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LI_172297
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Pages: 63
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May 2017 | 4506 Views
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Author(s) :
Shubhangi Bawkar and Archana Kamble
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Tables: 53
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Global Blood Market was valued at $33,500 million in 2016, and is estimated to reach $45,982 million by 2023, growing at a CAGR of 4.6% from 2017 to 2023. Blood market involves the selling of whole blood & blood components through various channels, such as blood banks, hospitals, and others. The donor blood is collected and is segregated into required components for therapy purpose. A basic blood transfusion procedure involves the transfer of red blood cells from one person to another, usually at a hospital during a surgery. Whole blood is rarely utilized in transfusions anymore, and only the blood components are required by the recipient, owing to the advancement in the medical technology.
Increase in geriatric population, rise in incidence in trauma cases, technological advancement in medical technology for donor screening, and advancement in blood transfusion instruments are the major factors that drive the market growth. However, minimal invasive technology, which no longer need the blood transfusion, restrains the market growth. Improvement in the healthcare facilities in Asia-Pacific provide growth opportunities for the market.
Blood Market Market Segmentation
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Segment Review
The global blood market is segmented based on product, end user, and geography. Based on product, it is classified into whole blood collection, source plasma collection, blood therapeutics, blood typing products, blood screening, and blood processing equipment & associated products. Blood therapeutics segment contributed the highest share in 2016, owing to the increase in the demand for various plasma proteins for the recovery of patients wellness. Further, based on whole blood collection, the market is bifurcated into systems and reagents. Source plasma collection is classified into system and reagents. Blood therapeutics are divided into intravenous immunoglobulin (IVIG), factor IX, factor VIII, hyperimmune, and albumins. Blood typing products are categorized into systems and reagents. Blood screening is divided into systems and reagents. Blood processing equipment & associated products are bifurcated into systems and reagents. Based on end user, the market is divided into blood & blood component bank, diagnostics laboratories, ambulatory surgical centers, hospitals, and others. Blood & blood component banks contributed highest share in 2016, owing to the increase in the demand for blood processing in the blood banks and for segregation of components in the blood.
Top Investment Pockets
Blood therapeutics is considered as the top investment pocket, owing to the significant growth opportunity. Blood therapeutics market is projected to grow at a highest CAGR of 5.0% during the analysis period, owing to the rise in demand for the use of blood components in treatments for fast recovery or healing purposes. Thus, the demand for blood components is high as compared to whole blood.
Top Investment Pockets for Global Blood Market
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Geographical Analysis
Geographically, the market is divided into North America, Europe, Asia-Pacific, and LAMEA. North America held the leading position, owing to its well-developed healthcare industry and rise in number of patients population requiring blood & blood components. However, Asia-Pacific is anticipated to grow at a highest growth rate due to rise in government initiatives for the improvement of the healthcare facilities and increase in the number of blood banks.
Blood Market for Mexico, 2016-2023 ($Million)
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Key Benefits for Stakeholders
Blood transfusion is sometimes necessary after an injury or surgery that causes high amount of blood loss. Some people need regular transfusions, which is known as transfusion therapy, due to medical conditions, such as hemophilia or cancer. Blood industry involves sale of whole blood & blood components through various channels, such as blood banks, hospitals, and others. The donor blood is collected and segregated into required components.
Increase in geriatric population, technological advancement in medical technology for donor screening, and advancement in blood transfusion instruments are the major factors that drive the market growth. However, rise in minimal invasive technology, which no longer requires blood transfusion, hinders the market growth. Increase in peripheral nerve injuries and improvement in the healthcare facilities in Asia-Pacific provide growth opportunities for the market.
According to the National Heart, Lung, and Blood Institute, about 5 million Americans need a blood transfusion each year. Each day, thousands of patients worldwide with leukemia, aplastic anemia, and other fatal blood diseases are in a need of life-saving match. New York Blood Center (NYBC) receives over 10-15 new requests a day for potential donors to undergo additional testing in a hope of providing a perfect transplant match.
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