Press release
Strong Growth Ahead: Blood Market Size To Grow At Arecord 6.2% Cagr By 2029
Blood
How Big Is the Blood Market Size Expected to Be by 2034?
The blood market size has grown strongly in recent years. It will grow from $8.32 billion in 2024 to $8.86 billion in 2025, at a CAGR of 6.6%. This growth is attributed to the surge in demand for blood and plasma, an increase in surgeries, a growing global population, rising chronic disease incidences, and a growing number of blood banks.
The blood market is expected to grow strongly, reaching $11.28 billion by 2029, at a CAGR of 6.2%. The growth is attributed to favorable regulations, a growing geriatric population, rising awareness of blood donation, and increasing blood transfusions. Key trends include advancements in transfusion and screening technologies, smart blood bank inventory systems, and precise temperature monitoring.
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What Are the Emerging Segments Within the Blood Market?
The blood market covered in this report is segmented -
1) By Product: Whole Blood Collection And Processing, Source Plasma Collection, Blood Typing Products, Blood Screening Products
2) By Mode of Delivery: Infusion Solutions, Gels, Sprays, Biomedical Sealants
3) By End User: Blood And Blood Component Bank, Diagnostic Laboratories, Ambulatory Surgical Centers, Hospitals, Other End Users
Subsegments:
1) By Whole Blood Collection And Processing: Blood Collection Bags, Blood Processing Kits, Blood Separation Systems, Blood Donation Kits
2) By Source Plasma Collection: Plasma Collection Kits, Automated Plasma Collection Systems, Plasma Freezers And Storage Equipment
3) By Blood Typing Products: Blood Typing Reagents, Blood Typing Kits (Manual And Automated), Blood Grouping Solutions
4) By Blood Screening Products: Blood Screening Reagents, Blood Screening Systems (Automated And Manual), Infectious Disease Testing Kits, Hemoglobin Testing Kits
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What Long-Term Drivers Are Shaping Blood Market Trends?
The increasing number of surgeries is expected to fuel the blood market. Factors such as technological advancements, aging populations, and rising chronic diseases contribute to this trend. Blood is crucial in surgeries for oxygen delivery, clotting, and immune responses. According to the Australian Institute of Health and Welfare, 735,500 patients were admitted for surgery from elective waiting lists in 2022-2023, an 18% increase from the previous year. Consequently, the rise in surgeries is driving the demand for blood.
Who Are the Top Competitors in Key Blood Market Segments?
Major companies operating in the blood market are 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
What Trends Are Expected to Dominate the Blood Market in the Next 5 Years?
Companies in the blood market are advancing blood transfusion equipment, such as plasma collection systems, to improve efficiency, donor safety, and blood product quality. For example, in March 2022, Terumo Blood and Cell Technologies, a US-based company, received FDA approval for the Rika Plasma Donation System, designed to enhance the plasma collection process while ensuring donor safety and reducing operator errors.
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Which Regions Are Becoming Hubs for Blood Market Innovation?
North America was the largest region in the blood market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Blood Market?
2. What is the CAGR expected in the Blood Market?
3. What Are the Key Innovations Transforming the Blood Industry?
4. Which Region Is Leading the Blood Market?
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