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What Growth Opportunities are Expected to Drive the Patient Blood Management Market’s CAGR Through 2034?

In recent times, the patient blood management market has witnessed significant enlargement. By 2024, it will have ballooned from $14.86 billion to $15.94 billion by 2025, marking a compound annual growth rate (CAGR) of 7.3%. This growth during the historical period can be traced back to an increase in chronic diseases, a rise in the number of surgical procedures, government initiatives, an amplified demand for bloodless surgery, an increase in the availability of blood substitutes, and a growing demand for premium healthcare.

In the following years, it is anticipated that the market size for patient blood management will experience significant growth. Ascending to an impressive $20.92 billion in 2029, it will exhibit a compound annual growth rate (CAGR) of 7.0%. The projected growth during this period is thought to be driven by factors such as an aging population, rising demand for blood, evolving demographics, a growing emphasis on personalized medicine, increased need for safe and efficient blood transfusions, as well as a rise in healthcare expenditure. Dominant trends predicted throughout the period include the move towards patient-oriented care, decision-making based on data, the optimization of hemoglobin, cooperative care, and broader utilization of autologous blood.

What Strategic Factors Are Influencing the Accelerated Growth of the Patient Blood Management Market?

The increase in accidents, trauma incidents, and surgical procedures has lead to the expansion of the global patient blood management market. For example, the UK Department for Transport, a UK government department, revealed in September 2023 that the final recorded road collisions in Great Britain for 2022 resulted in 1,711 deaths. Of these victims, men comprised 76% and 62% of all casualties, regardless of the degree of severity. The surge in accidents, trauma situations, and surgical procedures has thus created a higher requirement for blood and its consequential products, stimulating market growth.

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What Are the Leading Industry Players Dominating the Patient Blood Management Market?

Major companies operating in the patient blood management market include Haemonetics Corporation, Fresenius SE & Co. KGaA, Terumo Corporation, Immucor Inc., B. Braun Melsungen AG, Macopharma, bioMérieux SA, Asahi Kasei Corporation, KANEKA CORPORATION, Bio-Rad Laboratories Inc, Abbott Laboratories, Grifols, Roche, LIVANOVA PLC, Danaher, Mediware information systems, Kawasumi Laboratories, Haier Biomedical, Diatron MI Zrt., BAG Diagnostics GmbH, Hitachi Ltd., Ortho Clinical Diagnostics, Beckman Coulter Inc., Siemens Healthineers, Thermo Fisher Scientific Inc., Sysmex Corporation, Nihon Kohden Corporation, Radiometer Medical ApS, Instrumentation Laboratory, F. Hoffmann-La Roche Ltd, Grifols Diagnostic Solutions Inc., HemoCue AB

How Are Emerging Trends in Consumer Behavior Affecting the Patient Blood Management Market?

The HEMAsavR, a sterile medical device for capturing and transferring blood, is gaining notable popularity for its usage in gathering and retrieving blood during surgical processes, efficiently addressing sudden blood loss situations. This device enables healthcare providers to gather sterile, anticoagulated blood affordably and without the requirement for specialized resources. As a result, the initial cost of collecting shed blood is lessened, and it can circumvent the need for allogenic transfusions, leading to enhanced outcomes like a reduction in patient deaths, decreased infection rates, and a lower probability of multi-organ failure.

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What Are the Strategic Segments Comprising the Patient Blood Management Market and Their Growth Contributions?

The patient blood management market covered in this report is segmented –

1) By Product: Instruments, Accessories, Reagents And Kits, Software

2) By Component: Plasma, Whole Blood, Red Blood Cells

3) By Application: Hospital, Clinic, Other Applications

Subsegments:

1) By Instruments: Blood Collection Devices, Blood Processing Devices, Blood Transfusion Devices

2) By Accessories: Blood Bags, Transfer Sets, Filters

3) By Reagents And Kits: Blood Typing Reagents, Coagulation Test Kits, Hemoglobin Test Kits

4) By Software: Blood Management Information Systems, Data Management Software, Inventory Management Software

Which Regions Are Significant to the Growth of the Patient Blood Management Market?

The countries covered in the patient blood management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

What Are the Core Features That Define the Patient Blood Management Market?

Patient blood management is a patient-focused, evidence-based, and systematic approach to optimizing the care of patients, who might need a blood transfusion, by optimizing patients’ blood, minimizing surgical blood loss, and harnessing the patient-specific physiological reserve of anemia thereby reducing the need for allogeneic blood transfusions.

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