Blood and Blood Components Global Market Report 2024

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 historical growth can be attributed to several factors, including a rise in the incidence of trauma and road accidents, a growing aging population, increased earnings and standards of living, elevated healthcare expenditure, and heightened 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%. Anticipated growth in the forecast period is driven by factors such as the rise in chronic diseases, government initiatives, and a growing demand for whole blood. Key trends include emphasis on collaborative efforts, introduction of innovative products, prioritizing research and development activities, utilization of IoT-based products to prevent blood contamination, and a focus on effective blood transfusion management.

The blood and blood components market is experiencing impetus due to an increase in trauma-related incidents and road accidents. Severe traumas, such as hemorrhages, often lead to a critical reduction in blood volume that the body cannot replenish swiftly enough. Similarly, road accidents result in substantial blood loss, necessitating immediate restoration through blood transfusions. These situations necessitate the infusion of blood and its components into the patient's body. The rising incidence of diseases and a surge in road accidents and traumas are elevating the demand for blood, thereby propelling market growth. According to the Arizona Department of Health Services, trauma-related deaths surged by 19% in 2021 compared to 2020, with falls being the leading cause of fatalities and injuries.

The burgeoning prevalence of bleeding disorders is anticipated to further drive the expansion of the blood and blood components market. Bleeding disorders, encompassing conditions such as hemophilia, involve impaired blood clotting, leading to excessive or prolonged bleeding, even from minor injuries or spontaneously. Blood and its components play a pivotal role in treating these disorders by providing essential elements such as red blood cells, platelets, and clotting factors. These components can be transfused to supplement or replace deficient or dysfunctional elements in patients, thereby enhancing their clotting abilities and overall health. For instance, as per the Centers for Disease Control and Prevention (CDC) in July 2023, hemophilia A occurs in approximately one in 5,000 male births in the United States, with an estimated 400 babies born with hemophilia A each year. Moreover, the current estimate suggests that between 30,000 to 33,000 males are living with hemophilia in the United States. Hence, the rising incidence of bleeding disorders is a key driver fueling the growth of the blood and blood components market.

The prevailing trend in the blood and blood components market revolves around an increasing number of collaborations among industry players. Companies are opting for partnerships and collaborations to broaden their market reach, expand their customer base, and raise awareness within the industry. For instance, the American Red Cross partnered with HealthStream to introduce a new program targeting healthcare organizations. Additionally, the BloodCenter of Wisconsin collaborated with SysLogic Inc. to explore RFID technology's potential in enhancing patient safety during the collection and transfusion of blood products.

Key companies within the blood and blood component market are prioritizing the development of innovative technologies, notably an advanced precision blood typing process, aimed at averting complications during blood transfusion procedures. Precision blood typing involves a proprietary process employing cutting-edge techniques and technologies to accurately determine an individual's specific blood type, encompassing both blood group and subgroup, ensuring safe and precise blood or blood product transfusions. For instance, in April 2023, the San Diego Blood Bank, a US-based blood bank, launched its precision blood initiative. This initiative seeks to elevate the standard of care for blood transfusion patients by scaling the precision blood typing process. The program's overarching goal is to positively impact and potentially save lives by enhancing the standard of care for individuals requiring blood transfusions.

In October 2022, Pfizer, a leading U.S. pharmaceutical company, successfully acquired Global Blood Therapeutics for an undisclosed sum. This strategic acquisition enhances Pfizer's expertise in addressing sickle cell disease, aligning with the company's 30-year legacy. Global Blood Therapeutics, a U.S.-based developer specializing in treatments for blood diseases, particularly sickle cell disease, brings valuable assets to further bolster Pfizer's position in the field.

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.

North America was the largest region in the blood and blood components market in 2023. 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. The countries covered in the blood and blood components market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

Key products in the blood and blood components market include whole blood and its various components. Whole blood, derived from standard blood donations, is employed in treating conditions such as excessive bleeding, exchange transfusions, and self-blood donation. Blood components, such as red blood cells, platelets, plasma, and white blood cells, find applications in treating anemia, trauma, surgery, cancer, and bleeding disorders. End-users in this market comprise hospitals, ambulatory surgical centers, and other healthcare facilities.

The blood and blood components market research report is one of a series of new reports that provides blood and blood components market statistics, including blood and blood components industry global market size, regional shares, competitors with a blood and blood components market share, detailed blood and blood components market segments, market trends and opportunities, and any further data you may need to thrive in the blood and blood components industry. This blood and blood components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The blood and blood components market consist of sales of red cells, platelets, plasms, cryoprecipitated AHF, and granulocytes. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.