Blood And Blood Components Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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What fueled the previous growth in the blood and blood components market?
The market for blood and blood components has experienced a steady expansion in recent years. The expected growth from $41.36 billion in 2024 to $43.2 billion in 2025 is fueled by a compound annual growth rate (CAGR) of 4.5%. This growth in the historical period is a result of several factors, including a higher frequency of trauma and road accidents, an aging population, an uplift in income and living standards, an increase in healthcare expenditure, and an increased awareness about the importance of blood donation.
What will be the blood and blood components market size in the future?
The market size for blood and blood components is projected to experience robust growth in the coming years, expanding to $53.56 billion by 2029 with a compound annual growth rate (CAGR) of 5.5%. The anticipated growth during this forecast period can be credited to a surge in chronic diseases, government initiatives, and the rising demand for whole blood. Notable trends expected during this period involve prioritizing partnerships with other industry players, the introduction of innovative products, an emphasis on research and development (R&D), the adoption of IoT-based products to prevent blood and blood components contamination, and a focus on enhancing blood transfusion management.
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What main drivers are fueling expansion in the blood and blood components market?
The demand for blood and blood components in the market is influenced by the rising frequency of trauma and road accidents. Conditions like hemorrhage can drastically reduce blood volume, making it challenging for the body to replenish in a timely manner. Similarly, excessive blood loss from road accidents requires immediate restoration. These situations necessitate the transfusion of blood and its components into the patient. For example, the Transport Accident Commission, a government agency based in Australia, reported that in 2023, there was a 22.4% increase in road fatalities in Victorian roads, with 295 people losing their lives. This was 54 more deaths than in 2022. Also, fatal crashes rose by 22 (9%) from the 239 reported in 2022 to 261. The escalating incidence of diseases, coupled with the rise in road accidents and trauma cases, heightens the need for blood, thus spurring market growth.
What key areas define the segmentation of the global blood and blood components market?
The blood and blood components market covered in this report is segmented –
1) By Product: Whole Blood, Blood Components
2) By Blood Components: Red Blood Cells, Platelets, Plasma, White Blood Cells
3) By End-User: Hospitals, Ambulatory Surgical Centers, Others
4) By Application: Anemia, Trauma and Surgery, Cancer Treatment, Bleeding Disorders
Subsegments:
1) By Whole Blood: Donor Whole Blood, Autologous Whole Blood
2) By Blood Components: Red Blood Cells (RBCs), Platelets, Plasma, White Blood Cells (WBCs)
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Who are the dominant players expanding their reach in the blood and blood components market?
Major companies operating in the blood and blood components market include American Red Cross, The Japanese Red Cross Society, Canadian Blood Services, Australian Red Cross, and Vitalant, SANQUIN BLOOD SUPPLY FOUNDATION, New York Blood Center, Blood Bank of Alaska, Blood Centers of America, Xinjiang Deyuan Bioengineering, Harbin Pacific Biopharmaceutical, Southern Shuanglin Bio-Pharmacy, Beijing Tiantan Biological Products, Shanghai RAAS Blood Products, China Biologic Products, Hualan Biological Engineering, Biotest AG, Lorne Laboratories UK, LMB Germany, Bio Products Laboratory Ltd, Clinical Trials Laboratory Services (CTLS), Roche, Hemanext Inc, Kedrion Biopharma, KalVista Pharmaceuticals, Personal Genome, Cellphire, Inc., Immuno-Mycologics INC, CSL Behring, Nordson Corporation, Octapharma Canada Inc., Abbott Laboratories, Grifols, Nipro Medical Corporation, Becton, Dickinson and Company
How are evolving market trends shaping blood and blood components Strategies?
The leading trend observed in the blood and blood components market is the escalating number of collaborations among market participants. Firms are embracing partnerships to broaden their scope, augment their customer base, and heighten market awareness. For instance, the American Red Cross joined forces with HealthStream to launch a novel program for healthcare facilities. Likewise, the Blood Center of Wisconsin partnered with SysLogic Inc. to explore the utilization of RFID technology to bolster patient safety during the collection and transfusion of blood products.
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Which regions are emerging as leaders in the blood and blood components market?
North America was the largest region in the blood and blood components market in 2024. Western Europe was the second largest region in the global blood and blood components market analysis. The regions covered in the blood and blood components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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