Blood Market Expected to Reach $10 Billion by 2027

According to a new report published by Allied Market Research, titled, "Blood Market by Product Type and End User:  Opportunity Analysis and Industry Forecast, 2019–2026," the global blood market was valued at $7 billion in 2019, and is expected to reach $10 billion by 2027, registering a CAGR of 4.5% from 2019 to 2027. 

 

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Blood is defined as the transport medium of the body responsible for carrying oxygen and nutrients to cells. Furthermore, blood is pumped by heart to all body parts, which is returned back to the heart by organs to complete the cycle. Hence, blood is vital for the human body as it is required for proper functioning of organs. However, various conditions such as traumatic injury and surgical procedures can lead to loss of blood form the body. In addition, certain medical conditions such as cancer, hemophilia, and kidney diseases also lead to lowering of blood cells in the body. Thus, these conditions require infusion of whole blood and other blood components to manage conditions in patients. Moreover, whole blood used in the treatment is collected through donations using blood collection systems and consumables. Similarly, plasma is collected using plasma collection systems and consumables. Furthermore, collected blood is subjected to other necessary procedures such as blood typing, which involves determining the blood type of the donated blood by using blood typing systems and reagents. In addition, blood is also subjected to screening to check the presence of infection markers.

 

Surge in demand for blood and plasma across the globe and rise in geriatric population worldwide are the major factors that boost the market growth. In addition, other factors such as increase in blood and plasma donations across the globe and favorable government regulations for blood screening. Furthermore, advancements in blood transfusion and blood screening instruments is another major factor that drives the growth of the blood blood market. 

However, factors such as high cost of advanced blood collection devices and lack of skilled laboratory professionals hinder the growth of the market. Conversely, developing economies offer lucrative growth opportunities for the market growth. 

 

The blood market is segmented into product, end user, and region. On the basis of product, it is classified into whole blood collection and processing, source plasma collection, blood typing products, and blood screening products. Furthermore, all these segments are further classified into sub-segments. For instance, the whole blood collection segment is classified into whole blood collection systems and whole blood collection consumables. The source plasma collection segment is classified into source plasma collection systems and source plasma collection consumables. In addition, the blood typing products are further bifurcated into blood typing systems, and blood typing reagents. The blood screening products are divided into blood screening systems and blood screening reagents. 

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Key Findings of the Study 

·         By product, the whole blood collection and processing segment occupied more than half of the share of global blood market in 2020.

·         By end user, the blood and blood component bank segment is anticipated to grow with the highest CAGR throughout the forecast period.

·         By product, the source plasma collection segment is expected to grow with the highest CAGR during the forecast period. 

·         By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period.