May 07, 2020
As per the report titled ‘Blood and Blood Components Market Size By Product , By Application, By End-Use Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, global blood and blood components market is projected to amass USD 43.5 billion by the year 2024.
Increased pervasiveness of bleeding disorders and rising number of surgeries across the globe are driving the growth of blood and blood components market. Surging use of blood components in burn cases and traumatic patients coupled with growing awareness regarding the importance of blood donation is enhancing the market outlook. Several initiatives such as ‘The Blood Matter’ program by the Australian government aimed towards supporting and improving patient blood management are positively impacting the industry scenario.
Moreover, rising elderly population base who are more prone to suffer from conditions such as liver cirrhosis along with advancements in apheresis will foster the market growth in the coming years. Apheresis enables transfusion of blood components as per the need.
However, growing concerns regarding infection post blood transfusion and preference for non-invasive surgeries without the requirement of external supply of blood may hinder the market growth during the forecast period.
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Based on the product, whole blood segment is projected to witness gains of 3.7% by the end of the forecast duration. Widespread awareness about blood donation and increase in number of surgeries requiring whole blood are stimulating the segment growth.
Elaborating on the application scope, trauma & surgery segment held over 40% market share in 2017 and is expected to show modest growth during the analysis period, owing to high usage of blood components and whole blood in surgeries and resuscitation of severely traumatized patient.
Speaking of the end-use spectrum, market share from ambulatory surgical centers (ASC) is estimated to expand with 4.9% CAGR through 2026. These settings are 45-60% less expensive as compared to hospitals. High cost efficiency, shorter hospitalization time, and improved results are fueling the popularity of ASCs among patients.
Considering the geographical outlook, Germany blood and blood components market is projected to reach USD 3.1 billion by the year 2024. Rising number of blood transfusion procedures coupled with establishment of blood banks and blood donation camps is driving the market growth in Germany. Furthermore, initiatives such as European Union Blood Safety and Quality Directives which govern the safety and quality standards during assortment, processing, testing, storage and distribution of human blood and its components are supporting the industry outlook.
Meanwhile, Japan blood and blood components market is anticipated to expand with a CAGR of 5% during the analysis period. Rising geriatric population and increasing occurrence of cancer along with numerous government initiatives to enhance blood transfusion services are contributing to the regional market expansion.
Key players in global blood and blood component market are American Red Cross, American Association of Blood Banks, Australian Red Cross, National Blood Authority Australia, Carter BloodCare, AVIS National, Indian Red Cross, OneBlood, Versiti, South African National Blood Service, and Vitalant.