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.
