Blood And Blood Components Global Market is Booming Across the Globe and Witness Huge Growth By Key Players To 2033 | The Business Research Company

The blood and blood components market size has grown strongly in recent years. It will grow from $39.28 billion in 2023 to $41.29 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to increasing incidence of trauma and road accidents, increased aging population, increasing earnings and standard of living, increased healthcare expenditure and rising awareness about blood donation.

The blood and blood components market size is expected to see strong growth in the next few years. It will grow to $50.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to an increase in chronic diseases, government initiatives and increasing demand for whole blood. Major trends in the forecast period include focusing on collaboration with other players, launching innovative products, focusing on research and development (r&d) activities, using iot-based products to avoid the contamination of blood and blood components and focusing on management of blood transfusion.

Market Overview -
Blood is defined as entire human blood that has been obtained from a donor and processed for transfusion or further production. Blood component refers to a therapeutic component of human blood, including its red, white, platelet, and plasma cells. The blood and blood components market consist of sales of blood and blood component. The market involves the collection of donor's blood and segregating it into required components for the purpose of therapy.

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Rising Disease Prevalence And Accident Rates Drive Demand
The blood and blood components market is being driven by increasing incidence of trauma and road accidents. Sometimes, because of traumas such as hemorrhage, the volume of blood is reduced to a very low level and cannot be replaced fast enough by the body. Also, road accidents cause excessive blood loss from the body that has to be restored immediately. All these conditions demand transfusion of blood and blood components into the patient's body. The growing prevalence of diseases and increasing numbers of road accidents and traumas are increasing the demand for blood and thus driving the market. According to the Arizona Department of Health Services, in 2021, trauma related deaths increased by 19% as compared to 2020. Falls accounted for most deaths and injuries.

Competitive Landscape -
Major companies operating in the blood and blood components market report are American Red Cross, The Japanese Red Cross Society, Canadian Blood Services, Australian Red Cross, and Vitalant, SANQUIN BLOOD SUPPLY FOUNDATION, New York Blood Center, Blood Bank of Alaska, Blood Centers of America, Xinjiang Deyuan Bioengineering, Harbin Pacific Biopharmaceutical, Southern Shuanglin Bio-Pharmacy, Beijing Tiantan Biological Products, Shanghai RAAS Blood Products, China Biologic Products, Hualan Biological Engineering, Biotest AG, Lorne Laboratories UK, LMB Germany, Bio Products Laboratory Ltd, Clinical Trials Laboratory Services (CTLS), Roche, Hemanext Inc, Kedrion Biopharma, KalVista Pharmaceuticals, Personal Genome, Cellphire, Inc., Immuno-Mycologics INC, CSL Behring, Nordson Corporation, Octapharma Canada Inc., Abbott Laboratories, Grifols, Nipro Medical Corporation, Becton, Dickinson and Co

Leveraging Collaborations For Market Growth
The most prominent trend that has been witnessed in the blood and blood components market is the growing number of collaborations between the players involved in the market. Companies are adopting partnerships and collaborations in order to expand their reach, increase customer base and generate awareness in the market. For example, the American Red Cross collaborated with HealthStream with an aim of introducing new program for healthcare organizations. Similarly, the BloodCenter of Wisconsin collaborated with SysLogic Inc., to study how the RFID technology can be used to enhance safety of the patient while collecting and transfusing blood products.

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Key Segments -
The blood and blood components market covered in this report is segmented -
1) By Product: Whole Blood, Blood Components
2) By Blood Components: Red Blood Cells, Platelets, Plasma, White Blood Cells
3) By End-User: Hospitals, Ambulatory Surgical Centers, Others
4) By Application: Anemia, Trauma and Surgery, Cancer Treatment, Bleeding Disorders

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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