What Factors Propelled The Growth Of The Blood And Blood Components Market In The Past?
The blood and blood components market has seen considerable growth due to a variety of factors.
• In recent times, there has been a consistent growth in the size of the blood and blood components market. This market is predicted to expand from $41.36 billion in 2024 to $43.2 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.5%.
The historic growth of this market is linked to factors such as a rise in trauma and road accident incidents, an aging population, higher income levels and living standards, greater spend on healthcare, and heightened consciousness about blood donation.
What Is the Forecasted Market Size and Growth Rate for The Blood And Blood Components Market?
The blood and blood components market is expected to maintain its strong growth trajectory in upcoming years.
• The market for blood and blood components is projected to experience substantial growth in the coming years, with size expected to increase to $53.56 billion by 2029 at a compound annual growth rate (CAGR) of 5.5%.
This anticipated growth during the forecast period is primarily due to an upsurge in chronic illnesses, government schemes, and an increased requirement for whole blood. Key trends during this period involve strategic collaborations with other market participants, the introduction of innovative offerings, prioritizing research and development (R&D), employing IoT-based products to prevent contamination of blood and its components, and emphasis on effective blood transfusion management.
Which Key Drivers Are Propelling Th Blood And Blood Components Market's Growth?
The demand for blood and blood components is escalating due to the rising occurrence of trauma incidents and road accidents. Often, conditions like hemorrhaging can cause the blood volume to deplete substantially, beyond the body's capability to replenish it swiftly. Furthermore, road accidents can lead to significant blood loss that must be immediately compensated for. These situations necessitate the infusion of blood and blood components into the patient's body. For example, data from the Transport Accident Commission, an Australian government agency, revealed that in 2023 there were 295 fatalities on Victorian roads, representing a 22.4% increase (54 additional deaths) compared to 2022. Moreover, fatalities from crashes rose by 22 (9%) to 261 from 239 reported in the previous year. The surge in disease prevalence and rising road accident and trauma cases contribute to an increased demand for blood, thereby propelling the market growth.
What Key Areas Define The Segmentation Of The Global Blood And Blood Components Market?
The blood and blood components market covered in this report is segmented –
1) By Product: Whole Blood, Blood Components
2) By Blood Components: Red Blood Cells, Platelets, Plasma, White Blood Cells
3) By End-User: Hospitals, Ambulatory Surgical Centers, Others
4) By Application: Anemia, Trauma and Surgery, Cancer Treatment, Bleeding Disorders
Subsegments:
1) By Whole Blood: Donor Whole Blood, Autologous Whole Blood
2) By Blood Components: Red Blood Cells (RBCs), Platelets, Plasma, White Blood Cells (WBCs)
Pre-Book The Blood And Blood Components Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are Emerging Trends Reshaping The Dynamics Of The Blood And Blood Components Market?
The primary pattern observed in the blood and blood components market is the escalating quantity of collaborations amongst market players. Firms are turning to partnerships and collaborations to enlarge their market presence, attract more customers, and improve market awareness. For instance, the American Red Cross joined forces with HealthStream to debut a new scheme for healthcare establishments. Likewise, the Blood Center of Wisconsin teamed up with SysLogic Inc. to research the potential of RFID technology to improve patient safety during blood collection and transfusion processes.
Who Are the Key Players in the Blood And Blood Components Market?
Major companies operating in the blood and blood components market include:
• American Red Cross
• The Japanese Red Cross Society
• Canadian Blood Services
• Australian Red Cross
• and Vitalant
• SANQUIN BLOOD SUPPLY FOUNDATION
• New York Blood Center
• Blood Bank of Alaska
• Blood Centers of America
• Xinjiang Deyuan Bioengineering
• Harbin Pacific Biopharmaceutical
• Southern Shuanglin Bio-Pharmacy
• Beijing Tiantan Biological Products
• Shanghai RAAS Blood Products
• China Biologic Products
• Hualan Biological Engineering
• Biotest AG
• Lorne Laboratories UK
• LMB Germany
• Bio Products Laboratory Ltd
• Clinical Trials Laboratory Services (CTLS)
• Roche
• Hemanext Inc
• Kedrion Biopharma
• KalVista Pharmaceuticals
• Personal Genome
• Cellphire. Inc.
• Immuno-Mycologics INC
• CSL Behring
• Nordson Corporation
• Octapharma Canada Inc.
• Abbott Laboratories
• Grifols
• Nipro Medical Corporation
• Becton
• Dickinson and Company
What Is The Most Dominant Region In The Blood And Blood Components Market?
North America was the largest region in the blood and blood components market in 2024. Western Europe was the second largest region in the global blood and blood components market analysis. The regions covered in the blood and blood components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
