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What is the Growth Potential of the Blood Market, and How Will It Perform by 2034?
In the last few years, there’s been a significant expansion in the size of the blood market. The market is projected to increase from $8.32 billion in 2024 and reach $8.86 billion in 2025, progressing at a compound annual growth rate (CAGR) of 6.6%. Factors attributing to this growth during the historic period include a heightened demand for blood and plasma, a rising count of surgeries, an escalating global population, a spike in chronic disease incidences, and an increasing number of blood banks.
Expect a rapid expansion in the blood market in the coming years, with its value projected to reach $11.28 billion by 2029, witnessing a compound annual growth rate (CAGR) of 6.2%. This growth trajectory for the projected period can be tied back to government favorable policies, an escalating aged populace, heightened awareness about blood donation, escalated blood transfusion cases, and an upsurge in ambulatory surgical centres (ASCs). The forecast period also encompasses considerable developments like upgrades in devices used for blood screening and transfusion, computerized immunoassays, intelligent systems for blood bank inventory management, technological advancements and accurate temperature control and monitoring.
What Market Dynamics Are Playing a Key Role in Accelerating the Growth of the Blood Market?
The blood market is predicted to expand due to the mounting number of surgeries. This augmentation in surgeries stems from advancements in medical technology, the aging population, and a higher incidence of chronic diseases. Blood plays a critical role during surgical procedures by delivering oxygen and nutrients, aiding blood clotting to inhibit bleeding, and boosting the immune response to fight off infections. For example, data from the Australian Institute of Health and Welfare, a governmental organization in Australia, revealed that in the 2022–2023 period, public hospital elective surgery waiting lists accommodated 735,500 patients for surgery, indicating an 18% increase relative to the 2021–2022 period. Consequently, the surge in surgical procedures is bolstering the growth of the blood market in the future.
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Who Are the Major Companies Shaping the Competitive Landscape of the Blood Market?
Major companies operating in the blood market are:
• Cardinal Health Inc.
• Roche Holding AG
• Thermo Fisher Scientific Inc.
• Abbott Laboratories
• Medtronic Plc
What Are the Key Emerging Trends in the Blood Market for the Next Decade?
Prominent firms in the blood market are focusing on creating top-tier blood transfusion tools, including plasma collection systems, with the aim to boost efficacy, augment donor safety, and upgrade the quality of blood-based products. A plasma collection system is an instrument that isolates plasma from donor blood, separating it from other elements and returning the remaining components back to the donor through a process known as plasmapheresis. For example, Terumo Blood and Cell Technologies, a company based in the United States that specializes in blood component and cellular technologies, earned the approval of the Food and Drug Administration in March 2022 for their Rika Plasma Donation System (Rika). This system, representing the next stage in plasma collection, is designed to improve the workflow in plasma centers for staff and donors. It includes safety provisions to minimize errors by operators and completes the process of plasma extraction in less than 35 minutes. Additionally, Rika ensures that no more than 200 milliliters of blood are outside the donor’s body at any given moment and features a sophisticated control system for operators.
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Which Growth-Oriented Segments of the Blood Market Are Leading the Industry’s Development?
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
Subsegments:
1) By Whole Blood Collection And Processing: Blood Collection Bags, Blood Processing Kits, Blood Separation Systems, Blood Donation Kits
2) By Source Plasma Collection: Plasma Collection Kits, Automated Plasma Collection Systems, Plasma Freezers And Storage Equipment
3) By Blood Typing Products: Blood Typing Reagents, Blood Typing Kits (Manual And Automated), Blood Grouping Solutions
4) By Blood Screening Products: Blood Screening Reagents, Blood Screening Systems (Automated And Manual), Infectious Disease Testing Kits, Hemoglobin Testing Kits
Which Regions Are Making a Mark in the Blood Market Growth?
North America was the largest region in the blood market in 2024. 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.
How Is the Blood Market Categorized and Defined in the Industry?
Blood is a vital bodily fluid responsible for the proper functioning of organs. It is a complex mixture of various components, including red blood cells, white blood cells, platelets, and plasma, which help in maintaining health and enabling medical treatments.
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