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How Rapidly is the Blood Market Forecasted to Grow Between 2024 and 2033?

The blood market size has experienced strong growth in recent years. It is projected to increase from $7.83 billion in 2023 to $8.32 billion in 2024, reflecting a CAGR of 6.2%. This growth can be linked to the rising demand for blood and plasma, an increase in surgeries, a growing global population, a higher incidence of chronic diseases, and an increasing number of blood banks.

The blood market is expected to grow steadily over the next few years, projected to reach $10.62 billion by 2028 at a CAGR of 6.3%. This growth is attributed to favorable government regulations, an increase in the elderly population, heightened awareness about blood donation, a rise in blood transfusions, and an increasing number of ambulatory surgical centers (ASCs). Key trends include advancements in blood transfusion and screening technologies, computerized immunoassays, smart blood bank inventory control systems, technological innovations, and improved temperature monitoring.

What Factors Are Behind the Rapid Growth of the Blood Market?

An increase in surgical procedures is expected to boost the growth of the blood market in the near future. This rise in surgeries is driven by advancements in medical technology, an aging population, and an uptick in chronic diseases. Blood is vital during surgeries for delivering oxygen and nutrients, assisting with clotting to manage bleeding, and enhancing the immune response to combat infections.

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What Are the Principal Segments of the Blood Market?

The blood market covered in this report is segmented –

1) By Product: Whole Blood Collection And Processing, Source Plasma Collection, Blood Typing Products, Blood Screening Products
2) By Mode of Delivery: Infusion Solutions, Gels, Sprays, Biomedical Sealants
3) By End User: Blood And Blood Component Bank, Diagnostic Laboratories, Ambulatory Surgical Centers, Hospitals, Other End Users

What Emerging Patterns Are Redefining the Blood Market?

Major companies operating in the blood market are developing advanced blood transfusion instruments, such as plasma collection systems, to improve efficiency, enhance donor safety, and increase the overall quality of blood products. A plasma collection system is a device that extracts plasma from a donor’s blood by separating it from other components and returning the rest to the donor through plasmapheresis. For instance, in March 2022, Terumo Blood and Cell Technologies, a US-based blood component and cellular technology company, received Food and Drug Administration approval for the Rika Plasma Donation System (Rika). It is a next-generation plasma collection system that focuses on improving the experience for plasma center employees and donors, featuring safety measures to reduce operator errors and completing plasma collection in 35 minutes or less. Rika ensures no more than 200 milliliters of blood are outside the donor’s body at any time and includes an advanced control system for operators.

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Which Geographical Regions Are Shaping the Blood Market Growth?

North America was the largest region in the blood market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Blood 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 market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Blood Market Include

1. Blood Market Executive Summary
2. Blood Market Segments
3. Blood Market Size And Template Market Growth Rate
4.  Key Blood Market Trends
5. Major Blood Market Drivers
……
25. Key Mergers And Acquisitions In The Blood Market
26. Top Blood Companies
27. Blood Market Opportunities And Strategies
28. Blood Market, Conclusions And Recommendations
29. Appendix

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