Market Dynamics
The Increasing Burden of Chronic Diseases across Globe
Chronic diseases are the primary causes of death and ill-health worldwide. According to the World Health Report 2002, the mortality, morbidity, and disability attributed to the major chronic diseases accounting for almost 60% of all deaths and 43% of the global disease burden. This is expected to rise to 73% of all deaths and 60% of the global burden of disease by 2021, of which, around 79% of the deaths occurred in developing countries. The most prominent chronic diseases are cardiovascular diseases, cancer, chronic obstructive pulmonary disease, and diabetes type 2. Diabetes damages the functioning of various organs, including the kidney, heart, blood vessels, and eyes. Cancer is a major public health burden. According to the World Health Organization (WHO), cancer is the second leading cause of death, globally. It furthers stated that an estimated 9.6 million death i.e., 1 in 6 deaths were reported due to cancer in 2018. The American Cancer Society, on the other hand, estimated that more than 1.7 million new cancer cases were diagnosed in the U.S. in 2019. From the data by Cancer Research U.K., every year 367,000 new cases of cancer are reported in the U.K.
They are linked by preventable biological risk factors, particularly high blood pressure, high blood cholesterol, and overweight, and by related major behavioral risk factors such as unhealthy diet, physical inactivity, and tobacco use. Action to prevent these major chronic diseases should focus on controlling these and other key risk factors in a well-integrated manner.
Prevalence rates of these conditions, such as severe anemia, cancer, hemophilia, kidney disease, liver disease, severe infection, sickle cell disease, and thrombocytopenia are hastening globally, progressing across every region, and pervading all socioeconomic classes. Thus, with the increasing burden of chronic diseases, the United States faces a potential financial and health care crisis of unparalleled proportion. Thus, leading to boost the market growth.
The Increasing Number of Road Accidents and Surgical Procedures Impacts the Market Growth Positively
According to WHO, injuries account for a sizeable and escalating amount of the disease burden as vehicular traffic and an increase in technical innovation around the world. Every year approximately 1.35 million people die because of a road traffic crash. Moreover, between 20 and 50 million people undergo non-fatal injuries, leading to disability because of the injury.
Road traffic injuries trigger significant economic losses to individuals, their families, and nations. These losses arise from the cost of treatment as well as lost productivity for those killed or disabled by their injuries. Road traffic crashes cost most countries 3% of their gross domestic product. In the U.S., the number of outpatient surgical procedures is expected to grow from 129 million procedures in 2018 to 144 million procedures by 2023.
Severe cases of fracture induced by falls and mishaps in the aging population are anticipated to contribute to the growing market for blood transfusion. The World Health Organization (WHO) has predicted that the overall elderly population is expected to grow to around 2,000 million by 2050. Also, road traffic injuries are the leading cause of death amongst people aged between 15 and 29 years. As reported by the WHO, 2020, more than 1.35 million people die annually due to road traffic crashes and accidents. Around 50 million more people suffer non-fatal injuries, with numerous incurring disabilities as a result of their injury. Motor vehicle crashes are a leading cause of death in the U.S. — more than 35,000 people died from motor vehicle crashes in 2015, according to the CDC. Hence, the aforementioned statistics suggest that the growing number of road injuries and accidents, leading to fracture of the femoral neck or intertrochanteric bone, is eventually raising the demand for intramedullary nails in healthcare facilities.
Besides, increasing cases of trauma across the globe might help fuel the development of the demand for internal fixator devices such as IM nails. As per the American Association for the Surgery of Trauma, in the U.S., injury accounts for above 150,000 deaths, over 3 million non-fatal injuries per year, and 50,000 people die of trauma. Such trauma patients require immediate medical treatment (implantation of trauma fixing devices) to heal from trauma. Additionally, higher disposable income and awareness in industrialized nations, including the U.S. and the U.K., have also contributed to the growth of the trauma fixation devices market. As high disposable income raises the availability of such emergency facilities, it have also led to the development of the demand for trauma fixation products.
Sports injuries, accidents, and falls pose a high risk of spinal injuries. The National Spinal Cord Injury Statistical Center (NSCISC) at the University of Alabama has studied key causes of SCIs and their percent distributions from 2015 to 2018/19. As per this data, 39.3% of vehicular, 31.8% of falls, 13.5% of violence (primarily gunshot wounds), 8.0% of sports/recreation activities, 4.1% of medical/surgical, and 3.1% of others contributed to the SCI cause in the U.S.
Growing foreign direct investments in the automotive industries of countries such as China, Brazil, and India have witnessed tremendous growth in the automobile industry. This has increased the number of vehicles among people of the middle-class population. In addition to this, around 1.3 million people die of road-side accidents annually around the world.
Worldwide public-health programs have traditionally focused on surveillance and control of infectious disease, education, health promotion, and disease prevention. In recent decades, there are several UN regulations on vehicle safety with manufacturing and production standards, would potentially save many lives in low-income and middle-income countries, especially in the Middle East and Asia. Moreover, improving post-crash care ensuring access to timely prehospital care, and improving the quality of both prehospital and hospital care, such as through special training programs.
Thus, contributing to the growth of the blood transfusion market.
Regional Analysis
North America to Dominate the Blood Transfusion Market during the Forecast Period
North America dominates the blood transfusion market as the region is supported by the increasing aging population, growing prevalence of chronic diseases, and increased healthcare spending in the U.S. and Canada. According to the U.S. Department of Health & Human Services, the increase in chronic diseases is majorly due to the changing lifestyle, such as the increase in tobacco use, lack of physical activity, and excessive consumption of alcohol. Also, the increased surgical procedures as compared to developing countries propel the market growth in this region.
A rise in incidences of road accidents is driving the medical devices market, thereby boosting the market growth in North America. Moreover, 2.35 million get injured in road crashes, and over 37,000 people die every year, according to the Association for Safe International Road Travel (ASIRT). American Physical Therapy Association states that 2.9 million sports injuries occur annually. Such a high incidence of accidental injuries and orthopedic disorders created a high demand for blood transfusion, thereby driving the regional market growth. Besides, the local presence of key players and high disposable income accelerate the regional market growth.
Segmental Analysis
Pathogen Reduction System Product Segment to Witness the Fastest Growth during the Forecast Period
Based on product, the global blood transfusion market is segmented into blood bag and accessory, blood mixer, blood component separator, aphaeresis device, pathogen reduction system, consumables and supplies, and others. The pathogen reduction system segment is forecasted to witness the fastest growth during the forecast period.
Pathogen reduction technology (PRT) is a proactive approach to enhance blood transfusion safety. It helps by reducing the pathogen load of a broad range of disease-causing viruses, bacteria, parasites, and inactivates residual white blood cells found in blood components, which may help to reduce transfusion reactions in patients. Several PRT methods have been developed, including solvent/detergent treatment, light treatment, and chemical treatment. Thus, increasing chronic diseases, increasing complicated procedures are attributed to the upsurge in demand for a pathogen reduction system.
