Blood Market to Expand by USD 2.6 Billion (2024-2028), Driven by Growth in Hospitals and Blood Banks, with AI Powering Market Evolution – Technavio

NEW YORK, Nov. 19, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global blood market size is estimated to grow by USD 2.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.94%  during the forecast period. Rising number of hospitals and blood banks is driving market growth, with a trend towards rising awareness about blood donation. However, low availability of blood storage/transfusion facilities in rural areas  poses a challenge.Key market players include Abbott Laboratories, AXO Science, BAG Health Care GmbH, Becton Dickinson and Co., Bio Rad Laboratories Inc., Cardinal Health Inc., CSL Ltd., Danaher Corp., DIAGAST SAS, F. Hoffmann La Roche Ltd., Grifols SA, Haemonetics Corp., Medtronic Plc, Merck KGaA, Mesa Laboratories Inc., Nipro Corp., QuidelOrtho Corp., Rapid Labs Ltd., Terumo Corp., Thermo Fisher Scientific Inc., and Werfenlife SA.

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Market Driver

The global Blood Market is witnessing significant growth due to the increasing demand for body fluids like red blood cells, plasma, and other components for treating chronic medical conditions such as leukemia, cancer, and anemia. The market encompasses donated whole blood, plasma, and various blood screening and typing products. Trends include advanced blood tests for trauma injuries, surgical procedures, and emergencies in hospitals and ambulatory surgical centers. The geriatric population, with chronic kidney diseases, liver diseases, and metabolic disorders, fuels the market’s expansion. Blood screening instruments, source plasma collection, and blood typing systems are major shareholders. Healthcare expenditure on medical procedures, organ transplants, cardiac surgeries, and patient care drives market growth. Blood collection devices, such as specialized needles, syringes, and collection tubes, employ advanced technology and design features to minimize contamination and mishandling. Skilled laboratory professionals ensure accurate blood typing and screening, while healthcare services cater to chronic diseases and trauma cases. Blood transfusion therapy using whole blood and consumables, along with blood transfusion instruments, are essential components of patient care during medical interventions. 

The global blood market is witnessing a significant trend as awareness about blood donation increases. Misconceptions regarding donating blood have been addressed, making more individuals open to the process. Government organizations, NGOs, and educational institutions conduct blood camps to educate the public. Developed countries, including the US, UK, Canada, and Germany, collect a substantial amount of blood from these camps. This heightened awareness and educational initiatives have led to increased donations and a stronger blood supply system. 

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 Market Challenges

•         The Blood Market faces several challenges in providing adequate blood and its components for various medical procedures and emergencies. Key challenges include the collection and screening of body fluids like blood and plasma from donors with chronic medical conditions such as Leukemia, Cancer, and HIV. The geriatric population and those with chronic kidney diseases, liver diseases, and metabolic disorders require specialized attention due to unique blood typing and screening needs. Blood loss from trauma injuries and surgical procedures necessitates a steady blood supply. Hospitals and ambulatory surgical centers rely on blood banks for donated whole blood, plasma, and advanced blood tests. The use of blood typing products, blood screening instruments, and blood typing systems is crucial to ensure accurate blood matching and prevent contamination or mishandling. Healthcare expenditure on medical treatments and interventions for blood-related disorders like Anemia, Bleeding, and organ transplants continues to rise. Blood collection devices, such as specialized needles, syringes, and collection tubes, must adhere to advanced technology and design features for efficient and safe procedures. Skilled laboratory professionals are essential for blood screening, testing, and blood transfusion therapy using blood transfusion instruments. The market for blood components, including Red blood cells, White blood cells, Platelets, and Plasma, is significant due to the high demand for surgeries, emergencies, and medical procedures. The challenges in the Blood Market call for continuous innovation and improvement in blood collection, screening, and transfusion processes to ensure patient care and health.

•         The scarcity of blood storage and transfusion facilities in rural regions poses a significant challenge in the global blood market. Due to lower disposable incomes, these areas exhibit a minimal demand for healthcare services. The healthcare ecosystem in less developed regions is underdeveloped, limiting access to advanced medical treatments such as surgeries, blood transfusions, and advanced diagnostics. Consequently, the adoption of these treatments is low, resulting in reduced blood storage requirements in rural areas. This situation hinders the growth of the blood market in these regions.

