Blood and Blood Components Market to grow at a CAGR of 3.1% by 2031 | Association for the Advancement of Blood & Biotherapies

New York, New York, 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.

Global Blood and Blood Components Market report from Global Insight Services is the single authoritative source of intelligence on Blood and Blood Components Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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The blood is a bodily fluid that circulates throughout the body and carries nutrients, oxygen, hormones, and other substances to the cells of the body. The blood also carries away waste products. The blood is composed of plasma, red blood cells, white blood cells, and platelets.

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.

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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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Market Segments
The blood and blood components market is segmented by product, application, end-user, and region. By product, the market is classified into red blood cells, platelets, plasma, and others. Based on the application, it is bifurcated into anemia, trauma, and others. On the basis of the end-user, it is divided into hospitals, ambulatory surgical centers, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the rest of the World.

Key Players
The blood and blood components market includes players such as the American Red Cross, South African National Blood Service, Association for the Advancement of Blood & Biotherapies, The Associazione Volontari Italiani del Sangue, Australian Red Cross, Indian Red Cross, Carter BloodCare, OneBlood, National Blood Authority Australia, Versiti, and others.

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