Blood Processing and Storage Equipment Market Size - By Product (Device [Plasma Freezer, Hematocrit Centrifuge, Warmer] Consumable (Blood Lancet, Filter, Administration Set), End-use - Global Forecast, 2023-2032

Blood Processing and Storage Equipment Market Size - By Product (Device [Plasma Freezer, Hematocrit Centrifuge, Warmer] Consumable (Blood Lancet, Filter, Administration Set), End-use - Global Forecast, 2023-2032

Blood Processing and Storage Equipment Market size is poised to expand at 7.1% CAGR from 2023-2032 owing to the increasing prevalence of blood disorders globally. Conditions, such as anemia, hemophilia, and leukemia are necessitating advanced blood processing and storage solutions for diagnosis, treatment, and therapeutic interventions. The rising incidence of these disorders coupled with the growing aging population is further driving the demand for efficient and reliable equipment in healthcare facilities.

With the advancing medical research activities, industry participants are developing new therapies and treatments to address the escalating requirement for sophisticated blood processing and storage technologies, augmenting the industry outlook. For instance, Terumo Blood and Cell Technologies, in August 2023, received the U.S. FDA approval for the Reveos Automated Whole Blood Processing System to help process blood into platelets and various components in a single centrifugation cycle.

The blood processing and storage equipment market is segmented into product, end-use, and region.

Based on product, the market share from the consumables segment, comprising blood lancet, filter, and administration, is estimated to record 7.3% CAGR from 2023-2032. The rapidly aging population, the rising awareness about blood transfusions and higher advances in medical procedures is surging the demand for efficient blood processing and storage. Additionally, the rising innovations in materials and technologies to ensure enhanced safety and efficacy in blood management are likely to propel the segment growth.

In terms of end-use, the blood processing and storage equipment industry from the hospitals and clinics segment generated substantial revenue in 2022 and is estimated to witness 6.9% growth rate through 2032. Hospitals and clinics rely heavily on efficient blood management systems to ensure patient safety and streamline the medical procedures. Furthermore, the increasing demand for blood-related treatments, surgeries, and emergency care in healthcare facilities is promoting the adoption of advanced processing and storage equipment.

Asia Pacific blood processing and storage equipment industry is set to exhibit a 7.8% CAGR through 2032 owing to the ongoing healthcare infrastructure development, rising awareness about blood safety, and the growing population. Moreover, advancements in medical technology and the rising need for blood-related treatments are fueling the adoption of sophisticated processing and storage equipment. Furthermore, several governments across the Asia Pacific are investing in healthcare infrastructure for enhancing the capabilities of blood banks and medical facilities attributed to the rising focus on public health, further boosting the regional industry expansion.