Blood and Blood Components Market size is set to surpass USD 15.2 billion by 2028, according to a new research report by Global Market Insights Inc.
Increased number of surgeries along with rising number of people suffering from conditions that affect the natural process of blood cells production will boost the business landscape. Furthermore, blood and blood components are essential elements that cannot be manufactured artificially. Hence, health authorities such as Dubai Health Authority are organizing blood drives and awareness campaigns to encourage people towards blood donation. The cosmetic surgeries have recently gained immense popularity leading to increased demand for blood and blood components including platelets and plasma.
Growing number of surgeries will fuel the Blood and Blood Components Market expansion
Patients’ blood management is one of the key aspects at the time of referral for surgery. Anemic patient needs to be tested and treated pre-surgery. Red blood cells are required by an anemic patient. Also, patients specifically those on antiplatelets or anticoagulant drugs refer external supply of essential blood products. Generally, patients experience blood loss during the surgery. Also, an accident or injured patient may also require blood due to high blood loss.
Bleeding disorders or patients experiencing abnormal bleeding post-surgery or dental extractions may witness anemia and require administration of red blood cells. Majority of treatments such as cancer involve surgery as one of the treatment options, in such cases transfusion is necessary as people suffering from chronic diseases have reduced capacity of producing enough blood cells. With growing number of surgeries, demand for blood and blood components is set to rise.
Transmission of infection through blood transfusion may hamper the Blood and blood components market revenue
Risk of transfusion transmitted infection (TTI) transmitted through donated blood to recipient restrains few donors from donating blood. Various organisms such as viruses, bacteria, parasites can be transmitted during transfusion of blood. However, blood organizations are now using pathogen reduction technology (PRT) to decrease the risk of transfusion transmitted infection among the blood recipients. Blood and blood components are also sometimes contaminated with bacteria.
For instance, nearly 1 out of 2,000-3,000 platelet transfusions is contaminated kept at room temperature. TTI is less common however, can lead to severe illness or even death. Improved methods of blood collection, donor screening, proper handling and storage of blood components has overall reduced the incidence of transfusion transmitted infections. More enhanced technique along with proper management of blood and blood products will encourage blood donors to donate blood.
Browse key industry insights spread across 150 pages with 234 market data tables & 16 figures & charts from the report, “Blood and Blood Components Market Analysis By Product (Whole Blood, Blood Components Red Blood Cells, Platelets, Plasma, White Blood Cells}), Application (Anemia, Trauma & Surgery, Cancer Treatment, Bleeding Disorders), End-Use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Increasing adoption of blood components to treat wide array of medical conditions will stimulate the market statistics
Blood and blood components market from blood segment accounted for over USD 500 million in 2021 and is expected to exhibit 2.4% CAGR through 2028. Presently, due to technological advancement in healthcare market only the blood components required by patient are transfused using apheresis technique instead of whole blood. Hence, the whole blood transfusion count has declined considerably over the recent years.
However, in some cases such as acutely hemorrhaging individuals, major trauma or rapid correction in coagulopathy, anemia etc. are supplied directly with whole blood. Dosing of whole blood depends on various factors including estimated blood loss, patient’s clinical condition among other measures in order to maintain hemodynamic stability. These factors are likely to drive the market progression.
Blood products benefit people with various forms of trauma conditions that will spur the business outlook
Blood and blood components market from trauma & surgery segment accounted for 31% business share in 2021 and is projected to witness considerable CAGR during the forecast period. Traumatic injury is one of the leading reasons of mortality among people aged between 1 to 40 years with nearly 5 million deaths globally every year due to the condition. Growing number of multispecialty centers along with ambulatory surgical centers coupled with various treatments involving surgeries as one of the treatment steps would fuel the use of blood and blood components that is set to augment the market size.
Hospitals providing optimum treatment options to patients suffering from chronic illnesses will accelerate the overall industry trends
Blood and blood components market from hospitals segment witnessed over 64% revenue share in 2021. Majority of treatments and surgeries such as in case of cancer requires patient to stay in the hospital. Increasing number of people suffering from chronic conditions coupled with availability of cutting-edge technology in the hospitals will fuel the segmental demand. Highly skilled healthcare professionals, timely availability of blood and blood products or swift arrangements made for making blood available rapidly can be attributed for growth of hospitals segment.
Growing number of patients admitted to hospitals for road accident injuries, trauma, cancer treatment etc. Patients undergoing surgeries are susceptible to suffer from blood loss during surgeries. Also, bone marrow function is disrupted among patients suffering from chronic illnesses such as leukemia. These factors are set to proliferate the market value.
Rise in incidence of chronic disorders will spur the regional industry expansion
Asia Pacific blood and blood components market is likely to cross USD 3.3 billion by 2028. This is attributed to increasing geriatric population base prone to suffer from chronic illnesses such as cancer, orthopedic conditions etc. Diseases such as cancer involve use of antiplatelet drugs or medications that might hamper the natural production of blood components, thereby requiring external transfusion of blood components.
Inorganic growth strategies by industry players will foster the market share
Notable companies operating in the in the blood and blood components market are American Red Cross, Indian Red Cross, European Blood Alliance, National Blood Authority Australia among others. Blood is component that can be produced or developed in lab. It can only be generated through blood donations. Hence, industry leaders are focusing on increasing the number of blood donations across all regions. They are undertaking strategies such as partnerships with various other organizations to encourage people for donating blood.