Loading...

Blood Market Expected to Reach $10 Billion by 2027—Allied Market Research

 
 

quote Demand for devices and reagents used in blood market is on the rise, owing to surge in demand for blood and plasma across the globe. Furthermore, favorable governmental regulations associated with the use of blood screening devices is another factor that fuels the market growth. quote

Onkar Sumant
Manager, Healthcare at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, "Blood Market by Product Type and End User:  Opportunity Analysis and Industry Forecast, 2019–2026," the global blood market was valued at $7 billion in 2019, and is expected to reach $10 billion by 2027, registering a CAGR of 4.5% from 2019 to 2027. 

Blood is defined as the transport medium of the body responsible for carrying oxygen and nutrients to cells. Furthermore, blood is pumped by heart to all body parts, which is returned back to the heart by organs to complete the cycle. Hence, blood is vital for the human body as it is required for proper functioning of organs. However, various conditions such as traumatic injury and surgical procedures can lead to loss of blood form the body. In addition, certain medical conditions such as cancer, hemophilia, and kidney diseases also lead to lowering of blood cells in the body. Thus, these conditions require infusion of whole blood and other blood components to manage conditions in patients. Moreover, whole blood used in the treatment is collected through donations using blood collection systems and consumables. Similarly, plasma is collected using plasma collection systems and consumables. Furthermore, collected blood is subjected to other necessary procedures such as blood typing, which involves determining the blood type of the donated blood by using blood typing systems and reagents. In addition, blood is also subjected to screening to check the presence of infection markers.

Surge in demand for blood and plasma across the globe and rise in geriatric population worldwide are the major factors that boost the market growth. In addition, other factors such as increase in blood and plasma donations across the globe and favorable government regulations for blood screening. Furthermore, advancements in blood transfusion and blood screening instruments is another major factor that drives the growth of the blood blood market. 

However, factors such as high cost of advanced blood collection devices and lack of skilled laboratory professionals hinder the growth of the market. Conversely, developing economies offer lucrative growth opportunities for the market growth. 

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. Furthermore, all 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. In addition, the blood typing products are further bifurcated into blood typing systems, and blood typing reagents. The blood screening products are divided into blood screening systems and blood screening reagents. 

On the basis of end user, it is divided into blood and blood component bank, diagnostic laboratories, ambulatory surgical centers, hospitals, and others. Furthermore, region wise, the market 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.

On the basis of end user, the blood and blood component bank acquired major share in the market, owing to surge in number of blood banks across the globe. 

On the basis of region, North America occupied the largest share of the blood market in 2020, 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 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. Furthermore, Asia- Pacific is expected to register fastest growth rate 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 use of whole blood and plasma contribute to the growth of the blood market in Asia-Pacific.

Key Findings of the Study 

  • By product, the whole blood collection and processing segment occupied more than half of the share of global blood market in 2020.

  • By end user, the blood and blood component bank segment is anticipated to grow with the highest CAGR throughout the forecast period.

  • By product, the source plasma collection segment is expected to grow with the highest CAGR during the forecast period. 

  • By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Ram D
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Blood Market by Product (Whole Blood Collection and Processing, Source Plasma Collection, Blood Typing Products, and Blood Screening Products) and End User (Blood & Blood Component Bank, Diagnostic Laboratories, Ambulatory Surgical Centers, Hospitals, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Blood Market"
Purchase Enquiry