Increasing demand for Blood-Related Products augments the Global Blood Market Growth

According to Inkwood Research, the Global Blood Market is projected to register a CAGR of 4.16% in terms of revenue during the forecasting years of 2019-2028.

"Browse 69 Market Data Tables and 64 Figures spread over 185 Pages, along with an in-depth TOC on the Global Blood Market Forecast 2019-2028."

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The blood market is characterized by the sale of whole blood and its components, through mediums and outlets like hospitals and blood banks. Blood transfusion entails the transfer of red blood cells, from one individual to the other. It is generally conducted in hospitals, during surgeries, or while treating diseases and illnesses. However, an entire unit is seldom used, owing to the need for only blood components throughout the transfusion process.

Surging Need for Blood and Other blood-related Products Fuel the Market Growth

Blood and its components like plasma, are extremely vital for humans, and the bone marrow continually produces red blood cells in the body. However, medical conditions like blood cancer, digestive system cancer, kidney diseases, chemotherapy, and trauma are likely to generate the need for blood or plasma transfusions. For instance, cancer surgery may often lead to extensive blood loss, with a subsequent need for red blood cells and platelet transfusions. As a result, the surging prevalence of clinical complications, requiring blood and source plasma accelerates the market growth.

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Blood & Blood Component Banks are the Major End-Users

The facility storing blood collected from donations and preserved under vital conditions, are termed as blood banks. Hospitals also have a blood bank division which supplies blood to patients for treatment during medical conditions. Moreover, these facilities employ systems and reagents for collecting, processing, and storing blood, in addition to being responsible for storing blood components. Major factors driving the market growth include, the surging number of blood banks, and the rising awareness regarding blood and plasma donations,

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Asia Pacific to mark its Prominence in the Global Market by 2028

The Asia Pacific provides favorable circumstances for blood collection equipment industries, owing to the growing number of patients suffering from chronic diseases, incorporated with numerous developments within healthcare facilities. Moreover, the region's surging market growth is accredited to the increasing geriatric population and the steady demand for blood and blood-related products.

The industry rivalry within the global market is estimated to be high across the forecast years. The intense competition is attributed to the rising incidence of long-term illnesses that need blood transfusions, and the prevalence of cancer, especially in developing countries. Some of the renowned companies in the market include, Abbott Laboratories, Ortho Clinical Diagnostics, CSL Limited, Merck & Co Inc, Bio-Rad Laboratories Inc, etc.

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This release was published on openPR.