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Animal Blood & Blood Components Market - By Product (Whole Blood, RBC, WBC, Platelet, Plasma), Animal (Large, Small), Application (Hemorrhage, Surgery, Cancer Treatment, Bleeding Disorders), End-User (Hospital, Blood Bank), Global Forecast (2023
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Animal Blood & Blood Components Market
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Premium Report Details
Base Year: 2022
Companies covered: 10
Tables & Figures: 437
Countries covered: 20
Pages: 225
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Animal Blood & Blood Components Market Size
Animal Blood & Blood Components Market size accounted for a significant market revenue of USD 122.4 million in 2022 and is expected to showcase significant growth of 9.7% over the forecast period, to reach an estimated value of USD 292.8 million by 2032. The growth of the market in the foreseeable future is primarily propelled by a heightened awareness of veterinary blood banking and transfusion services.
This increased awareness has a substantial influence on driving market expansion. Moreover, the rising incidence of chronic illnesses in aging pets further contributes positively to the market progress.
Animal blood plays a fundamental role in transporting oxygen, nutrients, hormones, and waste products throughout an animal's body. Animal blood is composed of a liquid portion called plasma, which contains various proteins, electrolytes, and other dissolved substances, and cellular elements, including red blood cells (erythrocytes), white blood cells (leukocytes), and platelets. The combination of these individual elements is referred to as blood components.
COVID-19 Impact
The COVID-19 pandemic has left a significant negative impact on the animal blood and blood components market, introducing various challenges that have affected both the supply and demand for these vital resources. One of the most prominent adverse effects has been supply chain disruptions. Just like in the human healthcare sector, the animal blood and blood components market experienced interruptions in the supply chain. Lockdowns, travel restrictions, and social distancing measures hampered the ability to collect, process, and distribute animal blood products. This resulted in sporadic shortages of blood and its components, particularly in regions with stringent pandemic-related restrictions. The disruptions in the supply chain have at times made it challenging for veterinary facilities to access the necessary blood products, potentially impacting the treatment of animals in need.
Animal Blood & Blood Components Market Trends
Furthermore, technological advancements have played a paramount role in reshaping the way blood typing, cross-matching techniques, and storage methods are employed in the veterinary field. These advancements have not only improved the quality and availability of blood products but have also expanded the potential applications, leading to a substantial expansion of the market.
Thus, the combined impact of rising pet insurance and increased animal health expenditure highlights the growing importance of animal blood and blood components in veterinary care.
Animal Blood & Blood Components Market Analysis
By product, the market is segmented into whole blood and blood components. The blood components segment is further categorized into red blood cells, platelets, plasma and white blood cells. In 2022, the blood components segment emerged as the dominant, capturing the largest market share of 71.4%.
By animal type, the animal blood & blood components market is segmented into small animals and large animals. The large animals segment dominated the market, holding a substantial market share and is poised to reach USD 167.4 million by 2032.
Based on application, the animal blood & blood components market is segmented into anaemia, surgery, bleeding disorders, and other application. In 2022, anaemia segment held a significant market share and was valued at USD 59.5 million.
Based on end-user, the animal blood & blood components market is segmented into veterinary hospitals and clinics and veterinary blood banks. The veterinary hospitals and clinics segment witnessed the highest growth with a CAGR of 9.4% in 2022 and is expected to show segmental growth in the coming years.
North America animal blood & blood components market dominated the overall market with 49.3% market proportion in 2022 and is anticipated to grow with a CAGR of 9.9% over the forecast period.
Animal Blood & Blood Components Market Share
The animal blood & blood components industry comprises significant players such as Royal Veterinary College (RVC), University of Florida Veterinary Hospitals, University of Pennsylvania Ryan Veterinary Hospital, Animal Blood Resources International, and Blue Ridge Veterinary Blood Bank. These institutes provide a wide range of products and services for both small and large animals including whole blood, plasma, red blood cells, platelets, and white blood cells. This competitive landscape is driven by a commitment to innovation, research, and quality assurance, all of which play a pivotal role in meeting the growing demand for animal blood products.
Market players operating in the animal blood & blood components industry is as mentioned below:
Animal Blood & Blood Components Industry News:
The animal blood & blood components market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments:
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By Product, 2018 – 2032 (USD Million)
By Animal Type, 2018 – 2032 (USD Million)
By Application, 2018 – 2032 (USD Million)
By End-user, 2018 – 2032 (USD Million)
The above information is provided for the following regions and countries: