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What is the Expected Growth Trajectory for the Blood And Blood Components Market by 2033?

In recent times, a significant expansion has been observed in the market size for blood and blood components. Currently valued at $39.28 billion in 2023, it’s projected to rise to $41.29 billion in 2024, indicating a compound annual growth rate (CAGR) of 5.1%. The appreciable growth during the historical period can be ascribed to factors such as a higher occurrence of trauma and road accidents, an upsurge in the aging population, improved income levels and living standards, increased expenditure in healthcare, and enhanced awareness concerning blood donation.

The market size for blood and blood components is predicted to experience considerable growth in the upcoming years, increasing to $50.67 billion in 2028 with a compound annual growth rate (CAGR) of 5.2%. Reasons for this projected growth within the forecast period include the rise in chronic diseases, governmental initiatives, and a growing demand for whole blood. Key trends projected for this period consist of collaborations with other market participants, the introduction of innovative products, a strong focus on research and development (r&d) activities, the use of IoT-based products to prevent the contamination of blood and blood components, and a concentration on the management of blood transfusion.

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What Factors Are Leading to Growth in the blood and blood components Market?

The surge in the blood and blood components industry is propelled by an escalation in instances of trauma and highway accidents. Thinning of the blood to a dangerously low level is a consequence of traumas like hemorrhage, which the human body is inadequate to recover swiftly. Besides, immediate restoration of blood is needed following intense blood loss caused by road accidents. Transfusion of blood and its components becomes imperative in such situations. The burgeoning number of illnesses and hike in road accidents and trauma are augmenting the demand for blood, thus motivating the market rise. Trauma-related mortality spiked by 19% in 2021 in comparison to 2020, as per the Arizona Department of Health Services, with falls accounting for the majority of deaths and injuries.

Which Segments Play a Key Role in Understanding the Blood And Blood Components Market?

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

What Trends Are Emerging as Game-Changers in the Blood And Blood Components Market?

One of the most observable trends in the blood and blood components market is the increasing collaborations among players in the market. Businesses are forming partnerships and collaborations to extend their market reach, grow their customer base, and promote market awareness. For instance, the American Red Cross teamed up with HealthStream to launch a new program for healthcare organizations. Likewise, the BloodCenter of Wisconsin joined forces with SysLogic Inc. to investigate how RFID technology could improve patient safety during blood collection and transfusion.

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Which Regions Are Setting the Pace for Blood And Blood Components Market Growth?

North America was the largest region in the blood and blood components market in 2023. 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

The Blood And Blood Components Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the blood and blood components market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Blood And Blood Components Market Include

1. Blood And Blood Components Market Executive Summary

2. Blood And Blood Components Market Segments

3. Blood And Blood Components Market Size And Template Market Growth Rate

4. Key Blood And Blood Components Market Trends

5. Major Blood And Blood Components Market Drivers

……

25. Key Mergers And Acquisitions In The Blood And Blood Components Market

26. Top Blood And Blood Components Companies

27. Blood And Blood Components Market Opportunities And Strategies

28. Blood And Blood Components Market, Conclusions And Recommendations

29. Appendix

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