The study involved four major activities to estimate the current size of the Patient Blood Management Procedure Market. Exhaustive secondary research was done to collect information on the market and its different subsegments.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the size of the segments and subsegments.
Major Growth Boosters:
The rising prevalence of blood disorders and the increasing number of blood donations & blood donors will fuel market growth over the forecast period. Moreover, the rising prevalence of target diseases and technological advancements in the patient blood management industry will further fuel the growth of the Patient Blood Management Market in the near future.
The patient blood management market is projected to reach USD 15.3 billion by 2024 from USD 10.7 billion in 2019, at a CAGR of 7.4% from 2019 to 2024.
The research methodology used to estimate the market size includes the following:
# Product mapping of various manufacturers for each product type of patient blood management at the regional and/or country level.
# Relative adoption pattern of each patient blood management system among key end users at the regional and/or country level.
# Detailed primary research to gather quantitative information related to segments and subsegments at the region and/or country-level.
# Detailed secondary research to gauge prevailing market trends at the region and/or country-level
Blood banks were the key end users in the patient blood management market in 2019
On the basis of end users, the patient blood management market is segmented into hospitals and blood banks. The increasing number of blood donations has increased the need for proper management of blood. Blood banks are the key end users for various blood processing devices, blood collection devices, and blood storage devices. The key factors attributing to the growth of the blood banks segment include the growing awareness about blood donations, rising automation in blood banks, and the increase in the number of blood banks in developing countries.
Key Questions Addressed by the Report:
# What are the growth opportunities related to the adoption of patient blood management solutions across the globe in the future?
# Which product segment will register the highest adoption rate during the forecast period?
# Where will the advancements in products offered by various companies take the industry in the mid- to long-term?
# Emerging countries have immense opportunities for the growth of the market. Will this scenario continue in the next five years?
Which end users are estimated to adopt patient blood management systems?
# What are the key strategies adopted by the key players operating in the market?
The Asia Pacific region is expected to register significant growth during the forecast period of 2019-2024
The Patient Blood Management Procedure Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific blood management market is expected to register significant growth over the forecast period due to the modernization of healthcare infrastructure, increasing prevalence of chronic lifestyle diseases, and rising awareness about blood donation & blood safety. China accounted for a major share of the Asia Pacific market, owing to a large patient pool and favorable government guidelines to improve healthcare infrastructure in the country.
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