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The global blood market size is estimated to grow by USD 2.60 billion at a CAGR of 5.94% between 2023 and 2028.
The increase in the number of surgeries implies the growing use of different blood to aid in the various surgical procedures. Moreover, the increasing incidence of chronic diseases is leading to the rising demand for ostomy procedures across the globe. In addition, people undergoing surgeries often require blood transfusions when a lot of blood is lost during surgical procedures. Transfusions are mostly required in cardiovascular surgeries, massive trauma surgeries, transplant surgeries, and therapies for solid and hematological malignancies. Hence, the high prevalence of surgeries requiring blood transfusions leads to the increasing demand for blood, which drives the growth of the market during the forecast period.
Technavio has segmented the market into Product, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2018-2022, besides analyzing the current market scenario.
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The market share growth by the whole blood collection and processing segment will be significant during the forecast period. This is due to the growing demand for blood for different factors, such as surgical procedures, blood transfusions, and other diseases. Whole blood is simply the blood that flows through the veins. It is widely used during blood transfusion or in patients who have sustained significant blood loss due to trauma or surgery.
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The whole blood collection and processing segment was valued at USD 4.26 billion in 2018. Blood is collected in blood collection bags and is used for the storage and processing of whole blood and its components. Furthermore, standardized coiling methods are used during the manufacturing of these bags to prevent any breakages or twists to ensure a free flow during blood separation and collection. Thus, such advantages drive the demand for blood collection bags, which are anticipated to fuel the growth of the whole blood collection and processing segment in the global blood market during the forecast period.
The hospitals segment is expected to grow due to the high use of blood in hospitals due to increased demand for blood transfusion. This high demand can be primarily attributed to increasing hospitalizations for cancer treatment and other chronic conditions and increasing emergency cases such as road accidents. Therefore, blood has extensive applications in emergency departments, urgent care centers, and intensive care units of hospitals. Additionally, with an increase in their number and the convenience provided by them, hospitals are expanding their services related to medical care. Furthermore, the growing number of hospitals will also see a similar rise in the use of blood owing to the need for hospitals. Therefore, the rise in the number of hospitals to treat people with conditions and diseases that involve transfusions of blood is expected to drive the growth of the hospital segment of the market in focus during the forecast period.
The ASCs are modern healthcare facilities focused on providing same-day surgical care, including diagnostic and preventive procedures that drive the requirement for blood in these centers. Over the last few decades, ASCs have become a popular alternative to inpatient hospital settings due to their flexible scheduling options, calmer and more comfortable environments, and lower costs. Moreover, there is a growing number of ASCs; for instance, in 2020, 174 Medicare-certified ASCs were opened, bringing the total number of ASCs in 2020 to 5,930, representing an approximate 1.9% increase between 2019 and 2020, performing 22.5 million surgical procedures annually. Therefore, the increasing number of ASCs and growing demand for ASCs due to their services such as surgical care, is driving the growth of the ASCs segment of the global blood market during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The blood market in North America is expected to register moderate growth during the forecast period; countries such as the US, Canada, and Mexico are the major markets for the blood market in the region. This is due to the rising number of road accidents and sports injuries, the increase in the number of different surgical procedures, the increasing number of blood donors, and the rising prevalence of different types of cancer. Moreover, growth in the end-user base, including hospital-based blood banks, independent blood banks, and other blood banks managed by government and non-governmental organizations (NGOs), also drives the growth of the regional blood market. Hence, such factors are expected to drive market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Becton Dickinson and Co.: The company offers vacutainer blood specimen collections such as Microtainer bloodcollection tubes and Quikheel infant safety lancet.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year and the key drivers, trends, and challenges.
The rising number of hospitals and blood banks is a key factor driving the global blood market growth. The number of healthcare providers such as diagnostics centers and clinics, hospitals, patient care centers, and blood banks as well as their capability to provide specific services are increasing. The rising incidence of chronic diseases, medical emergencies, and disease outbreaks due to population growth worldwide is also supporting the expansion of hospitals and patient care centers. Blood banks witness a daily inflow of blood from donors and the outflow of blood to hospitals and other end-users. This inflow and outflow of blood give rise to the need for proper preservation and trackable storage solutions such as blood banks.
Moreover, the improvement in healthcare coverage and changes in related laws, such as the introduction of the Patient Protection and Affordable Care Act (PPACA), have broadened the accessibility and affordability of different types of medical treatment. The increase in the volume of blood and blood components available in storage facilities has created a high demand for blood. Thus, such factors are expected to drive the growth of the global blood market during the forecast period.
Rising awareness about blood donation is the primary trend shaping market growth. There has been an increase in awareness about the benefits and misconceptions related to donating blood, which has helped people become more open to donating blood. Various awareness initiatives undertaken by government organizations, NGOs, and educational institutions have increased blood donations by educating customers on blood donation through blood donation camps. The amount of blood collected directly from blood donation camps is substantially high in developed countries such as the US, the UK, Canada, and Germany when compared with Asia and the ROW.
In addition, the relatively low awareness and misconceptions about blood donation in developing countries restrict the number of blood donation camps held in these countries. Government organizations and agencies in developed countries promote campaigns about the benefits and side effects of blood donation. Due to these campaigns, awareness among people is increasing, which motivates them to participate frequently in blood donation camps. Therefore, such initiatives are expected to fuel the growth of the global blood market during the forecast period.
The low availability of blood storage/transfusion facilities in rural markets is a major challenge to the global blood market growth. Rural areas exhibit a low presence of healthcare facilities and services due to low disposable incomes. Less developed healthcare ecosystems offer limited access to healthcare facilities for patients. These areas have a low adoption of advanced treatment methods, such as surgery, blood transfusion, or advanced diagnostics, which need to be carried out in sophisticated medical laboratories by well-trained healthcare professionals. Therefore, the need for and use of blood for blood transfusions is low, which is a major reason for the limited adoption of blood storage solutions in rural areas.
In addition, low disposable incomes and healthcare spending in rural areas are hindering the growth of private hospitals, diagnostics centers, and clinics, which restricts the growth of hospital-associated blood storage. The increased cost of storing and transporting blood and its components in rural areas lowers the profit margins of suppliers and manufacturers in the global blood market. However, the market scenario has been changing over the past few years due to the initiatives taken by NGOs and private organizations. Therefore, such factors are expected to impede the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Blood Market Customer Landscape
The blood market report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2018 to 2028.
Blood Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.94% |
Market Growth 2024-2028 |
USD 2.60 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.11 |
Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
Performing market contribution |
North America at 40% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, AXO Science, BAG Health Care GmbH, Becton Dickinson and Co., Bio Rad Laboratories Inc., Cardinal Health Inc., CSL Ltd., Danaher Corp., DIAGAST SAS, F. Hoffmann La Roche Ltd., Grifols SA, Haemonetics Corp., Medtronic Plc, Merck KGaA, Mesa Laboratories Inc., Nipro Corp., QuidelOrtho Corp., Rapid Labs Ltd., Terumo Corp., Thermo Fisher Scientific Inc., and Werfenlife SA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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