Blood Market is Anticipated to Gain Moderate CAGR by 2027 | COVID-19 Analysis

Blood is defined as the body's transport medium, which carries oxygen and nutrients to the cells. In addition, blood is pumped to all parts of the body into the heart, which is circulated by the organs to complete blood circulation. Therefore, blood is essential for the human body because it is necessary for the proper functioning of organs. However, various conditions, such as traumatic injuries and surgical procedures, can lead to blood loss in the body. In addition, certain medical conditions such as cancer, hemophilia and kidney disease cause lowering of blood cells in the body.

According to a new report titled "All Opportunities Market by Product Type and End User: Opportunity Analysis and Industry Forecast, 2019–2026," published by Allied Market Research, the global blood market is worth $7 billion in 2019 and 2019 It reached $10 billion by 2027, with an annual CAGR of 4.5% from 2027.

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Therefore, these conditions require injection of whole blood and other blood components to manage the patient's condition. In addition, whole blood used for treatment is collected through blood collection systems and donations using consumables. Similarly, plasma is collected using a plasma collection system and consumables. In addition, the collected blood undergoes other necessary procedures, such as blood type, which uses the blood type system and reagents to determine the blood type of the donated blood. In addition, blood is also screened for the presence of infection markers.

A surge in global blood and plasma demand and an increase in the elderly population worldwide are key drivers of market growth. There are also other factors, such as increased blood and plasma donations worldwide and favorable government regulations for blood tests. In addition, the development of blood transfusion and blood screening equipment is another key factor driving the growth of the blood market.
However, factors such as the cost of advanced blood collection devices and the lack of skilled laboratory experts hinder market growth. Conversely, developing countries offer growth opportunities that favor market growth.

The blood market is divided into products, end users and regions. Products are classified into whole blood collection and processing, source plasma collection, blood type products, and blood screening products. In addition, all these segments are further classified as sub-segments. For example, the whole blood collection segment is classified into a whole blood collection system and a whole blood collection consumable. Source plasma collection segments are classified into source plasma collection systems and source plasma collection consumables. In addition, blood type products are further branched into blood type systems and blood type reagents. Blood screening products are divided into blood screening systems and blood screening reagents.

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Key findings from the study
• By product, whole blood collection and processing accounted for more than half of the global blood market share in 2020.
• End users are expected to grow the blood and blood components banking sector to the highest CAGR during the forecast period.
• Source plasma collection by product is expected to grow to the highest CAGR during the forecast period.
• The Asia Pacific region is expected to grow at the highest rate during the analysis period.

About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.