Blood and Blood Components Market Size

Blood and Blood Components Market Size

Blood and Blood Components Market size accounted for USD 12.1 billion in 2021 and is estimated to grow with 3.4% CAGR between 2022 and 2028. Increasing number of people suffering from cancer coupled with various bleeding disorders will boost the business landscape over the estimation timeframe.

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Blood and blood components are generally used in treatments including haematological diseases, cancer, etc. coupled with providing support during advanced surgical and medical procedures. According to the World Health Organization (WHO), more than 200 million major surgeries are performed per year globally. Additionally, there has been increasing trend towards application of blood and blood components such as platelet rich plasma (PRP) in various aesthetic procedures. This has significantly escalated the demand for blood and blood components including platelet and plasma that is set to benefit the market.
 

Plasma therapies has also witnessed substantial growth in major developing countries such as India and China to combat effect of COVID-19 in severe cases. Patients suffering from kidney failure or gastrointestinal bleeding experience chronic anaemia require transfusion of red blood cells (RBCs’). As per the Centres for Disease Control and Prevention (CDC) data, around 900,000 patients visit emergency department for anaemia every year globally. Thus, the widespread application of blood components in various fields of healthcare industry will drive the blood and blood components market growth significantly over the upcoming period.
 

Blood is life-sustaining fluid that circulates throughout the body providing nourishment, hormones, antibodies, electrolytes, and vitamins to body tissues. Blood components are components that are derived from whole blood and transfused to required patients using apheresis technique. These components are used in supporting advanced surgical and medical procedures along with application in haematological, cancer, cardiovascular, transplantation and aesthetic procedures. Thus, blood and blood components usage is gaining widespread popularity across varied regions.
 

The number of blood donors as well as donations has declined significantly in recent years especially during COVID-19 situation all over the globe. The American Red Cross has witnessed around 10% reduction in number of overall donors since the beginning of COVID-19 situation. Problems such as staffing limitations and blood drive cancellations have been faced by such organizations.
 

Moreover, the governments at country-level announced functioning of only emergency healthcare departments during the COVID-19 situation thus, affecting the aesthetic procedure industry. Blood is a product that cannot be stockpiled or manufactured, it can only be acquired through blood donations. Several blood organizations such as the European Blood Alliance and Australian Red Cross have started initiating blood awareness programs and donation camps to encourage people to donate blood. Blood and blood components that are majorly transfused can also be only acquired from blood hence, it is necessary for people to donate blood for proper management and function globally.
 

The decline in blood availability has elevated the number of people turning to black market in China to acquire supply of essential blood and blood components. Hence, the overall decline in blood donation will limit the market expansion to certain extent over the coming years.
 

The outbreak of COVID-19 pandemic had significantly impacted the blood and blood components market. The blood industry witnessed a significant drop in 2020-2021 owing to decline in blood transfusion procedures as a result of reduction in blood donation by people globally. This largely affected several blood transfusion operations.
 

Furthermore, the market players operating in the business revealed that overall transfusion numbers went down during the pandemic and eventually recovered due to the rise demand for blood components especially in case of cancer patients, anaemic patients and aesthetic procedures. A slow-moving growth was observed in blood and blood components business as several countries began with organizing blood donation campaigns in order to encourage people to donate blood.