Thursday, 2 August 2018

Blood Banking Devices Market to surpass US$ 49.8 billion by 2026

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.

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.

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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.

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.

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 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.).
About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Wednesday, 1 August 2018

Axillary Crutches Market - Latest Advancements & Market Outlook 2018 to 2026

Axillary crutches are the mobility aids used by individuals suffering from walking disability, factures, paralysis, and leg injuries. Axillary crutches transfer the weight from legs to the arms/shoulders and support the movement of individuals who are unable to walk due to some disability. Axillary crutches are lightweight and they are available in various materials, which includes aluminum, stainless steel, and wooden. Axillary crutches are adjustable in size and can be adjusted as per the user need, height, and comfort. Furthermore, key players in the market are involved in developing various axillary crutches with new designs to provide comfort to its users.

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Axillary Crutches Market Drivers

Increasing prevalence of walking disability is expected to increase demand for axillary crutches and fuel axillary crutches market growth over the forecast period. According to Center for Disease Control and Prevention (CDC), in 2017, an estimated 8.2 million adults were suffering from some kind of walking disability in the U.S.

According to the data published by U.S. Census Bureau in 2012, approximately 30.6 million people in the U.S. has difficulty walking or climbing stairs and they require supportive medical device such as crutches and cane while waking. Such high prevalence of disabilities among population is expected to propel demand for axillary crutches in market.

Majority of the geriatric population experience some problem in walking, which require support such as axillary crutches while walking. Hence, increasing prevalence of geriatric population is expected to increase demand for axillary crutches, which in turn is expected to fuel global axillary crutches market growth over forecast period.

For instance, according to the data published by United Nations Population Fund, people aged 60 years and above accounted for 12.3% of the global population in 2015, which is expected to increase to 22% by 2050, accounting for 2 billion people. According to a survey conducted by Population Reference Bureau in 2016, over 46 million senior citizens were reported of age 65 and above in the U.S. Around 48% of this aging population is disabled due to age factor and chronic diseases.

Furthermore, increasing incidence of road accidents leading to various injuries including severe injuries in legs or permanent disability of legs is increasing the demand for axillary crutches, which in turn is expected to fuel axillary crutches market growth. For instance, according to World Health Organization (WHO), in 2017, around 1.25 million people die annually and more than 20 to 50 million people experience severe injuries and factures, due to road traffic crash.

Axillary Crutches Market Regional Analysis

North America is expected to hold a dominant position in global axillary crutches market, owing to presence of key players in region and rapid research and development activities for the development of new axillary crutches with novel design, shape, which make walking more easy and painless. For instance, in 2016, Mobility Designed, LLC, a U.S-based company, designed a novel axillary crutch with a reinvented design, which places body weight on the forearms and provides a painless walk with crutch.

Asia Pacific axillary crutches market is expected to witness significant growth owing to increasing geriatric population, which is expected to increase demand for axillary crutches in the aged people suffering from walking disability. For instance, according to the data published by United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in 2016, Asia Pacific region constitutes around 60% of the world’s geriatric population. It is estimated that in 2016, around 547 million people were aged above 60 years in Asia Pacific region and this number is expected to double and reach around 1.3 billion by 2050.

Axillary Crutches Market Restraint

Presence of alternative devices to axillary crutches is expected to be one of the major factor restraining the axillary crutches market growth over the forecast period. For instance, presence of other walking assisted device such as canes, walkers, and wheelchairs can replace the use of axillary crutches and hinder market growth.

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Axillary Crutches Market Key Players

Key players operating in global axillary crutches market include: Cardinal Health, Inc., Ossenberg GmbH, Invacare Corporation, Millennial Medical, LLC, NOVA Medical Products, Carex Health Brands Inc., GF Health Products, Inc., MIKIRAD Grzegorz Kicior, and Ergoactives.

Axillary Crutches Market Taxonomy:

The global axillary crutches market is segmented on the basis of material type, age group, and region

By Material Type-
  • Aluminum
  • Stainless Steel
  • Wooden
  • Others
By Age Group-
  • Adult
  • Pediatrics
By Region-
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa
About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.