June 25, 2024

Blood and Blood Components Market Size, Growth, Report by 2033

The global blood and blood components market size accounted for USD 13.15 billion in 2023 and is predicted to grow around USD 18.42 billion by 2033, growing at a CAGR of 3.43% from 2024 to 2033.

Key Points

  • Europe dominated the market with the largest revenue share of 35% in 2023.
  • North America is expected to gain a significant share of the market during the forecast period.
  • By product, the blood components segment held the largest revenue share in 2023.
  • By product, the whole blood segment is expected to witness the fastest growth in the market during the forecast period.
  • By end use, the hospitals segment dominated the market in 2023.
  • By end use, the ambulatory surgical centers segment is expected to grow rapidly in the market during the forecast period.
  • By application, the cancer treatment segment held a significant share of the market in 2023.
  • By application, the anemia segment is expected to grow rapidly during the forecast period.

Blood and Blood Components Market Size 2024 to 2033

The blood and blood components market encompasses a vital aspect of healthcare, supplying essential products for transfusions and therapeutic purposes. It includes whole blood, red blood cells, platelets, plasma, and other blood components crucial for various medical procedures and conditions. This market plays a pivotal role in saving lives, managing chronic illnesses, and supporting healthcare systems worldwide.

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Growth Factors

Several factors contribute to the growth of the blood and blood components market. Technological advancements in blood collection, processing, and storage techniques improve the safety and efficacy of blood products. Additionally, the rising prevalence of chronic diseases, surgical procedures, and trauma cases drive the demand for blood transfusions and related products. Moreover, increasing awareness about blood donation and campaigns promoting voluntary donation further propel market growth.

Region Insights:

The demand for blood and blood components varies across regions due to factors such as population demographics, healthcare infrastructure, and disease prevalence. Developed regions typically have well-established blood banking systems and advanced medical facilities, leading to a higher consumption of blood products. However, emerging economies are witnessing rapid growth in the blood and blood components market due to improving healthcare access, infrastructure development, and increasing healthcare expenditure.

Blood and Blood Components Market Scope

Report Coverage Details
Blood and Blood Components Market Size in 2023 USD 13.15 Billion
Blood and Blood Components Market Size in 2024 USD 13.60 Billion
Blood and Blood Components Market Size by 2033 USD 18.42 Billion
Blood and Blood Components Market Growth Rate CAGR of 3.43% from 2024 to 2033
Largest Market Europe
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Product, End-use, Application, and Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Blood and Blood Components Market Dynamics

Drivers:

Several drivers fuel the expansion of the blood and blood components market. Population growth, especially among the elderly demographic, contributes to a higher demand for blood products, as aging individuals are more prone to chronic conditions requiring transfusions. Additionally, advancements in medical treatments, including organ transplants, cancer therapies, and complex surgeries, drive the need for blood components to support these procedures. Furthermore, government initiatives promoting safe blood donation practices and regulatory measures to ensure blood product safety also drive market growth.

Opportunities:

The blood and blood components market presents various opportunities for growth and innovation. Investments in research and development aimed at enhancing blood product safety, efficacy, and shelf life can lead to the introduction of novel products and technologies. Expanding into emerging markets with unmet healthcare needs provides opportunities for market players to tap into new consumer bases. Furthermore, collaborations between healthcare organizations, blood banks, and technology companies can facilitate the development of integrated solutions for blood collection, processing, and distribution.

Challenges:

Despite its significance, the blood and blood components market faces several challenges. Ensuring an adequate and safe blood supply remains a constant challenge, particularly in regions with limited resources or infrastructure. Addressing blood shortages, ensuring blood product quality and safety, and minimizing the risk of transfusion-transmitted infections are ongoing concerns for healthcare authorities and blood banks. Moreover, regulatory compliance, ethical considerations related to blood donation and transfusion, and public perceptions about blood safety pose challenges to market growth and sustainability.

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Blood and Blood Components Market Recent Developments

  • In January 2024, Today, Inspira Technologies OXY B.H.N Ltd., a leader in life support technology with the goal of replacing conventional mechanical ventilators, announced its intention to provide a single-use, disposable blood oxygenation kit (the “Kit”) for its INSPIRA ART medical device series.
  • In January 2024, in a race with Apple Inc. and other electronic behemoths, Samsung Electronics Co. is pursuing the development of continuous blood pressure monitoring and noninvasive glucose monitoring. The company has high aspirations for the healthcare industry.

Blood and Blood Components Market Companies

  • European Blood Alliance
  • Australian Red Cross
  • Indian Red Cross
  • American Association of Blood Banks
  • South African National Blood Service

Segment Covered in the Report

By Product

  • Whole Blood
  • Blood Components

By End-use

  • Hospitals
  • Ambulatory Surgical Centers

By Application

  • Anemia
  • Trauma & Surgery
  • Cancer Treatment
  • Bleeding Disorders

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

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