The blood market accounted for $7,201 million in 2020, and is expected to reach $10,253 million by 2027, registering a CAGR of 4.5% from 2020 to 2027.
Blood is a highly essential body fluid, which is responsible for smooth functioning of organs. However, there are different chronic medical conditions that lead to lowering down of red blood cells in the body. For instance, diseases such as leukemia, cancer, and end stage renal disorders lead to serious complications, which require blood transfusion. Furthermore, other conditions, such as a trauma injury in which there is huge blood loss, require blood transfusion for treatment. In addition, major surgical procedures can also lead to blood loss and hence, require use of donated whole blood. Thus, there has been a rise in demand for whole blood, plasma, and its components. The collection of whole blood and plasma require use of various systems, consumables, and reagents. For instance, whole blood is collected using systems that are offered by the key players such as Haemonetics Corporation and Grifols, SA. Similarly, the collected blood is subjected to screening and testing, which, in turn, requires other type of systems and reagents. For instance, Procleix Tigris System offered by Grifols, SA is used for blood screening. Moreover, key players also offer reagents, which are used along with these systems to check the results of the tests performed.
Surge in demand for blood and plasma across the globe and rise in geriatric population worldwide are anticipated to boost the market growth. In addition, increase in blood and plasma donations across the globe and favorable government regulations for blood screening are some other factors that boost the growth of the market. Furthermore, advancements in blood transfusion and blood screening instruments is another major factor that drives the blood market growth. However, factors such as high cost of advanced blood collection devices and lack of skilled laboratory professionals hinder the growth of the market. Furthermore, developing economies offer lucrative growth opportunities for the market.
Blood market Segmentation
The blood market is segmented into product, end user, and region. On the basis of product, it is classified into whole blood collection and processing, source plasma collection, blood typing products, and blood screening products. These segments are further classified into sub-segments. For instance, the whole blood collection segment is classified into whole blood collection systems and whole blood collection consumables. The source plasma collection segment is classified into source plasma collection systems and source plasma collection consumables. The blood typing products segmentisfurther bifurcated into blood typing systems and blood typing reagents. The blood screening products segment is divided into blood screening systems and blood screening reagents.
On the basis of end user, the blood market is divided into blood and blood component bank, diagnostic laboratories, ambulatory surgical centers, hospitals, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA)
On the basis of product, the whole blood collection and processing segment acquired the major share of the market in 2019. Rise in demand for whole blood across the globe and surge in number of whole blood collection centers propel the growth of this segment. Furthermore, factors such as rise in number of blood banks also contribute to the growth of the market. In addition, the source plasma collection segment is expected to exhibit fastest growth rate during the forecast period, owing to surge in demand for plasma and rise in prevalence of chronic diseases, which require use of plasma for treatment such as chronic kidney diseases and liver diseases.
Source Plasma Collection is projected as one of the most lucrative segment.
By end user, the blood and blood component bank acquired the major share in the market, owing to surge in number of blood banks across the globe. Furthermore, large number of blood donations received by blood banks is another factor that contributes to the growth of the market. In addition, rise in demand for blood and plasma across the globe also boost the growth of the blood market.
By End User
Blood and Blood Component Bank holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.
On the basis of region, North America occupied the largest blood market share in 2019, and is expected to maintain a dominant position during the forecast period, owing to factors such as easy availability of systems, reagents, and consumables used in whole blood collecting, processing, typing, and screening. Furthermore, other factors such as rise in awareness related to use of these products and presence of large number of blood collection and plasma collection centers across the region also contribute to the growth of the market. Moreover, presence of large number of key players in North America is another major factor that drives the growth of the market. However, Asia-Pacific is expected to register fastest growth during the forecast period, owing to surge in healthcare expenditure, and increase in awareness related to blood and plasma donation. Other factors that boost the growth of the market include huge patient base of various chronic diseases such as metabolic diseases, and cancer, which require the use of whole blood and plasma contribute to the growth of the blood market in Asia-Pacific.
Asia-Pacific region would exhibit the highest CAGR of 6.2% during 2020-2027.
The global blood market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum blood market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Abbott Laboratories, Bio-Rad Laboratories, Inc., CSL Limited (CSL Behring), F. Hoffmann-La Roche Ltd., Grifols International SA, Haemonetics Corporation, Merck & Co., Inc., Novo Nordisk A/S, Ortho Clinical Diagnostics, and Terumo Corporation (Terumo BCT, Inc.).
Key Benefits For Stakeholders
This report entails a detailed quantitative analysis along with the current global blood market trends from 2019 to 2027 to identify the prevailing opportunities along with the strategic assessment.
The blood market forecast is studied from 2020 to 2027.
The blood market size and estimations are based on a comprehensive analysis of key developments in the industry.
A qualitative analysis based on innovative products facilitates strategic business planning.
The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the blood market.
Key Market Segments
- Whole Blood Collection and Processing
- Whole Blood Collection Systems
- Whole Blood Collection Consumables
- Source Plasma Collection
- Source Plasma Collection Systems
- Source Plasma Collection Consumables
- Blood Typing Products
- Blood Typing Systems
- Blood Typing Reagents
- Blood Screening Products
- Blood Screening Systems
- Blood Screening Reagents
By End User
- Blood & Blood Component Bank
- Diagnostic Laboratories
- Ambulatory Surgical Centers
- Blood And Blood Component Bank
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Blood Market Report Highlights
By END USER
Key Market Players
F. HOFFMANN-LA ROCHE LTD., CSL LIMITED (CSL BEHRING), MERCK & CO., INC., BIO-RAD LABORATORIES, INC., GRIFOLS INTERNATIONAL SA, NOVO NORDISK A/S, ORTHO CLINICAL DIAGNOSTICS, ABBOTT LABORATORIES, HAEMONETICS CORPORATION, TERUMO CORPORATION (TERUMO BCT, INC.)
The utilization of systems, reagents, and consumables is anticipated to witness a significant rise with surge in blood and plasma donations across the globe. Furthermore, increase in demand for whole blood and plasma, rise in number of blood and plasma collection centers worldwide contribute to the growth of the market. Moreover, surge in geriatric population and increase in the incidence of trauma and casualties, and technological advancements are some of the other major factors that drive the market growth.
In addition, North America held the largest share in the market due to increase in investments made by large medical diagnostic product manufacturing companies in R&D for development of advanced blood tests in this region. Moreover, well-equipped hospitals and clinics for the treatment of increased number of patients suffering from various chronic diseases and high level of awareness among people about blood donation in the region are responsible for the growth of the blood market.