Blood Market Size, Share, Trends & Growth Opportunity [2031]

Report Description

The global blood market size is anticipated to expand at a CAGR of 4.5% and is projected to reach USD 11,929 billion during the forecast period, between 2022 and 2030. The growing population, emerging economies, growing number of surgical procedures that lead to blood loss and require the use of donated whole blood are propelling the global blood market.

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Blood is a highly essential body fluid that is constantly circulating to provide the body with oxygen, nutrition, and waste removal. Blood mostly contains liquid, numerous cells, and proteins that make it thicker. The average person has about 5 liters of blood in the body. The liquid in the blood is called plasma, which contains proteins that help blood to clot and transfer substances through the blood, and perform other functions. Blood plasma also contains glucose and other dissolved nutrients that are responsible for the smooth functioning of organs. Nearby half of the blood volume is composed of red blood cells, white blood cells, and platelets.

Market Trends, Drivers, Restraints, and Opportunities:

• Rising trend of blood and plasma donations, especially among young population across the globe is boosting the market.
• Increasing demand for whole blood, plasma, and its components in the healthcare industry is driving the market.
• Growing geriatric population suffering from life-threatening diseases surges the demand for blood and plasma worldwide is fueling the market. 
• Lack of skilled professionals for handling laboratories and high cost associated with the advanced blood collection devices is hampering the market.
• Favorable rules and regulations imposed by the government for blood screening are creating opportunities in the market. 
• Advancement in blood screening and blood transfusion instruments are generating opportunities in the market. 

Scope of the report:

The report on the global blood market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Blood Market Segment Insights:

Whole Blood Collection and Processing segment to grow during the anticipated period

In terms of products, the global blood market is segmented into whole blood collection and processing, source plasma collection, blood typing products, and blood screening products. The whole blood collection segment is further sub-segmented into whole blood collection systems and whole blood collection consumables. The source plasma collection is further sub-segmented into source plasma collection systems and source plasma collection consumables. Blood typing product segment is further sub-segmented into blood typing systems and blood typing reagents. The blood screening products segment is further sub-segmented into blood screening systems and blood screening reagents. The whole blood collection and processing segment is constituted a significant market share in 2021 and is projected to grow in the near future, due to the increasing demand for whole blood among consumers. Surging number of whole blood collection centres across the globe boosting the market. The growth in the whole blood collection and processing segment is attributed to the rising number of blood banks driving the market.

The source plasma collection segment is projected to expand at a significant rate during the forecast period, owing to rising incidence of chronic diseases such as kidney and liver diseases.

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Blood & blood component bank segment estimated to grow in the near future

Based on end-users, the global blood market is categorized as blood & blood component bank, diagnostic laboratories, ambulatory surgical centers, blood & blood component bank, and others. The blood & blood component bank segment is expected to hold a significant share of the market during the forecast period, due to the surging number of blood banks worldwide. Moreover, blood banks received a large number of blood donations, which is anticipated to propel the segment in the near future.

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North America estimated to account for significant market share

In terms of regions, the global blood market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America constituted a significant share of the market in 2021, owing to factors such as easy availability of systems, reagents, and consumables used in whole blood collecting, processing, typing, and screening. Presence of large number of key players and blood collection & plasma collection centers drives the market in North America

The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period due to the growing population and increasing awareness related to blood and plasma donation among consumers. Moreover, increasing government expenditure to develop healthcare industry is anticipated to boost the market in Asia Pacific.

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