Global Blood And Blood Components Market to Reach $53.56 Billion by 2029, Growing at 5.5% CAGR

What combination of drivers is leading to accelerated growth in the blood and blood components market?
The demand for blood and blood components in the market is being significantly impacted by the escalating instances of trauma and vehicular accidents. There are certain situations, such as hemorrhages, where the body's blood volume severely decreases and isn't produced fast enough by the body. Furthermore, a significant amount of blood is lost via road accidents that necessitates immediate restoration. All these factors indicate the need for transfusion of blood and its components into the afflicted patient's body. For example, in 2023, the Transport Accident Commission, an Australian government agency, displayed that up to 295 individuals met their end on Victorian roads. This horrifying figure marked an increase of 22.4% (featuring 54 more fatalities) relative to 2022. Moreover, there was an increase in fatal crashes as well, amounting to 261, a rise by 22 (9%), compared to the 239 documented in the last year. The mounting occurrence of diseases along with the rise in road accidents and trauma instances are fueling the requirement for blood, thus proposing a substantial market drive.

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What is the projected compound annual growth rate (CAGR) of the blood and blood components market from 2025 to 2034, and what factors influence it?
The market for blood and its components has seen a consistent growth trajectory in the past few years. The market is projected to elevate from $41.36 billion in 2024 to $43.2 billion in 2025, showcasing a compound annual growth rate (CAGR) of 4.5%. Factors such as a rise in trauma cases and road accidents, an aging population, enhanced income levels and living standards, more investment in healthcare, and heightened consciousness about the importance of blood donation attribute to the historic growth.

Predictions indicate a robust expansion for the blood and blood components market in the coming years. Its value is projected to ascend to $53.56 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.5%. The envisaged growth during the forecast timeframe can be ascribed to the rising incidence of chronic diseases, governmental efforts, and a growing need for whole blood. The forecast period is expected to showcase certain trends such as increased partnership with industry peers, the introduction of innovative products, an emphasis on research and development (R&D) functions, the implementation of IoT-based products to prevent blood and blood component contamination, and a focus on blood transfusion control.

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How are the latest trends influencing the growth of the blood and blood components market?
The leading trend observed in the blood and blood components market is the increasing collaborations amongst market operators. To grow their influence, augment their clientele, and heighten market awareness, companies are resorting to partnerships and collaborations. Illustratively, HealthStream and the American Red Cross teamed up to launch a novel program designed for healthcare establishments. Similarly, in a bid to examine how patient safety during blood product collection and transfusion can be ameliorated using RFID technology, the Blood Center of Wisconsin joined hands with SysLogic Inc.

What are the major segments of the blood and blood components market and their role in driving growth?
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

Subsegments:
1) By Whole Blood: Donor Whole Blood, Autologous Whole Blood
2) By Blood Components: Red Blood Cells (RBCs), Platelets, Plasma, White Blood Cells (WBCs)

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Which regions are key players in the growth of the blood and blood components market?
North America was the largest region in the blood and blood components market in 2024. Western Europe was the second largest region in the global blood and blood components market analysis. The regions covered in the blood and blood components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the key firms paving the way for growth in the blood and blood components market?
Major companies operating in the blood and blood components market include 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 Company

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What Is Covered In The Blood And Blood Components Global Market Report?

•Market Size Forecast: Examine the blood and blood components market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the blood and blood components market for a structured understanding.
•Key Players Overview: Analyze major players in the blood and blood components market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the blood and blood components market.
•Segment Contributions: Evaluate how different segments drive overall growth in the blood and blood components market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the blood and blood components market.
•Industry Challenges: Identify potential risks and obstacles affecting the blood and blood components market.
•Competitive Landscape: Review strategic developments in the blood and blood components market, including expansions, agreements, and new product launches.

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