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Blood Market Report 2024: In-Depth Market Share and Analysis
Blood Global Market Report 2024
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According to The Business Research Company's, The blood market size has grown strongly in recent years. It will grow from $7.83 billion in 2023 to $8.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to the surge in demand for blood and plasma, an increase in the number of surgeries, a growing global population, increasing incidence of chronic diseases, rising number of blood banks.
The blood market size is expected to see strong growth in the next few years. It will grow to $10.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to favorable government regulations, a rise in the geriatric population, rising awareness about blood donation, increase in blood transfusion, increasing number of ambulatory surgical centers (ASCS). Major trends in the forecast period include advancements in blood transfusion and blood screening instruments, computerized immunoassays, smart blood bank inventory control systems, technological innovations, precise temperature monitoring and control.
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Market Drivers and Trends:
The increase in the number of surgeries is expected to propel the growth of the blood market. The rise in the number of surgeries is driven by improvements in medical technology, an aging demographic, and more chronic disease cases. Blood is essential in surgery to supply oxygen and nutrients, aiding clotting to control bleeding and enhance the immune response to combat infections. For instance, in December 2023, according to the Australian Institute of Health and Welfare, an Australia-based government administration, in 2022-2023, 735,500 patients were admitted for surgery from public hospital elective surgery waiting lists, marking an 18% rise compared to 2021-2022. Therefore, the increase in the number of surgeries is driving the blood market going forward.
Major companies operating in the blood market are developing advanced blood transfusion instruments, such as plasma collection systems, to improve efficiency, enhance donor safety, and increase the overall quality of blood products. A plasma collection system is a device that extracts plasma from a donor's blood by separating it from other components and returning the rest to the donor through plasmapheresis. For instance, in March 2022, Terumo Blood and Cell Technologies, a US-based blood component and cellular technology company, received Food and Drug Administration approval for the Rika Plasma Donation System (Rika). It is a next-generation plasma collection system that focuses on improving the experience for plasma center employees and donors, featuring safety measures to reduce operator errors and completing plasma collection in 35 minutes or less. Rika ensures no more than 200 milliliters of blood are outside the donor's body at any time and includes an advanced control system for operators.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Cardinal Health Inc., Roche Holding AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic Plc, Danaher Corp., Merck KGaA, Asahi Kasei Medical Co. Ltd., Henry Schein Inc., Medline Industries Inc., B. Braun Melsungen AG, Grifols SA, Terumo Corp., Nipro Corp., QuidelOrtho Corp., Bio Rad Laboratories Inc., LivaNova PLC, Haemonetics Corp., Macopharma, DIAGAST SAS, BAG Health Care GmbH, Kawasumi Laboratories America Inc
Blood Market 2024 Key Insights:
• The blood market size is expected to see strong growth in the next few years. It will grow to $10.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Surge In Surgeries Boosts Growth Of The Blood Market
• Advancements In Plasma Collection Systems Enhance Blood Donation Efficiency and Safety
• North America was the largest region in the blood market in 2023
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