In 2021, the overall share of the Global Blood transfusion Market was USD 6.7 Bn. The Blood transfusion Market is prevised to reach USD 9.6 Bn by 2027, with a robust CAGR of 6 percent throughout the prevised period of 2021-2027.
Transferring blood or the components of the blood in intravenously way into the entire circulation system of the body is known as blood transfusion. The key utilization of Transfusions is to replenish the lost blood components in a wide range of medical situations. All the medical equipment that is utilized in separating, collecting, processing, and storing blood and blood products is referred to as blood transfusion devices. Transfusions are primarily utilized to cure conditions like sickle cell disease, anemia, and bleeding disorders like cancer, hemophilia, etc.
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The increment in the overall number of road accidents, surgeries, trauma, and childbirth cases has led to significant growth in the overall blood transfusions market. Moreover, the rising initiatives for blood donation campaigns are another vital driver that is boosting the overall growth of the market significantly.
Furthermore, due to the growing occurrences of infectious as well as chronic diseases like severe infection cancer, kidney disease, sickle cell disease, severe anemia, liver disease, hemophilia, thrombocytopenia and the introduction of various technologically enhanced products are among the key aspects that are fueling the overall demand for the market of blood transfusion.
North America continued its domination in the overall blood transfusion market, and hence it had accounted for the largest share of the market revenue of around 40.1% in the year 2020. The segment is prevised to continue its position throughout the estimated time period. Some of the vital reasons behind this are the growing concerns about the various health-related issues, favorable reimbursement policies, high disposable income, and well-established healthcare infrastructure. All these reasons are boosting the overall growth of the market in this reason.
The market is achieving sheer attention from a wide range of corporations and various regulatory authorities. All the firms that are operating in this market are continuously employing various strategic initiatives to enhance the growth and development of manufacturing diagnostic tests for blood. For example, in the month of September 2021, Hemanext, a blood storage tech developer, declared that it would raise an overall sum of USD 15 Mn funds via new series A funding round and USD 100 Mn from private equity. It targets to extend the Hemanext One System processes all throughout the world. The technology achieved a CE mark, and so it had received approval to be sold in the entire European Union. Some of the dominant market players in the blood transfusion market consist of Becton Dickinson, Immucor Inc., Terumo Corporation, Grifols SA, Kaneka Corporation, Macopharma SA, B. Braun Melsungen AG, Fresenius Kabi, Haemonetics Corporation, etc.
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