USD 12.2 billion
Report ID:
SQMIG35D2100 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
61
|Figures:
75
Patient Blood Management Market size was valued at USD 12.97 billion in 2022 and is poised to grow from USD 13.79 billion in 2023 to USD 22.48 billion by 2031, growing at a CAGR of 6.30% during the forecast period (2024-2031).
The global patient blood management market is experiencing significant growth, driven by various factors such as the rising prevalence of chronic diseases, increasing surgical procedures, and growing awareness about the benefits of patient blood management strategies. Patient blood management (PBM) involves a comprehensive approach to optimize the care of patients who might need blood transfusion, aiming to improve patient outcomes and reduce the need for blood transfusions whenever possible. One of the key drivers of the global market is the rising prevalence of chronic diseases, such as cardiovascular disorders, cancer, and blood disorders. These conditions often require surgical interventions, which may involve the need for blood transfusions. However, healthcare providers are increasingly adopting patient blood management strategies to minimize the use of blood transfusions, as they are associated with risks and complications. This trend is fueling the demand for patient blood management solutions and services. The emphasis on improving surgical outcomes, reducing complications, and shortening hospital stays is driving the adoption of patient blood management protocols, leading to market growth. Blood transfusions are associated with various risks, including infections, immune reactions, and transfusion-related complications. Patient blood management offers a holistic approach to patient care, focusing on alternatives to transfusions, such as optimizing the patient's own blood volume, reducing blood loss during surgery, and employing pharmacological and non-pharmacological methods to enhance the patient's tolerance to anemia. Increasing awareness about these strategies is driving the adoption of patient blood management practices globally.
US Patient Blood Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 12.2 billion
Largest Segment
Consumables
Fastest Growth
Consumables
Growth Rate
6.3% CAGR
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Global Patient Blood Management Market is segmented by type, application, and region. Based on type, the market can be segmented into Instruments, Software and Consumables. Based on application, the market is segmented into Preoperative Anemia Management, Acute Blood Loss Management and Chronic Blood Loss Management. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Patient Blood Management Market Analysis by Type
Consumables hold a dominant position in the patient blood management market due to their recurring use in blood transfusion and other related procedures. The demand for consumables remains consistent and continues to grow as healthcare facilities and blood banks require a steady supply of these items to support patient care.
On the other hand, the fastest-growing type in the global patient blood management market is software. Patient blood management software encompasses digital solutions designed to streamline and optimize blood management processes. These software solutions assist healthcare professionals in tasks such as blood inventory management, patient blood utilization tracking, and decision support for appropriate transfusion practices.
Patient Blood Management Market Analysis by Application
Preoperative Anemia Management dominated the patient blood management market. This approach focuses on identifying and treating anemia in patients before they undergo surgical procedures. Anemia is a common condition characterized by a low level of red blood cells or hemoglobin, resulting in reduced oxygen-carrying capacity. By addressing anemia prior to surgery, healthcare providers aim to optimize patients' hemoglobin levels, enhance their physiological reserve, and reduce the risk of complications during and after surgery. The dominant position of Preoperative Anemia Management reflects the recognition of the importance of managing anemia as part of comprehensive patient care.
On the other hand, the fastest-growing type within the patient blood management market is Acute Blood Loss Management. This application area focuses on managing situations where patients experience sudden and significant blood loss due to trauma, surgery, or other medical emergencies. Effective management of acute blood loss involves timely identification, assessment, and treatment to restore and stabilize the patient's blood volume and hemodynamic stability. This type is experiencing rapid growth due to the increasing awareness of the importance of prompt intervention in cases of acute blood loss, particularly in emergency settings. Healthcare providers and medical institutions are investing in advanced technologies and protocols to improve patient outcomes in such critical situations.
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North America dominated the global patient blood management market. North America holds a significant share in the market due to the presence of advanced healthcare infrastructure, well-established healthcare systems, and a high level of awareness about patient blood management practices. Countries like the US and Canada have implemented stringent regulations and guidelines to promote safe and effective blood management, driving the market growth in the region. Additionally, technological advancements and a strong focus on research and development contribute to the dominance of North America in the patient blood management market.
On the other hand, the fastest-growing region in the global patient blood management market is Asia-Pacific. The Asia-Pacific region is witnessing rapid economic growth, increasing healthcare expenditure, and a growing patient population. Countries like China, India, and Japan are making significant investments in healthcare infrastructure and are focusing on improving healthcare outcomes. As awareness about patient blood management practices increases in the region and healthcare facilities adopt advanced blood management solutions, the Asia-Pacific market is experiencing substantial growth. Factors such as a rising number of surgeries, increasing prevalence of chronic diseases, and the need for safe and efficient blood transfusion contribute to the fast-paced growth of the patient blood management market in Asia-Pacific.
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Patient Blood Management Market Drivers
Advancements in transfusion medicine
Patient Blood Management Market Restraints
Challenges in changing transfusion practices
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The global patient blood management market is highly competitive and dynamic, characterized by the presence of several key players operating in the healthcare industry. Patient blood management refers to a multidisciplinary approach that aims to optimize patient outcomes by effectively managing and preserving the patient's own blood. This includes strategies such as minimizing blood loss, optimizing red blood cell production, and utilizing alternative therapies to transfusion.
Patient Blood Management Market Top Player’s Company Profiles
Patient Blood Management Market Recent Developments
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According to theGlobal Patient Blood Management analysis, it is driven by various factors such as increasing awareness about the importance of blood conservation, rising surgical procedures, and advancements in transfusion technologies. Patient blood management (PBM) focuses on optimizing patient outcomes by effectively managing and conserving blood resources.The increasing prevalence of chronic diseases and the subsequent rise in surgical interventions contribute to the market growth. Additionally, the growing demand for cost-effective healthcare solutions, coupled with a shift towards personalized medicine, drives the adoption of patient blood management practices.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 12.97 billion |
Market size value in 2031 | USD 22.48 billion |
Growth Rate | 6.30% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Patient Blood Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Patient Blood Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG35D2100