Global Banking Devices Market Size And Forecast, 2018-2026

 

Banking Devices Market

Blood transfusion, a procedure used to treat a variety of medical conditions, replaces lost blood components and aids in the patient's recovery. However, a lack of timely access to safe blood transfusion will increase demand for blood banks to provide efficient, safe, and real-time availability of blood units. As a result, various organisations are engaging in activities to introduce innovative product solutions to the market. For example, Strides Software Solutions, an India-based company that facilitates the availability of safe and high-quality blood components, developed India's first Aadhaar-based centralised donor authentication and identification application, known as the D-Health app, in March 2018.  This app leverages the power of cloud computing to bring all the key stakeholders of blood cycle management including blood banks, donors, blood camp organizers, hospitals, and patients to one platform.  

One of the major factors driving growth in the global blood banking devices market is a severe shortage of blood units in various countries. For example, according to World Health Organization (WHO) data from 2012, only about 9 million blood units are available annually, despite a global demand for 12 million units. Furthermore, a significant disparity exists between the increasing demand for blood units and the actual number of blood banks present globally, indicating a significant opportunity for the blood banking devices market over the forecast period.

The global Blood Banking Devices Market was valued at US$ 26,234 Mn in 2017 and is expected to witness a CAGR of 7.4% over the forecast period (2018 – 2026).

The growing demand for blood and blood components will drive the blood banking devices market significantly. According to the American National Red Cross 2018 data, approximately 7,000 units of platelets and 10,000 units of plasma are required daily in the United States, and approximately 21 million blood components are transfused each year. The Singapore Red Cross Society, (2017), estimates that 120,000 units of blood are required each year to meet the transfusion needs of patients, which equates to more than 400 units of blood per day.

Blood is required for patients undergoing cancer treatment, orthopaedic surgeries, organ and bone marrow transplants, cardiovascular surgery, and treatment for inherited blood disorders. According to America's Blood Centers 2012 data findings, general medicine procedures (28 percent) required a high amount of red blood cells during practises, while haematology and oncology surgery procedures (32 percent) required a higher amount of platelets. Furthermore, an increase in the number of surgical interventions such as cancer, organ and bone marrow transplants, cardiovascular surgeries, general surgery, nephrology, and dialysis leads to an increase in demand for blood components, propelling the blood banking devices market forward.  

Furthermore, according to the same source, the majority of the blood collected by the Singapore Red Cross Society in 2017 was used in surgical procedures (54%), general medicine (31%), haematology and blood diseases (9%), and accident and emergency cases (6 percent ). The increasing number of blood donations that will meet the rising demand for blood units globally is also expected to drive market growth. According to the World Health Organization (WHO), 112.5 million blood donations were made worldwide in 2013, with an increase of 10.7 million blood donations from unpaid donors reported between 2008 and 2013.

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