Blood and Blood Components Market Are Reach A Industry Valuation of US$ 16.5 Billion by 2031 | Indian Red Cross (India), National Blood Authority Australia (Australia)

The global Blood and Blood Components Market was valued at US$ 12.1 billion in 2021 and it is anticipated to grow up to US$ 16.5 billion by 2031, at a CAGR of 3.1% during the forecast period.

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Blood and blood components are used in clinical settings for blood transfusion to save the lives of patients suffering from bleeding disorders, traumatic surgery, chronic diseases, or rare blood diseases. Patients who have been severely injured in car accidents or other traumatic incidents such as violence and assault usually require traumatic surgery. Road accidents cause significant blood loss and hemorrhage, necessitating an immediate blood transfusion to maintain blood volume and save the patient's life.

Furthermore, blood transfusion is required in the treatment of chronic diseases such as blood cancer because cancer treatment involving surgery causes significant blood loss and blood cell loss. Patients undergoing stem cell transplantation for the treatment of blood cancers such as leukemia, myeloma, lymphoma, and others require high doses of chemotherapy, which causes blood cell depletion.

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Market Drivers and Trends

The increase in cases of chronic diseases among people all over the world is the primary driver of the industry's growth. For example, according to the National Institute of Health, U.S. statistics 2018, approximately 459,058 people have suffered from leukemia, a type of blood cancer, in 2018. The NIH also predicts that approximately 61,090 new cases of leukemia will be diagnosed in the upcoming years. Therefore, the rise in the number of chronic illnesses, such as cancer and liver disease, as well as the large patient pool, is expected to fuel the growth of the blood and blood components market.

Furthermore, the industry's growth will be driven by rising of bleeding disorders and surgeries. The significant increase in the geriatric population, which is susceptible to a variety of chronic diseases such as liver cirrhosis, will drive a high demand for blood derivatives during the period. Rising public awareness of the importance of blood donations, as well as the increasing need for blood and blood derivatives in traumatic patients, are also factors influencing demand for whole blood, which will drive market growth. These factors are expected to drive the growth of the global Blood and Blood Components Market.

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Major Players in the Global Blood and Blood Components Market

The key players studied in the global Blood and Blood Components Market are Association for the Advancement of Blood & Biotherapies (US), American Red Cross (US), Australian Red Cross (Australia), Carter BloodCare (US), Indian Red Cross (India), National Blood Authority Australia (Australia), OneBlood (US), South African National Blood Service (South Africa), Versiti (US), and Vitalant (US) among others.

COVID-19 Impact

The COVID-19 pandemic and lockdown in various countries around the world has had a negative impact on businesses in all sectors. The COVID-19 pandemic has impacted the entire healthcare supply chain, owing to strict lockdown in several regions. Similarly, the COVID-19 pandemic had a negative impact on the blood and blood component markets due to reduced blood transfusion services due to lockdown. For example, according to an article published in the Journal of Global Health in April 2021, a drop in blood donations of 40% to 67% was observed globally, particularly in countries that had implemented lockdown during the COVID-19 outbreak. According to the same source, the majority of mobile blood donation drives have been cancelled due to an increase in COVID-19 cases.

The number of blood donors and donations has decreased significantly in recent years, particularly during the COVID-19 situation all over the world. Since the beginning of the COVID-19 situation, the American Red Cross has seen a 10% decrease in total donors. Such organizations have faced issues such as staffing shortages and blood drive cancellations.

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Global Blood and Blood Components Market

Segmentation

By Product
• Whole Blood
• Blood Components

By End-User

• Hospitals
• Ambulatory surgical centers
• Others

By Application

• Anemia
• Trauma & Surgery
• Cancer Treatment
• Bleeding Disorders

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