Global Blood Market Grows Steadily at a CAGR of 5.16%

A crucial area of the healthcare business, the global blood market supplies vital supplies for several medical operations and treatments. Since it is known that blood cannot be utilized to meet all needs, the industry focuses on meeting various demands based on specific blood types and medical problems. This guarantees best-in-class patient care and results. Due to the need for blood transfusions during surgeries, trauma situations, and medical illnesses, there is a need for blood and its constituent parts. The market strives to enhance patient health and reduce risks connected to blood-related illnesses by accommodating these varied requirements. The global blood market supplies the materials required for therapeutic and diagnostic uses, which benefits people's general well-being. Market Dynamics Increasing Global Demand for Blood and Blood Products Drives the Global Market The global demand for blood and blood products is witnessing a steady increase. Several factors contribute to this rising demand, including population growth, advancements in medical treatments, and the growing prevalence of complex surgical procedures and medical conditions. As the world's population grows, there is a corresponding need for an adequate and constant blood supply to meet healthcare requirements. Advancements in medical treatments, such as organ transplantation, cancer therapies, and major surgeries, often rely on blood transfusions to support patient recovery and ensure successful outcomes. The rise in chronic diseases, traumatic injuries, and emergencies drives the demand for blood and blood products. Developing Economies Offer Lucrative Growth Opportunities Developing economies present lucrative growth opportunities in the global blood market. These regions are experiencing rapid economic growth, improved healthcare infrastructure, and an increasing focus on enhancing healthcare services. As a result, the demand for blood & blood products is on the rise. In developing economies, there is a growing awareness of the importance of blood transfusions in medical treatments, surgeries, and emergency care. Governments and healthcare organizations in these regions are investing in expanding their blood banking systems, improving blood collection and processing facilities, and strengthening their distribution networks to meet the rising demand. Regional Analysis Asia-Pacific is the most significant global blood market shareholder and is estimated to exhibit a CAGR of 6.0% over the forecast period. Japan, China, Australia, India, South Korea, and the rest of Asia-Pacific are all included in Asia-Pacific. Since there are more people with chronic illnesses and bettering healthcare facilities in the area, it presents good potential for companies that make blood collection equipment. For instance, WCRF International reports that in 2018, South Korea had the highest prevalence of stomach malignancies. Additionally, since chemotherapy and surgery are needed to treat stomach cancer, a low red blood cell count that necessitates blood transfusions may result. Therefore, there is a rise in demand for the equipment and chemicals used in collecting, processing, and storing blood. The increase in healthcare spending in important nations like Japan and India is another element that supports the blood industry. Europe is anticipated to grow at a CAGR of 4.0% over the forecast period. Germany, France, the United Kingdom, Italy, Spain, and the rest of Europe make up Europe. The European blood market is anticipated to expand steadily throughout the projection period due to several significant regional players. For instance, Novo Nordisk A/S, F. Hoffmann-La Roche AG, and Grifols, S.A. are some major companies participating in the European blood market. As a result, equipment and chemicals for blood collection, processing, and screening are readily available in the area. An increase in the incidence of numerous chronic illnesses, which are treated with blood and blood components, is another reason that supports the market's expansion. For instance, cancer surgery and cancer therapy both have the potential to cause blood loss that necessitates blood transfusions and low levels of red blood cells, respectively. Hence, the surge in the prevalence of cancers serves to boost the rise in the market in the region. Key Highlights The global blood market was valued at USD 7.86 billion in 2022. It is estimated to reach USD 11.68 billion by 2031, growing at a CAGR of 4.5% during the forecast period (2023–2031). Based on the product, the global blood market is bifurcated into whole blood collection, source plasma collection, blood typing, and blood screening. The whole blood collection and source plasma collection segment dominates the global market and is projected to exhibit a CAGR of 4.12% during the forecast period. Based on end-user, the global blood market is divided into blood and blood component banks, diagnostic laboratories, ambulatory surgical centers,hospitals, and others. The blood and blood component bank segment is the most important contributor to the market and is predicted to exhibit a CAGR of 5.1% over the forecast period. Asia-Pacific is the most significant global blood market shareholder and is estimated to exhibit a CAGR of 6.0% over the forecast period. Competitive Players The key players in the global blood market are Abbott Laboratories, Bio-Rad Laboratories, Inc, CSL Limited (CSL Behring), F. Hoffmann-La Roche Ltd, Grifols International SA, Haemonetics Corporation, Merck & Co., Inc, Novo Nordisk A/S, Ortho Clinical Diagnostics, Terumo Corporation (Terumo BCT, Inc.). Market News In December 2022, The WHO released new guidelines on blood donation. The guidelines are designed to help countries improve the safety and quality of their blood supplies. In November 2022, The EBA released a new report on the cost of blood donation. The report found that blood donation costs vary widely from country to country, and this variation will likely increase in the coming years. Global Blood Market: Segmentation By Product Whole Blood Collection and Processing Source Plasma Collection Blood Typing Products Blood Screening Products By End-User Blood and Blood Component Bank Diagnostic Laboratories Ambulatory Surgical Centers Blood and Blood Component Bank Others By Regions North America Europe Asia-Pacific LAMEA