Autotransfusion Devices and Consumables Market Size to Grow at a CAGR of 6.2% During the Forecast Period 2021-2026

August 06 14:48 2021
Autotransfusion Devices and Consumables Market Size to Grow at a CAGR of 6.2% During the Forecast Period 2021-2026
Autotransfusion Devices and Consumables Market
Higher Preference of People for Autotransfusion Technique Over Allogeneic Due to Higher Chances of Graft Versus Host Disease Induced Infection Are Amongst the Major Factor Projected To Impel Growth of Autotransfusion Devices and Consumables Market.

Autotransfusion Devices and Consumables Market size was valued at $889 million in 2020, and is anticipated to reach $1,098 million by the end of 2026 growing at a CAGR of 6.2% during the forecast period 2021-2026. The Autotransfusion Devices and Consumables industry growth rate is attributed to the increased prevalence of cardiac and vascular diseases, transplantation related infections and is anticipated bringing new opportunities.

During a cardiac or orthopedic surgery, autotransfusion is a form of autologous blood transfusion in which the patient receives his or her own blood after part isolation, washing, and filtration. After purification is complete, the blood is rein-fused into the patient’s body. When compared to allogeneic blood transfusion, which has a higher risk of transfusion transmitted infection, the risk of postoperative transfusion transmitted infection is very low with autologous blood transfusion.

Moreover, presently untapped market potential in developing regions with more population and lack of healthcare amenities is expected to provide lucrative opportunities for autotransfusion devices and consumables market trends. However, higher costs associated with autotransfusion devices and their maintenance are anticipated to limit the growth of the autotransfusion devices and consumables market, as people in developing countries would prefer allogeneic blood transfusion due to its cost effectiveness.

Autotransfusion Devices and Consumables Market Segment Analysis – By Product Type

In 2020, on the basis of product type, autotransfusion segment accounted for the largest segmental revenue of the autotransfusion devices and consumables market. The autotransfusion segment held the largest market on account of the increasing adoption of autotransfusion systems in developed, as well as developing countries. The growth is anticipated to be fueled by increased versatility, transfusion report generation, and connectivity.

On the contrary, consumables segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 6.80% as consumables used during the autotransfusion method are disposed and nor reused; thus, this segment is anticipated to be the fastest growing sector in the product type segment during the forecast period 2021-2026. The factors contributing towards the growth of consumables market include lesser risk of transfusion transmitted infection, efficiency, and edge over other devices.

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Autotransfusion Devices and Consumables Market Segment Analysis – By End Users

On the basis of end users, hospital segment accounted for the largest segmental revenue of the Autotransfusion Devices and Consumables market in 2020. The large share can be attributed to the increasing number of cardiovascular and obstetrics & gynecological surgeries in hospitals. Certain factors such as evolving healthcare infrastructure in developing countries and increasing number of advanced healthcare facilities are likely to boost the adoption of autotransfusion devices in hospitals, and this will accelerate the growth of the hospital segment in the autotransfusion devices market during the forecast period 2021-2026.

On the other hand, specialty clinics segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 6.5%. The specialty clinics are to witness a healthy growth owing to the increasing number of advanced trauma centres, cardiovascular centres, and emergency centres. Increasing adoption of intraoperative and postoperative cell salvage in specialty clinics, especially in developed regions is anticipated to offer significant growth for the specialty clinics and others segments during the forecast period 2021-2026.

Autotransfusion Devices and Consumables Market Segment Analysis – By Geography

North America is the major region dominating the Autotransfusion Devices and Consumables market with a market share of 33.9% in the year 2020. This can be attributed to the increasing focus on autologous blood transfusion in major cardiovascular & orthopaedic surgeries coupled with developed infrastructure that have fueled the regional market. Moreover, rise number of patient suffering from cardiovascular, orthopedic diseases, and increase in geriatric population, leading to a higher probability for the transplantation of organs are anticipated to fuel market growth during the forecast period 2021-2026.

However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 as with entry of new market players and growing awareness on cell salvage technologies most of the developed countries in the region have adopted autotransfusion technique, devices and consumables owing to the emphasis by the government bodies owing to lesser risk of transfusion transmitted infection which has propelled the market growth throughout the autotransfusion devices and consumables market forecast period 2021-2026.

Autotransfusion Devices and Consumables Market Drivers

Advancements With Increasing Number Of Surgical Procedures

The autotransfusion devices and consumables market is poised to receive upswing owing to scarcity of donated blood, increasing number of surgical procedures, ageing population, increasing prevalence of chronic conditions, and need for advanced blood management are all contributing factors thereby, augmenting factors that are to affect the global market. Moreover, advancements in medical science have led manufacturers to develop various devices and medical equipment, human life betterment being the sole purpose. Such is the case with blood transfusion, where manufacturers have come up with devices that allow efficient and infection free transfusion. Therefore, growing incidences of heart problems and cardiac surgeries has resulted in adoption of advanced transfusion systems around the world that drives the growth of autotransfusion devices and consumables market during the forecast period 2021-2026.

Autotransfusion Devices and Consumables Market Challenges

Inflated Cost And Preferable Alternative Of Open Surgery

Despite several drivers, one of the major factor hindering is the higher cost related with devices used for autotransfusion and its maintenance as people in a developing nation would opt for allogeneic blood transfusion technique due to its cost effectiveness thereby, challenging the regional market growth.

Autotransfusion Devices and Consumables Market Landscape

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the autotransfusion devices and consumables market. In 2020, autotransfusion devices and consumables market share is fragmented by the top ten players present in the market. The autotransfusion devices and consumables market top 10 companies are Haemonetics, Becton Dickinson and Company, Brightwake, Getinge AB, Fresenius Kabi, LivaNova, Medtronic, Advancis Surgical, Stryker and others.

Acquisitions/Product Launches

In June 2020, ProCell Surgical Inc. announced the launch of ProCell, the medical device used to automate the manual and outdated activity of surgical sponge-blood recovery for intraoperative autotransfusion.

Key Takeaways

North America dominated the autotransfusion devices and consumables market with a share of 33.9% in the year 2020.        

The factors such as higher preference of people for autotransfusion technique over allogeneic due to higher chances of graft versus host disease induced infection are amongst the major factor projected to impel growth of autotransfusion devices and consumables market.

Additionally, factors such as rise in the number of orthopedic, cardiac and vascular surgeries, and technological advancements in the development of autotransfusion devices and consumables are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.

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https://www.industryarc.com/Report/16227/respiratory-devices-market.html

B. Orthopedic Devices Market

https://www.industryarc.com/Report/18337/orthopedic-devices-market.html

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