Patient Blood Management Market Expected to Reach $22.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Patient Blood Management Market," The patient blood management market size was valued at $12.2 billion in 2021, and is estimated to reach $22.1 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031. Patient blood management (PBM) is a standard of care in surgery and medicine, which is utilized to maximize the use of a patient’s own blood to avoid unnecessary blood transfusions during surgery. It improves patient outcomes by making sure that the focus on the patient’s medical and surgical management is improving and preserving the patient’s own blood. Consequently, patients usually require fewer transfusions of donor blood, thus dropping the risk of transfusion-associated complications. Furthermore, PBM helps to conserve one’s own blood during surgery or medical treatments that have a known risk of blood loss, and hence reduces the complications.

Patient blood management (PBM) takes an individualized and multidisciplinary approach to the management of a patient’s blood through assessment and the development of a management plan to optimize a patient’s own blood; minimize blood loss; and optimize tolerance of anemia. The blood of patients can be managed by using blood transfusion devices, blood processing devices, blood cell processors, centrifuge, blood culture screening devices, automated blood culture systems, supporting equipment, blood storage devices, refrigerators, and freezers.

Growth of the patient blood management market growth is majorly driven by a rise in the number of surgical procedures performed, a rise in awareness regarding patient blood transfusion, and an increase in initiatives taken by the government and non-governmental organizations to create awareness regarding blood donation, increase in focus to follow patient blood management guidelines. In addition, the rise in the incidence of trauma & accidents, surge in the prevalence of blood disorders, increase in the number of blood donations, and high demand for safe blood fuel growth of the patient blood management market share. For instance, according to the WHO, 117.4 million blood donations are observed annually every year. Thus, the high number of blood donations across the globe leads to a surge in demand for blood management devices, hence boosting the growth of this market.

Furthermore, the rise in the prevalence of malaria, tuberculosis, & cancer and the increased focus on technological advancements in the patient blood management industry is anticipated to help the industry gain maximum shares in the coming years.

On the basis of product, the reagents and kits segment is expected to witness the highest CAGR during the forecast period, owing to the high adoption of reagents and kits, rise in bloodstream infection, and increase in the incidence of sepsis.

By component, the plasma segment is expected to witness the highest CAGR during the forecast period, owing to the rise in the prevalence of liver diseases in the elderly population that requires the use of plasma, globally.

On the basis of end users, the diagnostic clinics and pathology labs segment is expected to witness the highest CAGR during the forecast period, owing to an increase in demand for blood testing and a surge in the prevalence of infectious diseases such as AIDS, hepatitis, and others.

Asia-Pacific witnessed the highest growth in 2021 and is expected to witness the highest CAGR, owing to an increase in population, surge in healthcare expenditure, rise in awareness related to blood & plasma donation, and patient blood management.

KEY FINDINGS OF THE STUDY

• The report includes an analysis of the regional as well as global patient blood management market trends, key players, market segments, application areas, and market growth strategies.
• On the basis of product, the instruments segment held the largest share of the patient blood management market in 2021.
• By component, the whole blood and red blood cells segment held the largest share of the patient blood management market in 2021.
• On the basis of end users, the hospital's segment held the largest market share in 2021.
• On the basis of region, Asia-Pacific held the largest market share in 2021.