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What Are The Growth Projections For The Blood And Blood Components Market Size During 2025–2029?
The blood and blood components market has shown consistent growth in recent years. It is projected to expand from $41.36 billion in 2024 to $43 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.0%. This historical expansion can be attributed to several factors, including a rising incidence of trauma and road accidents, an increasing aging population, improved earnings and living standards, higher healthcare expenditure, and heightened awareness regarding blood donation.
The blood and blood components market is projected to experience substantial expansion over the coming years. By 2029, its valuation is anticipated to reach $52.8 billion, demonstrating a compound annual growth rate (CAGR) of 5.3%. Factors contributing to this growth during the projection period include a rise in chronic diseases, various government initiatives, and the growing need for whole blood. Key trends for the forecast period encompass an emphasis on strategic collaborations, the introduction of innovative products, increased investment in research and development (R&D) activities, the adoption of IoT-based solutions to prevent contamination of blood and blood components, and enhanced management practices for blood transfusions.
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What Are The Main Drivers Boosting The Blood And Blood Components Industry’s Expansion?
The blood and blood components market is driven by the increasing incidence of trauma and road accidents. Traumatic events, such as hemorrhage, can sometimes reduce blood volume to very low levels that the body cannot replace quickly enough. Moreover, road accidents often cause excessive blood loss from the body, requiring immediate restoration. All these situations necessitate the transfusion of blood and blood components into a patient’s body. As an illustration, the Transport Accident Commission, an Australia-based government agency, reported that in 2023, a total of 295 people lost their lives on Victorian roads, marking a 22.4% increase (54 more fatalities) compared to 2022. Additionally, there were 261 fatal crashes, which was up by 22 (9%) from the 239 recorded in the previous year. The growing prevalence of diseases and increasing numbers of road accidents and traumas are augmenting the demand for blood, thus propelling the market.
How Is The Blood And Blood Components Market Segmented?
The blood and blood componentsmarket 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)
Which Ongoing Trends Are Expected To Shape The Blood And Blood Components Market Outlook?
A significant trend emerging in the blood and blood components market is the escalating incidence of collaborations among market entities. These partnerships and collaborative efforts are being embraced by companies to extend their influence, grow their client base, and build market recognition. One example is the partnership between the American Red Cross and HealthStream, which led to the introduction of a new program for healthcare organizations. Likewise, the Blood Center of Wisconsin worked with SysLogic Inc. to explore the potential of RFID technology in boosting patient safety during the processes of blood product collection and transfusion.
Which Key Players Are Driving Competition 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
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What Are The Key Regional Factors Influencing The Blood And Blood Components Market Growth?
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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