Blood And Blood Components Market Players Launch IoT-Enabled Blood Bag Monitors To Track And Manage Blood Donations Efficiently As Per The Business Research Company’s Blood And Blood Components Global Market Report 2022

LONDON, April 26, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report, IoT-enabled blood bag monitors are gaining popularity among the blood and blood components market trends. Players in the market are offering technological solutions and innovative ways to meet the need for blood in both urban and remote locations. For example, in 2019, BAGMO, a Kerala-based healthcare startup, developed a Blood Bag Monitoring System. Monitoring individual blood bags will help in “vein-to-vein” inventory management, which means tracking and managing blood from donation to transfusion with a high degree of accuracy and reliability. The IoT-based blood bank information system keeps a continuous check on the temperature of the blood bags. This decision-supporting technology helps in reducing human effort in maintaining information retrieval speeds and hemovigilance practices.

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The global blood and blood components market size is expected to grow from $35.63 billion in 2021 to $37.18 billion in 2022 at a compound annual growth rate (CAGR) of 4.4%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The blood and blood components industry growth is expected to see $44.11 billion in 2026 at a CAGR of 4.4%.

The rise in demand for whole blood across the globe is contributing to the growth of the blood market. The rising prevalence of bleeding disorders coupled with an increasing number of surgeries is anticipated to escalate demand for blood and blood components during the forecast period. For example, approximately 29,000 units of red blood cells are needed every day in the US, and nearly 5,000 units of platelets and 6,500 units of plasma are needed daily in the US. In addition to this, nearly 16 million blood components are transfused each year in the US.

Major players in the blood and blood components market are American Red Cross, Australian Red Cross Blood Service, Abbott Laboratories, Blood Centers of America, Becton, Dickinson & Co., German Red Cross, Nipro Medical Corporation, American Association of Blood Banks, AVIS National, and National Blood Authority Australia.

TBRC’s global blood and blood components market analysis is segmented by product into whole blood, blood components; by end-user into hospitals, ambulatory surgical centers, others; by application into anemia, trauma and surgery, cancer treatment, bleeding disorders; by blood components into red blood cells, platelets, plasma, white blood cells.

North America was the largest region in the blood and blood components market in 2021. It was followed by Asia Pacific, Western Europe and the other regions. Going forward, the fastest growing regions in the blood and blood components market will be Asia Pacific and North America.

Blood And Blood Components Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide blood and blood components market overviews, blood and blood components market analyze and forecast market size and growth for the whole market, blood and blood components market segments and geographies, blood and blood components market trends, blood and blood components market drivers, blood and blood components market restraints, blood and blood components market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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