According to a new report published by Allied Market Research, titled, “Blood Market by Product Type and End User: Opportunity Analysis and Industry Forecast, 2019–2026,” the global blood market was valued at $7 billion in 2019, and is expected to reach $10 billion by 2027, registering a CAGR of 4.5% from 2019 to 2027.
Blood is defined as the transport medium of the body responsible for carrying oxygen and nutrients to cells. Furthermore, blood is pumped by heart to all body parts, which is returned back to the heart by organs to complete the cycle. Hence, blood is vital for the human body as it is required for proper functioning of organs. However, various conditions such as traumatic injury and surgical procedures can lead to loss of blood form the body. In addition, certain medical conditions such as cancer, hemophilia, and kidney diseases also lead to lowering of blood cells in the body. Thus, these conditions require infusion of whole blood and other blood components to manage conditions in patients
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The blood market is segmented into product, end user, and region. On the basis of product, it is classified into whole blood collection and processing, source plasma collection, blood typing products, and blood screening products. Furthermore, all these segments are further classified into sub-segments. For instance, the whole blood collection segment is classified into whole blood collection systems and whole blood collection consumables. The source plasma collection segment is classified into source plasma collection systems and source plasma collection consumables. In addition, the blood typing products are further bifurcated into blood typing systems, and blood typing reagents. The blood screening products are divided into blood screening systems and blood screening reagents.
Key Findings of the Study
- By product, the whole blood collection and processing segment occupied more than half of the share of global blood market in 2020.
- By end user, the blood and blood component bank segment is anticipated to grow with the highest CAGR throughout the forecast period.
- By product, the source plasma collection segment is expected to grow with the highest CAGR during the forecast period.
- By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period.
Surge in demand for blood and plasma across the globe and rise in geriatric population worldwide are the major factors that boost the market growth. In addition, other factors such as increase in blood and plasma donations across the globe and favorable government regulations for blood screening. Furthermore, advancements in blood transfusion and blood screening instruments is another major factor that drives the growth of the blood blood market.
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Key Market Segments
- Whole Blood Collection and Processing
- Whole Blood Collection Systems
- Whole Blood Collection Consumables
- Source Plasma Collection
- Source Plasma Collection Systems
- Source Plasma Collection Consumables
- Blood Typing Products
- Blood Typing Systems
- Blood Typing Reagents
- Blood Screening Products
- Blood Screening Systems
- Blood Screening Reagents
The global blood market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum blood market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Abbott Laboratories, Bio-Rad Laboratories, Inc., CSL Limited (CSL Behring), F. Hoffmann-La Roche Ltd., Grifols International SA, Haemonetics Corporation, Merck & Co., Inc., Novo Nordisk A/S, Ortho Clinical Diagnostics, and Terumo Corporation (Terumo BCT, Inc.)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.