Blood bank is a place where supply for blood or plasma is stored for transfusion. Blood banks perform four major functions, which are, collection of blood, processing of blood (sometimes blood components are separated for particular health care treatment or application), testing of blood sample to ensure it is non-infectious and is fit for transfusion, and storage for future application and transportation of blood sample to end-users. 

Prevalence of blood-borne diseases and transfusion transmissible infections, rise in number of surgeries, improving health care infrastructure across the globe, demand for advanced instruments, advancement in automation technology, positively changing reimbursement scenarios, awareness about blood donation and safe blood transfusion, and government initiatives to promote blood donation are likely to propel the growth of the global blood bank devices market during the forecast period. However, high maintenance cost, high price of blood processing equipment, and stringent regulatory authorities are anticipated to affect the growth of the market in the near future. Nevertheless, growing use of cell therapy offer growth opportunities to the blood bank devices market. 

The global blood bank devices market can be segmented on the basis of product, application, end-user, and region. Based on product, the market can be divided into instruments, collection devices, storage devices, and reagents. Collection devices can be segmented into collection needles, collection tubes, syringes, blood bags, lancets, IV cannulas & cannulas access vials and others. The instruments segment can be classified into centrifuges, blood filters, blood grouping analyzers, and others. Storage devices can be segmented into blood bank refrigerators, blood bank freezers, test tube racks, and others. The reagents segment can be bifurcated into anti-sera reagent, anti- human globulin, blood bank saline, and reagent blood cells. Collection devices is a rapidly growing segment due to increase in blood donation led by rising awareness among people regarding the importance and benefits of the same. Moreover, people are becoming aware of the concept behind blood cell formation in bone marrow and multiplication after blood donations. 

Based on application, the global blood bank devices market can be segmented into collection, processing, testing, and storage. The testing segment can be categorized into ABO typing, antibody screening, and cross matching test. It is likely to grow rapidly during the forecast period due to the stringent rules imposed by the government to screen the blood of the donor before storage as infectious blood sample can cross contaminate other blood samples stored in the blood bank. Testing is important to know ABO blood group as blood transfusion take place according ABO and Rh factor systems. In terms of end-user, the global blood bank devices market can be segmented into hospital & clinics, diagnostic & pathology labs, academic & research institutes, and blood banks. Blood banks is projected to be the fastest growing segment during the forecast period as they have appropriate and well-defined infrastructure for storage of whole blood or blood products as compared to other end-users. Moreover, all types of blood group can be easily found in these units. 

On geographical basis, the global blood bank devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to be the leading market for blood bank devices during the forecast period because of well-developed health care infrastructure in the region. Europe is another leading market due to rise in funding in blood bank units in the region. The blood bank devices market in Asia Pacific is expected to grow significantly in the near future due to rise in number of blood banking units in the developing countries in the region. Moreover, government initiatives to support blood donation are contributing to the growth of the blood bank devices market in Asia Pacific. 

Key players operating in the global blood bank devices markets are Abbott, Beckman Coulter, Inc., Thermo Fisher Scientific, Inc., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Roche Holdings AG, Siemens Healthcare, and TERUMO CORPORATION.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Blood Bank Devices Market

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