Blood Platelets Market size worth over $5 Bn By 2026
Published Date: December 11, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Blood Platelets Market size is set to surpass USD 5.1 billion by 2026, according to a new research report by Global Market Insights, Inc.
Rise in awareness regarding blood donations and platelet transfusion has boosted the demand for blood platelets. As per the World Health Organization (WHO), more than 118 million blood donations were carried out globally in 2019 and approximately 40% of all the blood donations camps were organized in developed or high-income countries. The World Health Organization (WHO), the International Federation of Red Cross and Red Crescent Societies, and the International Society of blood transfusions have defined voluntary non-remunerated blood guiding principle. This measure is urging people to donate blood, thereby increasing the number of blood and blood component donors.
The American National Red Cross and the International Federation of Blood Donor Organizations are making efforts to raise awareness, build blood collection facilities and aid the patients suffering from COVID-19. Moreover, awareness programs are being conducted in educational institutions regarding importance of platelet transfusion in cancer patients. Therefore, the demand and usage of blood platelets is increasing further with rising awareness regarding blood donations and platelet transfusions.
Favorable reimbursement policies in developed countries will significantly uplift the blood platelets market growth in the coming years. Hospitals are reimbursed by the Centers for Medicare and Medicaid Services (CMS) for blood platelet transfusion services. Some of the European countries also provide various reimbursement policies for high-priced platelet therapies which are managed by entry agreements with pharmaceutical companies and public players. These policies help in reducing the cost of treatment that will ultimately rise the demand and acceptance of advanced platelet transfusions and other therapies. These reimbursement policies have led to an increased adoption for blood transfusion. Several healthcare corporations are engaged in providing reimbursements for blood platelet transfusion services.
Rise in number of hemophilia cases will stimulate the market expansion
Get more details on this report - Request Free Sample PDF
Hemophilia segment will showcase growth of 3.2% till 2026 led by growing in need for treatment of hemophilia patients. Patients with severe hemophilia suffer from excessive blood loss during surgeries and injuries. Therefore, urgent blood platelet transfusion is required in such patients to treat excessive bleeding. Hemophilia can be acquired genetically from one generation to another and is majorly prevalent in patients with history of bruising and easy bleeding. Thus, platelets are required in large amounts to treat such patients, specifically during surgeries. Furthermore, the number of traumatic injuries in recent times has increased, posing a great threat to patients with hemophilia.
Browse key industry insights spread across 124 pages with 131 market data tables & 14 figures & charts from the report, “Blood Platelets Market Size By Application (Hemophilia, Thrombocytopenia, Perioperative Indications, Platelet Function Disorders), By End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Growing preference for ambulatory surgical centers will spur the market revenue
Ambulatory surgical centers are poised to expand at more than 3.1% CAGR through 2026 impelled by the increasing need for blood and blood components in the ambulatory surgical centers. Ambulatory surgical centers are more cost-effective than traditional hospitals and provide shorter duration of stay post-surgery. Therefore, many surgeons in the U.S. prefer to take procedures in ambulatory surgical centers to enhance the value of care. As a result, the demand for blood platelets in the ambulatory surgical centers is rising at a substantial pace. In addition, increase in number of ambulatory surgical centers and rise in preference of minimally invasive surgeries are additional factors augmenting the demand for blood components. The growing number of several surgical procedures in the ambulatory surgical centers is further fueling the blood platelets adoption. The low reimbursement rate for procedures in ambulatory surgical centers is leading to increase in patient inflow.
Initiatives by the government in China is anticipated to drive the market value
China blood platelets market size was over USD 308 million in 2019 on account of growing demand for blood components from the aging population in western China. According to a recently published study, platelets supply in China is growing at a rate of 10% annually. Several blood donation policies are also contributing to the market growth in the country. The donation policy in China allows a donation of 200, 300 or 400 mL of blood, and an interval between donations of not less than 28 days for donation of platelets. As a result, there is a rise in collection of platelets. Researchers in China continue to advance the field of platelet transfusion by improving the quality of platelet concentrates and understanding the responses of platelets. Thus, it has led to an increased adoption of clinical platelets. Several organizations and government policies are contributing to the regional growth.
Organizations are focusing on blood donations to expand blood platelet collections
Some of the major players operating in the blood platelets market are The American National Red Cross, America’s Blood Centers, American Association of Blood Banks (AABB), Blood Centers of America, Brazilian Red Cross, Canadian Blood Services, European Blood Alliance (EBA) and OneBlood among others. These companies are engaged in enhancing the blood collection and blood supply services in order to meet the demand for blood and blood components in the healthcare facilities. The organizations are also focusing on expanding their blood platelet collection. For instance, in August 2020, Canadian Blood Services launched NovaScotiaStrong campaign to increase blood donation in Canada and to support the victims in Nova Scotia. The strategic move will assist the company in expanding their collection of blood platelets and gain a greater number of blood donors.
Explore More on Related Topics: