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What Are The Future Growth Projections For The Blood Market Size?

Recent years have seen a robust growth in the size of the blood market. Projections estimate an increase from $8.32 billion in 2024 to $8.84 billion in 2025, following a compound annual growth rate (CAGR) of 6.3%. The previous growth can be credited to a heightened demand for blood and plasma. Additional contributing factors include an increase in the number of surgeries, a growing worldwide population, a surge in the occurrence of chronic diseases, and the expansion in the number of blood banks.

The size of the blood market is forecasted to experience significant expansion in the coming years, expected to reach a value of $11.2 billion by 2029 with a compound annual growth rate (CAGR) of 6.1%. This anticipated growth during the forecast period is due to factors such as supportive government policies, an increase in the elderly population, heightened awareness regarding blood donation, an upsurge in blood transfusion processes, and a rise in the number of ambulatory surgical centers (ASCS). The forecast period will likely also see key trends unfolding, including progress in blood transfusion and blood screening instruments, digitized immunoassays, intelligent systems for blood bank inventory control, and precise monitoring and control of temperatures, facilitated by technological innovations.

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Which Factors Are Steering Growth In The Blood Market?

The blood market’s expansion is anticipated to be propelled by the surge in surgical operations. The escalating number of surgeries is sponsored by advancements in medical technology, the aging population, and an increase in chronic disease incidents. During operations, blood is vital for delivering oxygen and nutrients, facilitating clotting to manage bleeding, and boosting the immunity to fight off infections. For example, as per data from the Australian Institute of Health and Welfare, a governmental body in Australia, in the period of 2022–2023, there were 735,500 surgical admissions from public hospital elective surgery waiting lists, indicating an 18% growth in relation to the year 2021–2022. Consequently, the ascent in surgical procedures is pushing forward the growth of the blood market.

How Is The Blood Market Organized By Different Segments?

The bloodmarket 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

What Future-Focused Trends Are Anticipated In The Blood Market?

Leading firms in the blood market are introducing revolutionary blood transfusion tools like plasma collection systems, aiming to enhance efficiency, uphold donor safety, and boost the quality of blood products overall. A plasma collection system is a device used to draw plasma from a donor’s blood, separate it from other parts, and reintroduce the remaining parts back to the donor via plasmapheresis. For instance, in March 2022, the Rika Plasma Donation System, also known as Rika, developed by Terumo Blood and Cell Technologies, a US firm specialising in blood component and cellular technology, was granted approval by the Food and Drug Administration. Rika is a next-gen plasma collection system designed to improve the workflow in plasma centers for both employees and donors. It includes protections against operator errors, can complete the plasma extraction process in less than 35 minutes, ensures no more than 200 milliliters of blood are out of the donor’s body at any moment, and comes with an enhanced control system for operators.

Who Are The Most Influential Companies In 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, Danaher Corp., Merck KGaA, Asahi Kasei Medical Co. Ltd., Henry Schein Inc., Medline Industries Inc., B. Braun Melsungen AG, Grifols SA, Terumo Corp., Nipro Corp., QuidelOrtho Corp., Bio Rad Laboratories Inc., LivaNova PLC, Haemonetics Corp., Macopharma, DIAGAST SAS, BAG Health Care GmbH, Kawasumi Laboratories America Inc

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Which Region Dominates The Blood Market Today?

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.

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