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What Is The Current Size And Growth Outlook For The Blood And Blood Components Market?
The market for blood and blood components has seen consistent expansion in the past few years. It’s set to increase from a value of $41.36 billion in 2024 to approximately $43 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.0%. The growth observed in the historic period can be credited to a rise in trauma and road accidents, an aging population, higher income and quality of life, increased healthcare spending, and expanded knowledge about blood donation.
Expectations are high for robust expansion in the blood and blood components market size in the upcoming years. A growth to $52.8 billion by the year 2029, backed by a compound annual growth rate (CAGR) of 5.3%, is anticipated. This projected expansion during the forecast period can be attributed to an upsurge in chronic diseases, government-led initiatives, and the escalating requirement for whole blood. Key trends expected during the forecast period comprise collaborations with other industry players, launch of innovative products, prioritization of research and development (R&D) efforts, application of IoT-based products to circumvent blood and blood components contamination, and a concentrated effort on blood transfusion management.
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What Core Drivers Are Expected To Influence The Blood And Blood Components Market?
The market for blood and blood components is experiencing growth due to the rising frequency of trauma incidents and road accidents. Traumatic situations like hemorrhaging can lead to significant reduction in blood volume that the body isn’t able to replenish quickly enough. Similarly, excessive blood loss caused by road accidents requires immediate restoration. These scenarios necessitate the transfusion of blood and blood components into the patient’s body. As an example, data from the Transport Accident Commission, a governmental agency in Australia, reveals that 295 lives were lost on Victorian roads in 2023, a 22.4% spike (or 54 more fatalities) from 2022. Plus, fatal collisions rose to 261, a rise of 22 (9%) from the 239 reported the previous year. The escalating occurrence of diseases, road accidents, and traumas, is driving up the demand for blood, consequently fueling the growth of the market.
Which Segmentation Categories Are Highlighted In The Blood And Blood Components Market Analysis?
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 Notable Trends Are Transforming The Blood And Blood Components Market Outlook?
The primary trend observed in the blood and blood components market is the increasing collaborations among market players. Businesses are leveraging partnerships to widen their scope, boost their customer base, and raise market awareness. For instance, a new program for healthcare organizations was launched due to the collaboration between the American Red Cross and HealthStream. Likewise, the Blood Center of Wisconsin teamed up with SysLogic Inc., to explore the potential of RFID technology to improve patient safety during the collection and transfusion of blood products.
Who Are The Dominant Players In The Blood And Blood Components Market Today?
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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Which Regional Markets Are Emerging As Key Hubs For 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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