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The blood market has grown significantly, with its size increasing from $7.83 billion in 2023 to $8.32 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.2%. This growth can be attributed to the surge in demand for blood and plasma, an increase in the number of surgeries, a growing global population, a rise in chronic diseases, and an increasing number of blood banks. The market is expected to expand further, reaching $10.62 billion by 2028 at a CAGR of 6.3%. The forecast growth is driven by favorable government regulations, a rise in the geriatric population, growing awareness about blood donation, an increase in blood transfusions, and a higher number of ambulatory surgical centers (ASCs). Major trends expected in the forecast period include advancements in blood transfusion and blood screening instruments, computerized immunoassays, smart blood bank inventory control systems, technological innovations, and precise temperature monitoring and control.

The increase in the number of surgeries is expected to propel the growth of the blood market going forward. The rise in surgeries is driven by advancements in medical technology, an aging demographic, and more chronic disease cases. Blood is essential in surgeries to supply oxygen, nutrients, aid clotting, and enhance immune responses. For instance, in December 2023, according to the Australian Institute of Health and Welfare, an Australia-based government administration, 735,500 patients were admitted for surgery from public hospital elective surgery waiting lists in 2022–2023, marking an 18% rise compared to 2021–2022. Therefore, the increase in the number of surgeries is driving the blood market.

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What Are The Key Trends That Influence Blood Market Share Analysis?
Major companies operating in the blood market are developing advanced blood transfusion instruments, such as plasma collection systems, to improve efficiency, enhance donor safety, and increase the overall quality of blood products. A plasma collection system is a device that extracts plasma from a donor’s blood by separating it from other components and returning the rest to the donor through plasmapheresis. For instance, in March 2022, Terumo Blood and Cell Technologies, a US-based blood component and cellular technology company, received Food and Drug Administration approval for the Rika Plasma Donation System (Rika). It is a next-generation plasma collection system that focuses on improving the experience for plasma center employees and donors, featuring safety measures to reduce operator errors and completing plasma collection in 35 minutes or less. Rika ensures no more than 200 milliliters of blood are outside the donor’s body at any time and includes an advanced control system for operators.

How Is The Global Blood Market Segmented?
1) By Product: Whole Blood Collection And Processing; Source Plasma Collection; Blood Typing Products; Blood Screening Products
2) By Mode of Delivery: Infusion Solutions; Gels; Sprays; Biomedical Sealants
3) By End User: Blood And Blood Component Bank; Diagnostic Laboratories; Ambulatory Surgical Centers; Hospitals; Other End Users

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The Blood Global Market Report 2024 provides an overview of the blood market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The blood market forecast analyzes blood market size, blood market share, leading competitor and their market positions.

The Table Of Content For The Blood Market Include:
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