The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Blood And Blood Components Global Market Report 2024, the blood and blood components market is expected to show promising growth in the forecast period.

Steady Growth Trajectory

• In recent years, the blood and blood components market has exhibited robust growth.
• From $39.28 billion in 2023, it is projected to reach $41.29 billion in 2024, marking a notable Compound Annual Growth Rate (CAGR) of 5.1%.

Driving Forces Behind Growth

• Increased incidence of trauma and road accidents necessitating blood transfusions.
• Aging population and rising healthcare expenditure.
• Growing awareness about the importance of blood donation.

Future Projections

• Forecasts predict further expansion, with the market expected to soar to $50.67 billion by 2028, boasting a CAGR of 5.2%.
• Factors contributing to this surge include rising chronic diseases and government initiatives promoting blood donation.

Emerging Trends

• Collaboration with other industry players to foster innovation.
• Focus on R&D for the development of advanced products.
• Utilization of IoT-based solutions to ensure blood safety.
• Emphasis on efficient blood transfusion management.

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Demand Surge: Rising Disease Prevalence and Accident Rates

• Trauma incidents and road accidents lead to substantial blood loss, necessitating immediate transfusions.
• Growing disease prevalence and accident rates amplify the need for blood and its components.
• According to statistics from the Arizona Department of Health Services, trauma-related deaths surged by 19% in 2021 compared to 2020.

Advanced Precision Blood Typing Technology

• Companies are investing in innovative technologies like precision blood typing to enhance transfusion safety.
• Precision blood typing ensures accurate determination of blood types, minimizing complications.
• San Diego Blood Bank launched a precision blood initiative to elevate transfusion standards and improve patient outcomes.

Pfizer’s Strategic Move: Acquisition of Global Blood Therapeutics

• Pfizer’s acquisition of Global Blood Therapeutics underscores a strategic focus on blood-related treatments.
• The undisclosed deal strengthens Pfizer’s position in sickle cell disease treatment.
• Global Blood Therapeutics’ expertise complements Pfizer’s 30-year legacy in healthcare.

Market Segmentation

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

Regional Dominance: North America

• North America led the blood and blood components market in 2023, showcasing its prominence in the industry’s landscape.

In conclusion, the blood and blood components market’s trajectory reflects both its critical role in healthcare and its potential for further expansion. With innovations in technology, strategic acquisitions, and a growing focus on transfusion safety, the future holds immense promise for this vital sector. As demand continues to surge due to disease prevalence and accidents, stakeholders must collaborate and innovate to meet evolving healthcare needs effectively.

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