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Blood Market

Blood Market Size, Share & Trends Analysis Report 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, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRHI54520DR
Study Period 2019-2031 CAGR 4.5%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 7.86 Billion
Forecast Year 2031 Forecast Year Market Size USD 11.68 Billion
Largest Market Asia-Pacific Fastest Growing Market Europe
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Market Overview

The global blood market size 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).

The blood market is a critical sector within the healthcare industry, providing essential resources for various medical procedures and treatments. Blood and its components play a vital role in therapeutic and diagnostic applications, contributing to the overall well-being of individuals. The foundation of the global market lies in recognizing that blood is not a one-size-fits-all resource. Individuals have distinct blood types and specific needs based on their medical conditions, surgeries, and emergencies. The market caters to these diverse requirements for optimal patient care and outcomes. The demand for blood and its components stems from the need to address medical conditions, surgeries, and trauma cases requiring blood transfusions. The market aims to improve patient health and minimize risks associated with blood-related disorders, such as anemia or bleeding.


  • By product, the whole blood collection and processing segment occupied a larger s egment of the global market.
  • By end-user, the blood and blood component bank segment is anticipated to grow with the highest CAGR over the forecast period.
  • By region, Asia-Pacific is anticipated to grow at the highest rate during the forecast period.

Market Dynamics

Market Drivers

Increasing Global Demand for Blood and Blood Products

The demand for blood and blood products is rising noticeably for several reasons. One significant factor is the growing global population, coupled with advancements in medical treatments and technologies. As the population expands, there is a corresponding rise in the need for medical interventions that often require blood transfusions. Complex surgical procedures, including organ transplants, cardiac surgeries, and trauma cases, necessitate a steady blood supply to support patient care and improve outcomes.

Additionally, the continuous development of medical treatments for various diseases and conditions has contributed to the rising demand for blood. These treatments, such as chemotherapy for cancer patients or procedures for individuals with blood-related disorders like hemophilia, rely on blood and blood components for their efficacy. The expanding range of therapeutic applications in medicine has further fueled the demand.

Rise in Geriatric Population Across the Globe

One important factor driving the global blood industry is the increase in the elderly population. Blood and blood products are in greater demand as the aging population grows. Older adults often require medical interventions, surgeries, and treatments that may involve blood transfusions. Age-related diseases, such as cardiovascular disorders and certain cancers, become more prevalent in the elderly, necessitating blood transfusions as part of their management. Moreover, the aging process can lead to conditions like anemia or blood clotting disorders, which may require blood transfusions for treatment.

The senior population also tends to have a higher incidence of chronic conditions and comorbidities that may necessitate blood transfusions. Conditions like kidney disease, liver disease, or hematological disorders may require regular blood transfusions to maintain health and improve quality of life. As the global senior population grows, the demand for blood and blood products in healthcare settings, including hospitals, clinics, and long-term care facilities, is expected to increase significantly.

Market Restraint

High Cost of Advanced Blood Collection Devices

The high cost of advanced blood collection devices is a significant restraint in the global market. Blood collection devices, including specialized needles, syringes, and collection tubes, are critical in ensuring safe and efficient blood collection from donors. However, these devices' advanced technology and design features often result in higher production and procurement costs.

Advanced blood collection devices are also designed to improve blood collection procedures' accuracy, safety, and ease. They may include safety mechanisms to prevent needlestick injuries, vacuum-sealed collection tubes for proper specimen preservation, and ergonomic designs for comfortable and efficient use. These devices are essential in maintaining the quality of collected blood samples and minimizing the risk of contamination or mishandling.

Market Opportunities

Developing Economies Offer Lucrative Growth Opportunities

Emerging economies of Asia-Pacific and LAMEA offer lucrative growth opportunities for blood collection, typing, screening, and processing reagents and system manufacturers due to improvements in healthcare infrastructure in these regions and the rise in demand for better healthcare services from most patients. The rise in various chronic diseases has fostered the demand for blood products. In addition, healthcare reforms in developing nations focus on patients’ health, including reforms for poor or disadvantaged groups that usually face financial barriers to accessing healthcare services. An increase in investments in developing countries such as India, China, and Brazil supports the growth of the healthcare industry and blood market.

Furthermore, blood collection, typing, screening, and processing reagents and system manufacturers collaborate with local players to expand their foothold in these emerging markets and to provide effective and innovative products. Therefore, collaborations and acquisitions are further expected to lead to growth in new product launches, technological innovations, and continuous developments in the global market in emerging countries, which is anticipated to have a huge impact on the market throughout the forecast period.

Regional Analysis

Asia-Pacific Dominates the Global Market

Based on region, the global blood market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Asia-Pacific is the most significant global blood market shareholder and is estimated to exhibit a CAGR of 6.0% over the forecast period. Asia-Pacific comprises Japan, China, Australia, India, South Korea, and the rest. The region offers lucrative opportunities for blood collection equipment players due to the rise in the proportion of people with chronic disorders and improving healthcare facilities. For instance, according to WCRF International, South Korea had the highest rate of stomach cancers in 2018. Furthermore, stomach cancer requires surgery and chemotherapy; this can call for blood transfusions as a therapy for low red blood cell counts. As a result, the need for equipment and supplies used to collect, process, and store blood increases. Moreover, other factors that boost the global market include the surge in healthcare spending in major countries such as Japan and India. The rise in the geriatric population in some countries, such as Japan, is another significant driver that boosts market growth in the region.

Europe is expected to exhibit a CAGR of 4.0% over the forecast period. Europe comprises Germany, France, the U.K., Italy, Spain, and the rest of Europe. Due to several major players in the area, the global market in Europe is anticipated to expand steadily over the forecast period. For instance, some key players operating in the European global market include Novartis International AG, Novo Nordisk A/S, F. Hoffmann-La Roche AG, and Grifols, S.A. This leads to the easy availability of systems and reagents used in the region's blood collection, processing, and screening. Furthermore, other factors contributing to the rise of the market include the growth in the prevalence of various chronic diseases, which require blood and blood component transfusion for treatment. For instance, cancer treatment can lead to low levels of red blood cells, and cancer surgery can lead to loss of blood, which requires blood transfusions. Hence, the surge in the prevalence of cancers boosts the market's growth in the region, for instance.

In addition, other factors that fuel the market's growth include the surge in the geriatric population, which is highly predisposed to various chronic diseases that require the use of blood and plasma for treatment. For instance, according to Eurostat, nearly 19% of the European Union residents were aged 65 and more in 2018. Therefore, the factors above lead to a rise in demand for blood and its components, which leads to a surge in demand for systems and reagents used for blood collection, processing, and screening in the region, thereby boosting the growth of the blood market.

North America comprises the U.S., Canada, and Mexico. It is projected to generate the highest revenue in the global market during the forecast period, attributable to the easy availability of systems and reagents used in blood collection, processing, and screening. Furthermore, factors such as the surge in blood and plasma donations are another major factor that boosts the growth of the blood North American market. For example, according to the American National Red Cross, an estimated 6.8 million U.S. people donate blood annually. The aging population, more likely to have illnesses needing blood and blood component transfusions, is another driver driving the market's expansion.

LAMEA comprises Brazil, Saudi Arabia, South Africa, and the rest of LAMEA. The global market in LAMEA is in its nascent phase due to factors such as the LAMEA healthcare system's limited capacity and technology to treat medical conditions, including cancer, cardiovascular diseases, chronic kidney diseases, etc. However, the region's healthcare industry is steadily changing due to various factors. For instance, the availability of mandatory health insurance, the rising mergers and acquisitions (M&A) in the healthcare industry, and the surge in awareness related to blood donations and plasma donations boost the region's growth. This, in turn, offers various lucrative opportunities for key regional players.

Report Scope

Report Metric Details
By Product
  1. Whole Blood Collection and Processing
  2. Source Plasma Collection
  3. Blood Typing Products
  4. Blood Screening Products
By End-User
  1. Blood and Blood Component Bank
  2. Diagnostic Laboratories
  3. Ambulatory Surgical Centers
  4. Others
Company Profiles Abbott Laboratories Bio-Rad Laboratories Inc CSL Limited (CSL Behring) Hoffmann-La Roche Ltd Grifols International SA Haemonetics Corporation Merck & Co. Inc Novo Nordisk A/S Ortho Clinical Diagnostics Terumo Corporation (Terumo BCT Inc.)
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global blood market is bifurcated into product and end-user.

Based on the product, the global 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. Whole blood collection is a process that involves the withdrawal of blood from a person who has volunteered to donate blood. In addition, techniques such as venepuncture are employed to collect the blood. Furthermore, this collected blood is stored and used when a patient's blood volume is low. Moreover, it is also required when red blood cells are deficient, either in quantity or quality. Whole blood is the only option for patients needing transfusions after surgery or major trauma.

Plasma is defined as the liquid part of the blood, which is pale yellow in appearance on separation from blood. Plasma is composed mainly of water and plasma proteins. Source plasma is the plasma collected from a healthy individual through plasmapheresis. In this process, whole blood is collected, and the plasma is separated from cellular components. Furthermore, the cellular components (red blood cells, white blood cells, and platelets) are returned to donors during the process, which takes approximately 90 minutes. The plasma is kept for use in creating pharmaceuticals. This collected plasma is preserved for subsequent use in treating ailments, including autoimmune diseases, liver problems, heart surgery, and hemophilia.

Based on end-user, the global 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. The blood bank is a facility where the blood collected from donations is stored. Furthermore, this blood is also preserved under necessary conditions for later use. In addition, blood banks are small division in hospitals that supplies blood to patients whenever required to treat any medical condition. A blood bank is also responsible for storing blood components such as blood plasma. Thus, these facilities employ systems and reagents for collecting, storing, and processing blood. One of the main factors driving the market's growth is the rising number of blood banks worldwide. In addition, the rise in awareness associated with blood donation and the surge in plasma and blood donations also contribute to the market's growth.

Market Size By Product

Recent Developments

  • 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.
  • 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.


Top Key Players

Abbott Laboratories Bio-Rad Laboratories Inc CSL Limited (CSL Behring) Hoffmann-La Roche Ltd Grifols International SA Haemonetics Corporation Merck & Co. Inc Novo Nordisk A/S Ortho Clinical Diagnostics Terumo Corporation (Terumo BCT Inc.) Others

Frequently Asked Questions (FAQs)

How big is the blood market?
The global blood market size 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).
Asia-Pacific region has the largest share of the blood market.
Developing economies offer lucrative growth opportunities is one of the key opportunities in blood market.
The key players in the global blood market include 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.). 

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