Global blood and blood components market is anticipated to cross US $43.5 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Increasing instances of surgeries and bleeding disorders will propel the demand for blood and blood components in the upcoming years. With the development of apheresis technology, which can separate different blood components, the transfusion of required components can be done. These blood components are extensively used in the cases of burns and physical traumas. Increasing awareness regarding the importance of blood donation will augment the blood & blood components market growth. Moreover, the rise in geriatric population around the world which is prone to liver cirrhosis and other such conditions will further impact the market outlook.
Though, the government initiatives such as ‘The Blood Matters’ by Australia, will impact the market positively, but the risk of developing infection after blood transfusion will hamper the growth of blood & blood component market to some extent. Other factor impeding the market growth is the growing inclination towards non-invasive surgeries which do not require external blood supply, cites the report.
Considering the product spectrum, whole blood segment is presumed to witness 3.7% growth over the forecast period, pertaining to the rising instances of whole blood requiring surgeries, in consort with increasing awareness regarding blood donation. For instance, in the United States, autologous donation of whole blood for elective surgeries is a common practice.
According to the report, the application gamut of blood & blood components market includes trauma & surgery, anemia, cancer treatment, and bleeding disorders.The trauma & surgeries application segment reportedly held over 40% market share in 2017. This dominance is attributed to the heavy use of blood & blood components for resuscitation and surgery of seriously injured patients.
Based on the end-use segment, blood and blood components market from ambulatory surgical center (ASC) segment is presumed to grow rapidly with a CAGR of 4.9% over the analysis period, owing to the improved outcomes and cost effectiveness of these facilities. ASCs are 45-60% cheaper than the hospital settings hence driving the segmental growth.
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In terms of regional contribution, Germany blood & blood components market is estimated to accrue US $3.1 billion by the year 2024, due to the rising prevalence of blood donation camps and blood banks in the region. Growing blood transfusion rate, along with numerous European government initiatives such as European Union Blood Safety & Quality Derivates for collection, testing, processing, storage, and distribution of blood and its components will accelerate the regional market growth.
Moreover, blood and blood components market in Japan is predicted to register 5% growth over the forecast period. The regional growth can be attributed to the increase in the geriatric population and rising cases of cancer in the country. The nation’s government is undertaking numerous initiatives, such as collaboration with WHO, to improve blood transfusion services.
Prominent contenders operating in the blood & blood components market include American Association of Blood Banks, Vitalant, American Red Cross, National Blood Authority Australia, and AVIS National among others.