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Autotransfusion Devices Market Forecast to 2028- COVID-19 Impact and Global Analysis - by Type ; Application ; End User
The autotransfusion devices market is expected to grow from US$ 1,000. 26 million in 2021 to US$ 1,331. 99 million by 2028; it is estimated to grow at a CAGR of 4. 2% from 2021 to 2028. Rapid increase in chronic diseases, rise in transplants, and difficulty in obtaining blood groups across the globe are driving the growth of the market.
New York, April 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Autotransfusion Devices Market Forecast to 2028- COVID-19 Impact and Global Analysis - by Type ; Application ; End User" - https://www.reportlinker.com/p06269980/?utm_source=GNW
However, the product recalls and Risks Associated with Autotransfusion are hamper the autotransfusion devices market growth.
The outbreak of COVID-19 pandemic had a negative impact on autotransfusion devices market growth.It showcased a huge decline in revenue due to stringent restrictions imposed by the government resulting in decreasing number of surgical procedures performed.
The devices are mainly used in surgeries with high blood loss such as orthopaedic and cardiac surgeries.Due to decreasing number of surgeries performed, the demand for autologous blood transfusion devices has reduced.
For Instance: According to the data published by American Medical Association it was estimated that there was 48% reduction in total surgical procedures performed in the U.S. due to the COVID-19 pandemic. However, after the pandemic restrictions normalized, the volume of surgical procedures returned to normal levels.
The recent outbreak of recent COVID-19 variants in the region further restricts the surgical procedures performed, increasing the burden of infected countries.However, the healthcare facilities are handling the situation and providing more innovative solutions for delivering healthcare.
Moreover, the healthcare system has again took running pace nowadays.The postponed surgical procedures that are now taking place, posing high demand of autotransfusion devices and has opened the opportunity to gain the market share with innovative products.
For Instance: According to American Association of Orthopaedic Surgeons and Agency for Healthcare Research and Quality (AHRQ), an estimated 700,000 knee replacement and around 450,000 hip replacement procedures are performed in U.S. each year. Besides, according to an article published by University of Alabama in 2021, it was reported that 320,000 coronary artery bypass grafting procedures were performed in U.S. in 2020. Thus, the overall COVID-19 impact on North America autotransfusion devices market is negative but the market is again gaining traction and expected to grow in coming years.
The European economy is severely affected due to the exponential growth of COVID-19 cases in the region.The countries such as Spain, Italy, Germany, France, and the UK are among the most affected European countries and number of deaths were also high.
Since, the beginning of the pandemic millions of patients worldwide have had their care delayed as hospitals canceled non-urgent operations, including some surgeries for people with heart and orthopaedic conditions.A very large number of operations were cancelled or postponed owing to disruption caused by COVID-19.
Governments had mitigated against this major burden on patients by developing recovery plans and implementing strategies to restore surgical activity safely.For Instance: According to British Journal of Surgery, an estimated 28,404,603 operations were cancelled or postponed during the peak 12?weeks of disruption due to COVID-19.
The overall 12-week cancellation rate accounted to be 72•3%.
The aging population and lifestyle changes are leading to a steady increase in the prevalence of chronic medical conditions.The rapidly growing middle-class population and urbanization are driving the adoption of sedentary lifestyle.
The World Health Organization (WHO) estimated a rise in the prevalence of chronic diseases by 57% in 2020.Modernization of facilities reduces physical activities among people and increases stress from personal, professional, and societal factors.
Arthritis, cardiovascular diseases, breast and colon cancer, diabetes, epilepsy and seizures, obesity, and oral health problems are the leading chronic diseases reported among elderlies in developed countries. Chronic diseases affect public health, societies, and economies.
According to the data published by the National Institute of Cancer Prevention and Research (NICPR) and the Indian Council of Medical Research (ICMR), the yearly prevalence of cancer in India is estimated at ~2.25 million, leading to numerous surgical procedures. Autotransfusion devices are widely used in various surgical procedures, such as cardiac surgery and other invasive procedures. Chronic diseases such as cancer, cardiovascular diseases, and renal disorders are major causes of human death worldwide. These conditions are generally treated via surgical procedures, which are associated with a chance of excessive blood loss. Fresh blood or their own blood is infused into patients to maintain the blood level. Autotransfusion devices are used during the blood infusion or reinfusion processes. Therefore, the global autotransfusion devices market is growing with the rapid increase in chronic diseases.
Companies such Zimmer Biomet, SARSTEDT AG and Co.KG and others have been implementing various inorganic developments that have bought about dynamic improvements in the autotransfusion devices market due to the involvement of major players which has led to availability of better products in the market.
Recently, in December 2020, Zimmer Biomet acquired A&E Medical Corporation for USD 150 million in cash at closing and USD 100 million in cash payable in 2021.As per the terms of the acquisition, Zimmer Biomet acquired A&E Medical and its complete portfolio of sternal closure devices – including sternal sutures, cable systems, and rigid fixation.
Similarly, in April 2020, SARSTEDT AG and Co.KG acquired 80% of the shares in Timedico A/S and secured a right to acquire additional 20% in the near future.
The acquisition has helped the company to leverage its value proposition to company’s global customers.
Type Insights
The autotransfusion devices market is segmented into type, application, and end user.Based on the type, the market is bifurcated into products and accessories.
The accessories segment held the largest share of the market in 2021, and similar segment is estimated to register the highest CAGR in the autotransfusion devices market during the forecast period.
The Food and Drug Administration, the Australian Blood Management, the Business Monitor International, the National Institute of Metrology Standardization and Industrial Quality, the National Blood Authority, the Northern Ireland Blood Transfusion Service, the National Institute of Cancer Prevention and Research, and the Organ Procurement and Transplantation Network are among the primary and secondary sources referred to while preparing the report on the autotransfusion devices market.
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