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How has the blood market size evolved in recent years?

The blood market has experienced significant growth in recent years. It will grow from $8.32 billion in 2024 to $8.86 billion in 2025, at a CAGR of 6.6%. The growth can be attributed to higher demand for blood and plasma, an increase in surgeries, a growing global population, higher incidence of chronic diseases, and an increase in the number of blood banks.

What are the predictions for the blood market size in the coming years?

The blood market is expected to see strong growth, reaching $11.28 billion by 2029, with a CAGR of 6.2%. Growth drivers include favorable government regulations, a rising geriatric population, greater awareness of blood donation, increased blood transfusion rates, and the growing number of ambulatory surgical centers. Key trends include advancements in blood transfusion and screening instruments, computerized immunoassays, smart blood bank inventory control systems, technological innovations, and precise temperature monitoring.

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What key factors are fueling the growth of the blood market?

The increasing number of surgeries is set to boost the blood market. This growth is attributed to advancements in medical technology, an aging population, and the rising prevalence of chronic diseases. Blood is critical in surgeries to supply oxygen, aid clotting, and enhance immune response. According to the Australian Institute of Health and Welfare, 735,500 patients were admitted for surgery in 2022-2023, a rise of 18% from the previous year, indicating a surge in surgical procedures and blood demand.

How is the global blood market divided into key segments?

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

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Who are the key firms paving the way for growth 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

Which trends are expected to transform the blood market?

Companies in the blood market are creating advanced plasma collection systems to enhance donor safety and blood product quality. For example, in March 2022, Terumo Blood and Cell Technologies, a US-based company, received FDA approval for the Rika Plasma Donation System, a next-generation plasma collection system designed to reduce operator errors and complete collections quickly and safely.

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What regions are contributing significantly to the growth of the blood market?

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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