A new market study, titled “Autotransfusion Devices Market Forecast 2021-2028” has been featured on Fortune Business Insights™.
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The global autotransfusion devices market is set to gain traction from the increasing adoption of cell salvage as it is capable of lowering the requirement of allogeneic blood transfusion. This will also reduce the risk of adverse complications. This information is given by Fortune Business Insights™ in a new report, titled, “Autotransfusion Devices Market Size, Share & Industry Analysis, By Product Type (Autotransfusion Systems and Consumables & Accessories) By Application (Cardiovascular Surgeries, Orthopedic Surgeries, Neurological Surgeries, Obstetrics & Gynecological Surgeries, and Others) By End User (Hospitals and Specialty Clinics & Others) and Regional Forecast, 2020-2027.” The report further states that the autotransfusion devices market size was USD 256.7 million in 2019 and is projected to reach USD 307.2 million by 2027, exhibiting a CAGR of 4.1% during the forecast period.
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COVID-19 Pandemic to Affect Growth Stoked by Reduced Surgical Procedures
The COVID-19 pandemic is set to impact growth negatively by declining the number of surgical procedures. The Minneapolis Heart Institute Foundation, for instance, mentioned that during the first quarter of 2020, in the U.S., there was an approximate drop of 40% in the number of STEMI procedures. But, in the 3rd and 4th quarters, the number of surgeries that are to be performed would grow in hospitals worldwide. It would slowly boost growth.
How Did We Create This Report?
We gathered information from various studies published by authentic organizations, such as the World Health Organization, National Health Service, Centers for Disease Control and Prevention, American College of Radiology, and Eurostat. At the same time, we conducted exclusive interviews with key stakeholders, such as sales managers, marketing managers, distributors, product managers, and research institutes.
Drivers & Restraints-
Rising Shift towards Intraoperative & Postoperative Cell Salvage to Propel Growth
Nowadays people are rapidly shifting towards intraoperative & postoperative cell salvage to avoid major complications related to allogeneic transfusions. Also, the rising number of high-bleeding surgeries worldwide is set to accelerate the autotransfusion devices market growth in the near future. However, the high demand for minimally invasive surgeries globally because of their cost-effectiveness and ability to provide superior patient comfort may obstruct the demand for autotransfusion devices.
Cardiovascular Surgeries Segment to Dominate Fueled by Increasing Number of Procedures
Based on application, the cardiovascular surgeries segment earned 56.5% in terms of the autologous blood transfusion devices market share in 2019. It is expected to dominate the market throughout the forthcoming years backed by the increasing adoption of autotransfusion devices during such procedures. Besides, the rising number of cardiovascular procedures such as heart transplantations, cardioverter-defibrillator (ICD) and pacemaker implantations, valve replacement surgeries, and coronary artery bypass grafting (CABG) would drive growth.
Development of Healthcare Infrastructure to Favor Growth in Asia Pacific
Geographically, in 2019, North America stood at USD 127.9 million in terms of revenue. The increasing usage of autotransfusion devices in orthopedic and cardiovascular surgeries is anticipated to aid growth in this region. Europe, on the other hand, is set to grow significantly stoked by the strong emphasis on the adoption of intraoperative and postoperative cell salvage techniques. In Asia Pacific, development of the healthcare infrastructure in emerging countries, such as India and China would bolster growth.
Key Players Focus on Receiving FDA Approval to Gain a Competitive Edge
The market for autotransfusion devices is consolidated with the presence of a very limited number of companies. Haemonetics Corporation and Fresenius SE & Co. KGaA are considered to be major manufacturers. Some of the others are trying to gain a competitive edge by launching new autologous blood transfusion devices and by bagging FDA approvals. Below are the two latest industry developments:
- June 2020: ProCell Surgical Inc. unveiled its proprietary medical device called ProCell to automate the outdated and manual activity for intraoperative autotransfusion (IAT) of surgical sponge-blood recovery.
- July 2018: Medtronic bagged the FDA approval for its advanced autoLog IQ Autotransfusion System. It is an adaptable and easy autotransfusion system that is capable of providing high-quality blood products automatically.
A list of all the renowned autotransfusion devices manufacturers operating in the market:
- Haemonetics Corporation (Massachusetts, U.S.)
- LivaNova PLC (London, UK)
- Medtronic (Dublin, Ireland)
- Fresenius SE & Co. KGaA (Bad Homburg, Germany)
- BD (Becton, Dickinson and Company) (Franklin Lakes, U.S.)
- Beijing Jingjing Medical Equipment Co., Ltd. (Beijing, China)
NOTE: Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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