. North America's dominance in the market can be attributed to several driving factors.
• Asia Pacific is expected to grow at the fastest CAGR of 8.4% during the forecast period. Asia Pacific is expected to witness the fastest growth in the blood processing devices and consumables market.

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