Patient Blood Management Market:
The global patient blood management market is expected to decline from $10.2 billion in 2019 to $9.95 billion in 2020 at a compound annual growth rate (CAGR) of -2.42%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The postponement of non-essential surgical procedures due to the COVID 19 lockdown also impacted the market in 2020. The market is then expected to recover and reach $12.63 billion in 2023 at a CAGR of 8.28%.
The market for patient blood management consists of sales of instruments, accessories, software, reagents and kits used in the management of blood and blood products of patients. Patient blood management is a patient-focused, evidence-based and systematic approach to optimize care of patients, who might need a blood transfusion, by optimizing patients’ own blood, minimizing surgical blood loss and harnessing the patient-specific physiological reserve of anemia thereby reducing the need of allogenic blood transfusions. The market consists of revenue generated by the companies manufacturing the patient blood management requirements by the sales of these products.
Request Free Sample Report @ https://www.wiseguyreports.com/sample-request/5583648-patient-blood-management-global-market-report-2020-30
North America was the largest region in the patient blood management market in 2019. Asia Pacific is expected to be the fastest-growing region in the patient blood management market in the forecast period.
HEMAsavR is a sterile medical device to capture and transfer blood, which is increasingly being used to collect and salvage blood in surgical procedures and respond quickly to unanticipated blood loss. Clinicians can economically collect sterile, anticoagulated blood without any need for specialized resources. By this, the upfront shed blood collection cost decreases, allogenic transfusions can be avoided with improved outcomes such as decreased patient mortality, low incidence of infections and reduced risk of multi-organ failure. In August 2019, Ecomed Solutions, the developer and manufacturer of HEMAsavR received a contract from Vizient Inc, a healthcare performance improvement company to recommend HEMAsavR by hospital experts who serve as a Vizient member council.
The patient blood management market is segmented by product into instruments; accessories; reagents and kits; software. It is also segmented by component into plasma; whole blood; red blood cells and by application into hospital; clinic; others. The market is further segmented by instruments into blood processing devices, blood transfusion devices, blood culture screening devices, diagnostic & testing instruments, blood storage devices, and by accessories into syringes & needles, vials & tubes, blood bags, other accessories.
The high cost associated with automated systems is expected to limit the growth of the global patient blood management market. Costs associated with an increasing regulatory requirement, infection testing and hospital administration, which includes initial project costs, personnel salaries, costs of equipment, outside resources and ongoing project costs make automation expensive. According to a report by Haemnetics Corporation published in 2016, the estimated total annual direct and indirect cost of blood products contributing to blood transfusion is $1.62 to $6.03 million per hospital for surgical patients alone. The high economic cost of automation is therefore expected to hamper the global patient blood management market.
The rising number of accidents, trauma cases, and surgical procedures contributed to the growth of the global patient blood management market. According to WHO, 1.35 million people die every year due to road accidents, and low-income and middle-income countries account for 93% of the fatalities occurring in the world due to road accidents. In 2017, at least 1.4 million cesarean sections were performed in the European Union. Increased number of accidents, trauma cases and surgical procedures resulted in increased demand for blood and its products is the driving the global patient blood management market.
Major players in the patient blood management market are Haemonetics Corporation, Fresenius SE & Co. KGaA, Terumo Corporation, Immucor Inc., B. Braun Melsungen AG, Macopharma, bioMérieux SA, Asahi Kasei Corporation, KANEKA CORPORATION, and Bio-Rad Laboratories Inc.
For further information on this report, visit – https://www.wiseguyreports.com/reports/5583648-patient-blood-management-global-market-report-2020-30
NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
Company Name: Wiseguyreports.com
Contact Person: Norah Trent
Email: Send Email
Phone: +1 646 845 9349, +44 208 133 9349
Address:Magarpatta Road, Hadapsar