Market Definition:
The global Blood and Blood Components market was valued at US$ 12.9 billion in 2023 and it is anticipated to grow up to US$ 17.5 billion by 2033, at a CAGR of 3.1% during the forecast period.
Blood and blood components are used in clinical settings for blood transfusion to save the lives of patients suffering from bleeding disorders, traumatic surgery, chronic diseases, or rare blood diseases. Patients who have been severely injured in car accidents or other traumatic incidents such as violence and assault usually require traumatic surgery. Road accidents cause significant blood loss and hemorrhage, necessitating an immediate blood transfusion to maintain blood volume and save the patient’s life. Furthermore, blood transfusion is required in the treatment of chronic diseases such as blood cancer because cancer treatment involving surgery causes significant blood loss and blood cell loss. Patients undergoing stem cell transplantation for the treatment of blood cancers such as leukemia, myeloma, lymphoma, and others require high doses of chemotherapy, which causes blood cell depletion.
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Market Outlook:
The increase in cases of chronic diseases among people all over the world is the primary driver of the industry’s growth. For example, according to the National Institute of Health, U.S. statistics 2022, approximately half a million people have suffered from leukemia, a type of blood cancer, in recent years. Therefore, the rise in the number of chronic illnesses, such as cancer and liver disease, as well as the large patient pool, is expected to fuel the growth of the blood and blood components market.
Furthermore, the industry’s growth will be driven by rising of bleeding disorders and surgeries. The significant increase in the geriatric population, which is susceptible to a variety of chronic diseases such as liver cirrhosis, will drive a high demand for blood derivatives during the period. Rising public awareness of the importance of blood donations, as well as the increasing need for blood and blood derivatives in traumatic patients, are also factors influencing demand for whole blood, which will drive market growth. These factors are expected to drive the growth of the global Blood and Blood Components Market.
Market Restraints and Challenges
Over the period, the risk of adverse reactions and transmission of blood transfusion-associated infections such as HIV, syphilis, Zika virus, Hepatitis B, and others is expected to hinder growth in the global blood and blood components market. According to a March 2020 article published in the journal Nature Public Health Emergency Collection, blood transfusion is frequently associated with immunological reactions such as acute hemolytic anemia, delayed hemolytic reaction, febrile nonhemolytic reactions, and others, with febrile nonhemolytic reaction being the most common type of adverse reaction found in 7% of blood transfusion patients. This is a potential restraint hindering the global Blood and Blood Components Market growth.
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Research Objectives:
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Global Blood and Blood Components Market Segmental Overview
The report analyses the global Blood and Blood Components Market based on product, application, end-user, and region.
Major Players in the Global Blood and Blood Components Market
The key players studied in the global Blood and Blood Components Market are Association for the Advancement of Blood & Biotherapies (US), American Red Cross (US), Australian Red Cross (Australia), Carter BloodCare (US), Indian Red Cross (India), National Blood Authority Australia (Australia), OneBlood (US), South African National Blood Service (South Africa), Versiti (US), and Vitalant (US) among others.
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Research Scope:
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2023 – $12.9bn
• Market Size in 2033 – $19.5 bn
• CAGR % – 3.1%
• Historic Period – 2017-2022
• Forecast Period – 2024-2033
• Base Year – 2023
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