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Segment Overview 

This blood market report extensively covers market segmentation by  

1. Product 

• 1.1 Whole blood collection and processing
• 1.2 Blood screening products
• 1.3 Blood typing products
• 1.4 Source plasma collection

End-user 

• 2.1 Hospitals
• 2.2 Ambulatory surgical centers (ASCs)
• 2.3 Others

Geography 

• 3.1 North America
• 3.2 Asia
• 3.3 Europe
• 3.4 Rest of World (ROW)

1.1 Whole blood collection and processing-  The global blood market’s whole blood collection and processing segment are projected to expand due to the increasing demand for whole blood. Factors such as trauma, surgical procedures, and diseases contribute to this demand. Whole blood, which is the blood flowing through veins, is commonly used for transfusions and patients with severe blood loss. Trauma is a leading cause of death, claiming over 5 million lives and requiring medical care for 1 billion people yearly. Blood is collected in blood bags, which are essential for storing and processing whole blood and its components. These bags are made from high-quality, biocompatible PVC and additives for safe and efficient blood collection, separation, storage, and transport. Standardized manufacturing methods ensure free flow during blood separation and prevent breakages or twists. Additionally, these bags extend red blood cell storage and lower packed red blood cell viscosity for easy transfusion, maximizing plasma harvesting. The advantages of blood collection bags are driving their demand, fueling the growth of the whole blood collection and processing segment in the global blood market.

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Research Analysis

Blood Market: A Complex and Essential Industry The Blood Market is a global network that facilitates the collection, testing, processing, storage, and distribution of vital body fluids, primarily focusing on red blood cells, organs, and other blood components. This market caters to various medical needs, including chronic medical conditions, traumatic injuries, surgeries, emergencies, and patient care. Body fluids, including blood, play a crucial role in maintaining life. Red blood cells, for instance, carry oxygen to different parts of the body, while leukemia and cancer cells can threaten this function. Trauma injuries and medical procedures can lead to blood loss, necessitating transfusions. Blood components, such as platelets and plasma, are essential for surgeries and patient care. Blood transfusion therapy is a common treatment for anemia, leukemia, and other blood-related disorders. The Blood Market also provides consumables and instruments for blood transfusions. Skilled laboratory professionals ensure the safety and quality of the blood and its components, making the Blood Market an indispensable part of modern healthcare. The industry continues to evolve, addressing the increasing demand for blood and blood-related products while ensuring the highest standards of patient care.

Market Research Overview

Blood Market: A Thriving Industry Dedicated to Saving Lives The global blood market is a critical and dynamic sector, focusing on the collection, testing, processing, and distribution of essential body fluids, including red blood cells, plasma, and other components. This market caters to various medical needs, such as chronic medical conditions, trauma injuries, surgical procedures, and emergencies. Organs and body fluids, particularly blood, play a pivotal role in maintaining patient health and supporting medical treatments and interventions. Chronic medical conditions like leukemia, cancer, and chronic kidney diseases, as well as acute conditions like trauma and casualties, require timely access to blood and its components. The market encompasses various players, from hospitals and ambulatory surgical centers to blood banks and specialized laboratories. Blood collection devices, such as blood typing products, blood screening instruments, and advanced technology, ensure the safety and efficiency of the blood collection process. Blood typing systems, blood typing reagents, and blood screening systems and reagents are crucial for identifying the correct blood type and detecting potential diseases or contaminants. The geriatric population, with its unique healthcare needs, represents a significant market segment. Major shareholders in the blood market include hospitals, hospitals and clinics, and blood banks. The market’s growth is driven by increasing healthcare expenditure, the rising prevalence of chronic conditions and comorbidities, and the increasing demand for advanced blood tests and transfusion therapy. Blood components, such as red blood cells, plasma, white blood cells, platelets, and plasma derivatives, are essential for various medical procedures, including organ transplants, cardiac surgeries, and emergency treatments. The market’s success relies on the availability of a reliable blood supply, skilled laboratory professionals, and advanced blood transfusion instruments. In conclusion, the blood market is a vital and ever-evolving industry, dedicated to ensuring the availability and safety of essential body fluids for patient care and medical interventions. The market’s continued growth is driven by the increasing demand for blood and its components, advances in technology, and the changing healthcare landscape.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Product
• Whole Blood Collection And Processing
• Blood Screening Products
• Blood Typing Products
• Source Plasma Collection
• End-user
• Hospitals
• Ambulatory Surgical Centers (ASCs)
• Others
• Geography
• North America
• Asia
• Europe
• Rest Of World (ROW)

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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