Seattle, WA -- (SBWIRE) -- 09/16/2019 -- The Global Blood Banking Devices Market, by Product Type (Blood Collection Devices (Blood Collection Needles, Blood Collection Tubes (Serum Collection Tubes, Plasma Collection Tubes, Heparin Tubes, and Other Tubes), Needles & Syringes, Lancets, Vacuum Blood Collection System, Blood Bags, and Accessories), Blood Processing Devices (Blood Grouping Analyzers, Blood Cell Processors, Blood Filters, Centrifuges, and Others), and Blood Storage Devices (Blood Bank Refrigerators and Blood Bank Freezers)), by Method of Collection (Manual Blood Collection and Automated Blood Collection), End User (Blood Banks, Hospitals and Other End Users), and Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued US$ 28.1 billion in 2018 and is projected to exhibit a CAGR of 7.4% over the forecast period (2018 - 2026), as highlighted in a new report published by Coherent Market Insights.

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Key players operating in the market are adopting strategies such as mergers and acquisitions to gain competitive edge in the blood banking devices market. For instance, in January 2017, Hologic, Inc. completed the divestiture of its blood screening business to Grifols for deal value of US$ 1.85 billion. This divestment will help Hologic to significantly accelerate their financial flexibility.

In January 2017, Werfen and its subsidiary Instrumentation Laboratory (IL) announced the acquisition of Accriva Diagnostics, a company engaged in in-vitro diagnostic (IVD) blood testing at the point-of-care (POC), including their innovative product portfolio spanning coagulation, platelet aggregation, CO-Oximetry, and incision devices.

Furthermore, in September 2016, Instrumentation Laboratory (IL) announced the acquisition of CA Casyso AG and its Tem subsidiaries, a company engaged in in-vitro diagnostic (IVD) testing for Patient Blood Management (PBM) with their ROTEM testing systems.

Browse 30 Market Data Tables and 35 Figures spread through 182 Pages and in-depth TOC on 'Blood Banking Devices Market, by Product Type (Blood Collection Devices (Blood Collection Needles, Blood Collection Tubes (Serum Collection Tubes, Plasma Collection Tubes, Heparin Tubes, and Other Tubes), Needles & Syringes, Lancets, Vacuum Blood Collection System, Blood Bags, Accessories), Blood Processing Devices (Blood Grouping Analyzers, Blood Cell Processors, Blood Filters, Centrifuges, and Others), and Blood Storage Devices (Blood Bank Refrigerators and Blood Bank Freezers)), by Method of Collection (Manual Blood Collection and Automated Blood Collection), End User (Blood Banks, Hospitals and Other End Users), and Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa - Global Forecast to 2026'

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Key players in the blood banking devices market are engaged in developing innovative strategies such as mobile van blood banking, robotic blood collection system, and blood banking mobile app to enable easy access to donors, which is expected to show lucrative revenue growth over the forecast period.

For instance, in May 2017, Poly Medicure Ltd., manufacturer of medical devices in India, launched their blood banking products in the Indian local market (Haryana), thereby expanding their geographical presence in the local market.

Moreover, in January 2017, Social Capital, an NGO from Coimbatore, India launched an android app for blood donation, with support from the Coimbatore Corporation and Sri Ramakrishna Multi-specialty Hospital. Furthermore, this app will help hospitals and blood banks to connect with donors. In September 2014, the American Red Cross launched a blood donor app, which made it easier for people to track their blood donations and schedule for new ones.

In April 2018, Immucor, Inc., a leader in transfusion and transplantation diagnostics, received the U.S. Food and Drug Administration (FDA) approval for their fully automated Echo instrument called as Echo Lumena. Echo Lumena is Immucor's fifth generation immunohematology instrument, which offers faster and clearer blood compatibility result.

Key takeaways of the Blood Banking Devices Market:

-The global blood banking devices market is expected to expand at a CAGR of 7.4% during the forecast period (2018 – 2026), owing to increasing demand for blood and blood related components

-Among product type, blood collection devices segment accounted to register largest market share in product type segment, owing to increasing demand for these devices and necessity of these devices in blood component analysis at fully automated blood banks and large blood donation centers

-Among method of collection, manual blood collection segment holds a major market share. Manual blood collection systems are an easily accessible way for blood collection, which augment the market share during the forecast period. However, due to continuous advancements in blood banking associated devices, automated blood collection is expected to show higher growth rate in the near future.

-Among the End User segment, blood banks accounted to hold higher market share during forecast period, owing to their increased ability to offer large variety of blood units to associated hospitals and clinics and their ability to handle extensive amount of blood derived components, further processing and storage, for an extended period.

-Some of the major players operating in the global blood banking devices market include Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Abbott Laboratories, Fresenius Kabi AG, Beckman Coulter Inc. (Danaher Corporation), bioMérieux, Inc., China Biologic Products Holdings, Inc., Immucor, Inc.(IVD Holdings, Inc.), Instrumentation Laboratory Company, and F. Hoffmann-La Roche AG (Roche Molecular Systems Inc.).

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