Major players in the blood and blood components market are American Red Cross, Australian Red Cross Blood Service, Abbott Laboratories, Blood Centers of America, and Becton, Dickinson & Co.
The global blood and blood components market is expected to grow from $36.47 billion in 2020 to $38.43 billion in 2021 at a compound annual growth rate (CAGR) of 5.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $45.18 billion in 2025 at a CAGR of 4.1%.
The blood and blood components market consist of sales of blood and blood component. The market involves collection of donor’s blood and segregating it into required components for the purpose of therapy.
The blood and blood components market covered in this report is segmented by product into whole blood, blood components. It is also segmented by end-users into hospitals, ambulatory surgical centers, others; by application into anemia, trauma & surgery, cancer treatment, bleeding disorders and by blood components into red blood cells, platelets, plasma, white blood cells.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The blood and blood components market is restrained by the growing risk of developing or transferring an infection while the blood is transmitted to the patients.The growing possibilities of developing any transfusion transmitted infection (TTI) is imposing a restriction on the growth of the market.
The fear of transfusion of diseases from the donor to the recipient, forces many customers to avoid using donated blood, thus hampering the growth of the blood and blood components market. The most common viral agents that can be transmitted through blood transfusion are Human Immunodeficiency Virus (HIV), hepatitis viruses, West Nile Virus (WNV), Human T-cell Lymphotrophic Viruses (HTLVs).
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.
In March 2019, Grifols SA, Barcelona-based company acquired a 26% stake in Shanghai RAAS Products Co., Ltd. for $1.9 billion. As per the agreement, Grifols agreed to share its technological know-how and engineering services with Shanghai RAAS. The acquisition was undertaken to manufacture, commercialize and develop plasma products and transfusion diagnostic solutions in China. Shanghai RAAS Products Co., Ltd., a China-based company that is primarily engaged in the research and development, manufacture and distribution of blood products.
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.At times, the blood itself lacks a few components as in the case of hemophilia.
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 a report by Globenewswire, in 2019, around 20,000 men suffer from Hemophilia in the US alone. Also, as per US NIH data, in 2019, traumatic injury was found to be the foremost reason of mortality among 1-40 years old people.
The blood and blood components market in European Union is governed by Directive 2002/98/EC of the EU regulations.The regulatory body engages itself in providing guidelines and setting standards for quality and safety of collection, testing, processing, storage, and distribution of blood and blood components.
These guidelines ensure greater quality and safety of whole blood and its components to prevent transmission of diseases and also highlight necessary measures for their collection and distribution.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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