Cell salvage business
Haemonetics (HAE) is currently the number one or number two player in the cell salvage segment in most of the geographies in which the company competes.
Although Haemonetics expects the overall cell salvage market to grow at a CAGR (compound average growth rate) in the low single digits, the company is focused on significantly improving its existing product line and rapidly increasing its market share in the fastest-growing markets. The company also aims to enter new markets with above-average growth rates in the cell salvage segment.
The above diagram shows the global market shares of Haemonetics and its competitors Fresenius (FMS), Medtronic (MDT), and LivaNova (LIVN) in the cell salvage (or auto transfusion) business in fiscal 2017.
Haemonetics has improved on its older Cell Saver product in terms of connectivity and overall programming and has launched the Cell Saver Elite platform. This innovation has proved instrumental in attracting new competitive wins in this market. Haemonetics is also focused on improving both its top and bottom lines in the cell salvage business through optimal pricing and inventory management. Additionally, the company is assessing the growth prospects of its noncore products in the cell salvage business to ensure that they fit with its overall business strategy.
Transfusion management business
Haemonetics expects its transfusion management business, which involves software products such as SafeTrace Tx and BloodTrack (which are used by hospitals to manage the blood supply chain), to become one of its biggest growth drivers in the coming years. The company has started developing a presence in certain major hospitals worldwide. With continued investments in commercialization, research and development, and multicenter studies for this software, Haemonetics expects to further expand the addressable market size for its transfusion management business.
In the next article, we’ll discuss Haemonetics’s transfusion management and hemostasis management businesses in greater detail.