Blood and Blood Components Industry is anticipated to register 3.4% CAGR between 2022 and 2028 impelled by increasing number of people suffering from cancer coupled with various bleeding disorders.
The blood and blood components market value is projected to reach USD 15.2 billion by 2028, according to a new research report by Global Market Insights Inc. Growing awareness campaigns regarding blood donation and increasing number of surgeries will fuel the business landscape.
Growing geriatric population base suffering from chronic conditions requiring surgical procedures will spur the market demand. Moreover, growing number of illnesses such as aplastic anemia, leukemia, lymphoma that disrupts the normal functioning of bone marrow leading to dearth of red blood cells will further drive the industry development. Rising healthcare expenditure, rise in number of surgeries, road accidents, sports injuries etc. requiring surgical intervention will positively impact the blood and blood components market expansion.
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Platelets segment exceeded USD 1.7 billion in 2021 and is set to register a significant CAGR through 2028 due to the surging utilization of platelets. Platelets are majorly utilized for prevention of bleeding in patients suffering from either platelet dysfunction or lower platelet count. Treatments such as targeted therapies, chemotherapy, total body irradiation (TBI) or surgery can also impact the platelet count leading to platelet transfusion.
Some major findings of the blood and blood components market report include:
- Increasing number of surgeries and prevalence of chronic diseases will propel the market progression.
- Growing popularity of platelet rich plasma therapy especially in cosmetic procedures, sports injuries coupled with growing focus of people towards physical appearance stimulating aesthetic procedures are few aspects accelerating the business outlook.
- Presence of numerous industry participants focusing towards encouraging people for donating blood will further enhance their market position.
- Europe held largest revenue share in 2021, and the trend will continue to surge during upcoming period.
- The COVID-19 pandemic has severely impacted the market share. Lockdown and other restrictions disrupted the supply chain with declining the number of blood donations during the period of the breakdown.
- However, scarcity of blood and transfusion transmitted infections will hinder the market revenue.
Browse key industry insights spread across 150 pages with 234 market data tables & 16 figures & charts from the report, “Blood and Blood Components Market Analysis By Product (Whole Blood, Blood Components Red Blood Cells, Platelets, Plasma, White Blood Cells}), Application (Anemia, Trauma & Surgery, Cancer Treatment, Bleeding Disorders), End-Use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Blood and blood components market from bleeding disorders segment accounted for around 23% revenue share in 2021. Growing incidence of bleeding disorders such as hemophilia, Von Willebrand disease (VWD) etc. will foster the segment value. The incidence of Von Willebrand disease (VWD) increases in women during menstrual periods, pregnancy, and post childbirth. Also, patients suffering from bleeding disorders suffer from heavy blood loss after an injury. Hence, in such cases transfusion of essential blood components is necessary, thereby driving the segment demand.
The ambulatory surgical centers (ASCs’) segment surpassed USD 2.7 billion in 2021, owing high patient preference in developed countries coupled with cost effectiveness offered by these facilities. Additionally, the ASCs’ offer convenience, accessibility, reduced waiting time and safety. The surgeries that do not require hospital stay for observation are majorly performed in ambulatory centers. Thus, abovementioned factors will boost the industry statistics.
North America blood and blood components market was valued at USD 3.3 billion in 2021 and trend will continue to rise. The rapidly growing incidence of cancer and surging demand for surgeries will propel the regional trends. According to the American Cancer Society, there were around 1.9 million new cases of cancer diagnosed in the U.S. in the year 2021. Moreover, presence of organizations such as the American Red Cross that initiates various programs to promote blood donation among public by offering various gifts and vouchers will enhance the regional industry outlook.
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Some of the major business players operating in the blood and blood components industry include National Blood Authority Australia, South African National Blood Service, American Red Cross, Indian Red Cross, European Blood Alliance, Vitalant, and American Association of Blood Banks.