The global blood and blood components market size surpassed USD 13.15 billion in 2023 and is projected to cross around USD 18.42 billion by 2033, growing at a CAGR of 3.43% from 2024 to 2033.
Key Points
- Europe dominated the market with the largest revenue share of 35% in 2023.
- North America is expected to gain a significant share of the market during the forecast period.
- By product, the blood components segment held the largest revenue share in 2023.
- By product, the whole blood segment is expected to witness the fastest growth in the market during the forecast period.
- By end use, the hospitals segment dominated the market in 2023.
- By end use, the ambulatory surgical centers segment is expected to grow rapidly in the market during the forecast period.
- By application, the cancer treatment segment held a significant share of the market in 2023.
- By application, the anemia segment is expected to grow rapidly during the forecast period.
The blood and blood components market encompasses the collection, processing, storage, and distribution of blood and its various components, including red blood cells, white blood cells, platelets, plasma, and cryoprecipitate. This market plays a critical role in healthcare systems globally, supporting a wide range of medical procedures such as surgeries, trauma care, and the treatment of blood disorders. The market is driven by both the demand for these components and advancements in blood collection and preservation technologies.
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Growth Factors
Several factors contribute to the growth of the blood and blood components market. One primary factor is the increasing prevalence of chronic diseases and conditions that require blood transfusions, such as cancer and anemia. The aging global population also significantly impacts market growth, as older individuals are more likely to require medical interventions involving blood products. Furthermore, advancements in medical technology and the development of sophisticated blood storage and transfusion techniques have improved the safety and efficacy of blood products, thereby boosting market demand.
Region Insights
The market dynamics for blood and blood components vary significantly across different regions. North America and Europe hold substantial market shares due to their well-established healthcare infrastructure, high prevalence of chronic diseases, and advanced medical technologies. In contrast, the Asia-Pacific region is experiencing rapid market growth, driven by increasing healthcare expenditure, improving healthcare infrastructure, and rising awareness about the importance of blood donation. Emerging markets in Latin America and Africa are also showing potential for growth, although challenges such as limited healthcare infrastructure and low blood donation rates persist.
Blood and Blood Components Market Scope
| Report Coverage | Details |
| Blood and Blood Components Market Size in 2023 | USD 13.15 Billion |
| Blood and Blood Components Market Size in 2024 | USD 13.60 Billion |
| Blood and Blood Components Market Size by 2033 | USD 18.42 Billion |
| Blood and Blood Components Market Growth Rate | CAGR of 3.43% from 2024 to 2033 |
| Largest Market | Europe |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Product, End-use, Application, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Blood and Blood Components Market Dynamics
Drivers
Key drivers of the blood and blood components market include the rising incidence of medical conditions that necessitate blood transfusions and the increasing number of surgical procedures worldwide. Additionally, the growth of healthcare services in emerging economies and heightened awareness about the importance of blood donation have positively influenced the market. Technological advancements in blood storage and preservation, such as the development of pathogen reduction technologies, also contribute to market growth by enhancing the safety and shelf-life of blood products.
Opportunities
The blood and blood components market presents numerous opportunities for growth and innovation. There is a significant opportunity in the development of synthetic blood substitutes and advanced blood processing technologies, which can address the limitations of current blood products and improve patient outcomes. Additionally, the increasing use of automation and artificial intelligence in blood collection and processing can enhance efficiency and reduce human error. Expanding blood donation programs and awareness campaigns, particularly in developing regions, also offer opportunities to increase the availability of blood products.
Challenges
Despite its potential, the blood and blood components market faces several challenges. One of the primary challenges is the risk of bloodborne infections, which necessitates stringent screening and processing protocols. Another significant challenge is the limited shelf-life of blood products, which can lead to shortages and wastage. Additionally, there are logistical challenges associated with the collection, storage, and distribution of blood, particularly in remote or underdeveloped areas. Ensuring a stable and adequate supply of blood donations remains a persistent challenge, as does addressing regulatory and ethical concerns related to blood collection and transfusion practices.
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Blood and Blood Components Market Recent Developments
- In January 2024, Today, Inspira Technologies OXY B.H.N Ltd., a leader in life support technology with the goal of replacing conventional mechanical ventilators, announced its intention to provide a single-use, disposable blood oxygenation kit (the “Kit”) for its INSPIRA ART medical device series.
- In January 2024, in a race with Apple Inc. and other electronic behemoths, Samsung Electronics Co. is pursuing the development of continuous blood pressure monitoring and noninvasive glucose monitoring. The company has high aspirations for the healthcare industry.
Blood and Blood Components Market Companies
- European Blood Alliance
- Australian Red Cross
- Indian Red Cross
- American Association of Blood Banks
- South African National Blood Service
Segment Covered in the Report
By Product
- Whole Blood
- Blood Components
By End-use
- Hospitals
- Ambulatory Surgical Centers
By Application
- Anemia
- Trauma & Surgery
- Cancer Treatment
- Bleeding Disorders
By Geography
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
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