Blood and Blood Components Market

Global Blood and Blood Components Market Size (2023 to 2028)

The global blood and blood components market size is estimated to be worth USD 45.07 billion by 2028 from USD 34.58 billion in 2023, growing at a CAGR of 5.44% from 2023 to 2028.

MARKET DRIVERS:

The growing global need for blood donors is one of the key factors propelling the blood and blood components market growth. More blood products are required owing to an ageing population, the rising prevalence of chronic conditions, and more procedures being performed. According to the World Health Organisation (WHO), over 118.5 million blood donations are made worldwide each year. Blood and blood components are frequently utilised to treat diseases such as cancer and haematological diseases and assist sophisticated surgical and medical operations. According to the World Health Organisation (WHO), more than 200 million major procedures are performed worldwide each year. In addition, there is a growing trend of employing blood and blood components such as platelet-rich plasma (PRP) in various aesthetic procedures. This has resulted in a significant increase in the demand for blood and blood components such as platelets and plasma, which is beneficial to the industry. As medical technology and practises improve, complex therapies such as organ transplants, cancer treatments, and complex operations become increasingly prevalent. Patients frequently require a consistent flow of blood and blood components for these treatments to work. According to the American Society of Haematology, over 6.8 million people in the United States receive blood donations yearly. This demonstrates that altering medical practices have resulted in high demand.

The growing patient population suffering from blood diseases further fuels the market’s growth rate. Many people around the world suffer from anaemia, haemophilia, and sickle cell disease. Taking care of and healing from these illnesses frequently necessitates regular blood transfusions or specific blood parts. According to the Centres for Disease Control and Prevention (CDC), approximately 100,000 Americans have sickle cell disease. Because the number of persons suffering from blood illnesses is increasing, the need for blood and blood parts remains high.

Urgent circumstances and trauma cases contributes to the blood and blood components market growth. Accidents and tragedies can arise from nowhere, and people require blood products immediately to save their lives. According to the World Health Organisation, accidents account for around 16% of the global illness burden. In these situations, it is critical to have a well-stocked market for blood and blood parts to ensure a consistent supply of these life-saving items. The growing number of awareness initiatives and increasing number of improvements in the healthcare infrastructure further boost the growth rate of the blood and blood components market. More people are now giving blood because of initiatives to raise awareness about the importance of blood donation. Furthermore, infrastructure developments, particularly in poor nations, have made it easier for blood banks and centres to collect, process, and store blood.

MARKET RESTRAINTS:

Stringent regulatory environment majorly restrains the blood and blood components market growth. The short shelf life of blood and blood components impedes the market growth. These products must be stored under certain conditions, such as refrigeration or cryopreservation to maintain their effectiveness and safety. To reduce waste and guarantee a sufficient supply of healthy blood products, effective inventory management and well-coordinated logistics are essential. The ethical and cultural factors further inhibit the growth rate of the blood and blood components market.

Impact of COVID-19 on the global blood and blood components market:

The global blood and blood component market has been considerably influenced by the COVID-19 pandemic. One of the most significant results was a decrease in blood donations. Lockdowns, travel restrictions, and social distancing tactics resulted in blood drive cancellations and a drop in donor turnout. Additionally, blood collection centres and banks faced operational issues as they had to install additional safety procedures to prevent the virus from spreading. These policies reduced collection capacity and lengthened processing times. Furthermore, the industry was impacted by the decreasing demand for elective procedures during the pandemic. Many elective treatments were delayed or cancelled to prioritise resources for COVID-19 patients, resulting in lower demand for blood and blood components commonly utilised in these surgeries, such as red blood cells and platelets. The pandemic also had an impact on blood-based diagnostics. Despite these obstacles, efforts were made to ensure that donated blood was safe. Blood banks and healthcare facilities took additional precautions, such as screening potential donors for COVID-19 symptoms and instituting tight infection control practices.

REPORT COVERAGE:

This research report on the global blood and blood components market has been segmented and sub-segmented based on product, application end-user, and region.

Blood and Blood Components Market - By Product:

• Whole Blood
• Blood Components
  • Red Blood Cells
  • Platelets
  • Plasma
  • White Blood Cells

Based on product, the whole blood segment is estimated to hold the major share of the global market during the forecast period owing to factors such as the growing need for whole blood in emergency situations, trauma cases, and situations where multiple blood components are required simultaneously and increasing awareness about the importance of blood donation and the need for maintaining an adequate supply of whole blood. Rapid adoption of whole blood transfusion as a standard practice in certain medical conditions, such as severe hemorrhage or massive blood loss and the availability of blood collection centers and initiatives promoting regular blood donation for the procurement of whole blood further boost the growth rate of the whole blood segment. The growing number of collaborations between blood banks, hospitals, and healthcare organizations to ensure an uninterrupted supply of whole blood contribute to the growth of the whole blood segment.

The blood component segment is anticipated to account for a considerable share of the worldwide market during the forecast period owing to the growing demand for specific blood components, such as red blood cells, platelets, and plasma, due to their vital role in various medical treatments and procedures. The rising prevalence of blood-related disorders and diseases that necessitates the need for targeted therapies and transfusions and increasing number of advancements in blood component processing and storage techniques that enhance the safety and efficacy of transfusions.

Blood and Blood Components Market - By Application:

• Anemia
• Trauma & Surgery
• Cancer Treatment
• Bleeding Disorders

Based on application, the cancer treatment segment is expected to capture the leading share of the global market during the forecast period owing to the growing prevalence of cancer globally and increasing demand for blood and blood components in various cancer treatments. The growing number of surgeries related to cancer treatment that often require blood and blood components for transfusions to support the patient's recovery further drive the growth of the cancer treatment segment in the worldwide market.

The trauma and surgery segment is estimated to account for a considerable share of the worldwide market during the forecast period.

Blood and Blood Components Market - By End-Users:

• Hospitals
• Ambulatory Surgical Centers
• Other End-Users

Based on end-user, the hospitals segment is anticipated to account for the leading share of the global blood and blood components market during the forecast period. Factors such as the growing demand for blood and blood components in various medical procedures, surgeries, and emergency situations, the availability of specialized infrastructure and trained healthcare professionals for safe blood transfusions and increasing number of patients requiring blood transfusions due to medical conditions and accidents propel the growth of the hospital segment in the worldwide market.

The ambulatory surgical centers segment is expected to grow at a healthy CAGR during the forecast period owing to the rising preference for outpatient procedures where blood transfusions may be required and increasing number of ambulatory surgical centers providing various surgical and medical services. Convenience and cost-effectiveness of receiving blood transfusions in ambulatory settings further fuel the growth rate of the ASCs segment.

Blood and Blood Components Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America held the largest share of the worldwide market in 2022 and the domination of the North American region is likely to continue throughout the forecast period. The growing prevalence of chronic diseases requiring blood transfusions, technological advancements in blood processing and storage techniques and the presence of well-established healthcare infrastructure and blood donation systems primarily drive the North American market growth. Stringent regulatory standards ensuring safety and quality of blood products, rising demand for plasma-derived products and active participation in voluntary blood donation programs further contribute to the growth of the North American market. The U.S. accounted for the largest share of the North American market in 2022, followed by Canada. The lead of the U.S. is expected to continue in the North American market during the forecast period owing to the growing number of blood transfusions happen each year in the U.S. Over 4 million Americans receive life-saving blood transfusions each year.

Europe is another promising regional market for blood and blood components worldwide and is predicted to capture a notable share of the worldwide market during the forecast period. The growing demand for blood and blood components due to aging population and increasing disease burden, implementation of strict regulations and quality standards for blood collection and transfusion propel the European market growth. Advancements in blood screening and testing technologies, strong presence of blood banks and transfusion centers, collaborative efforts for safe and efficient blood supply and rising awareness and participation in blood donation campaigns accelerates the European market growth. The UK, Germany and Spain are expected to account for the major share of the European market during the forecast period.

APAC is projected to be the fastest growing regional market for blood and blood components. Rapidly increasing population, rising disease prevalence, increasing number of improvements in the healthcare infrastructure and access to blood transfusion services, improving blood safety measures and rapid adoption of quality standards drive the APAC market growth. The growing number of initiatives from the governments of APAC countries to promote voluntary blood donation and strengthen blood supply, increasing number of investments in healthcare and blood banking infrastructure and technological advancements in blood processing and storage systems fuel the growth rate of the APAC market. China led the market in the Asia-Pacific region, followed by India in 2022.

Latin America is predicted to occupy a considerable share of the global market during the forecast period. Factors such as an increasing demand for blood components in various therapeutic areas, implementation of regulatory guidelines for blood safety and quality assurance and the expansion of blood transfusion services in rural and remote areas drive the Latin American market growth. Brazil is expected to account for the major share of the Latin American market during the forecast period. Brazil is one of the largest blood collectors in Latin America, collecting over 3 million units annually.

MEA is estimated to grow at a steady CAGR during the forecast period owing to the growing prevalence of blood-related disorders and diseases, increasing efforts to enhance blood transfusion services in underdeveloped regions, initiatives to increase voluntary blood donation and address blood shortages and investments in blood banking infrastructure and technology.

KEY MARKET PLAYERS:

CSL Behring, Grifols, Octapharma, Bio-Rad Laboratories, Terumo Corporation, Fresenius Kabi, Haemonetics Corporation, Becton, Dickinson and Company (BD), Abbott Laboratories and Immucor are some of the major players in the global blood and blood components market.

RECENT HAPPENINGS IN THE MARKET:

In June 2023, in commemoration of World Blood Donor Day, the Pan American Health Organization (PAHO) calls for increased blood and plasma donations while highlighting its importance to ensure that countries maintain a safe and sustainable supply.