Global Blood And Blood Products Market - 2021-2028

Global Blood And Blood Products Market - 2021-2028

Market Overview

The Global ""Blood and Blood Products Market"" is expected to grow at a high CAGR of 7% during the forecast period (2021-2028).

Any therapeutic substance obtained from human blood, including whole blood and other blood components for transfusion, as well as plasma-derived pharmaceutical compounds, is referred to as a blood product. Medicinal (medical therapeutic) products obtained from human blood and plasma donations play an important role in medical care.

Market Dynamics

The increased frequency of bleeding diseases and the rise in the number of operations globally will fuel the growth of the blood and blood products market. In the next years, a major increase in the senior population, which is sensitive to several chronic illnesses such as liver cirrhosis, would produce a significant demand for blood derivatives.

The increase in prevalance of blood borne diseases in the market will drive the market growth

The market for blood and blood components is being pushed by an increase in trauma and car accidents. Blood volume can be lowered to dangerously low levels due to traumas such as haemorrhage, and the body cannot restore it quickly enough. Furthermore, traffic accidents result in significant blood loss from the body, which must be replaced immediately. In some cases, such as in haemophilia, the blood is deficient in a few components. These illnesses necessitate blood and blood component transfusions into the patient's body. The rising incidence of diseases and the rising number of traffic accidents and traumas are driving up blood demand and driving the market.

Increased demand for blood and plasma around the world and an increase in the global geriatric population are expected to drive market expansion. Additionally, a surge in blood and plasma donations around the world and favourable government laws for blood screening are driving the market forward. Another key factor driving the blood market's growth is advancements in blood transfusion and blood screening tools. A significant rise in unintentional occurrences, a high frequency of hematologic illnesses, and a rising senior population are driving the industry forward.

According to a World Health Organization research released in February 2020, about 1.5 million people die each year due to road traffic injuries around the world. Every year, road traffic injuries cost more than 3% of the country's gross domestic product. Aside from vehicle accidents, sports-related accidents are on the rise. According to an article by Sarah Megginson, 89 per cent of Australian adults participate in sports every year, with 62 per cent doing so at least three times per week. The Australian Institute of Health and Welfare stated in 2017 that around 60,000 Australians were admitted to hospitals due to injuries sustained while participating in sports. As a result, these mishaps will contribute to the rising need for blood. Furthermore, the burden of blood-borne diseases has increased in recent years, along with the rising prevalence of transfusion-transmissible infection and surgeries, raising public awareness about blood donation, and several government initiatives related to blood donation, all of which are driving demand for blood and driving the overall market. According to the WHO, anaemia affects 47.4% of children and 12.7 per cent of men worldwide, and this number is predicted to climb in the future years. As a result of the rising prevalence of blood disorders, there may be a greater demand for early diagnosis and treatment, which relies heavily on blood. This contributes to the growth of the global blood and blood products market.

Rise in risk of infections during transfusion is likely to hamper the market growth

The market for blood and blood components is being stifled by the rising risk of infection when the blood is being transported to patients. The increased risk of contracting a Transfusion Transmitted Infection (TTI) puts a brake on the market's expansion. Many customers avoid utilising given blood due to concerns about disease transmission from the donor to the recipient, stifling the growth of the blood and blood component business. Human Immunodeficiency Virus (HIV), Hepatitis Viruses, West Nile Virus (WNV), and Human T-cell Lymphotropic Viruses are the most frequent viral agents that can be transferred through blood transfusion (HTLVs).

COVID-19 Impact Analysis

The current COVID-19 scenario has impacted how various surgical operations are performed. According to a World Health Organization study published in July 2020, there have been significant financial and personnel changes in hospitals' orthopaedic and trauma surgery departments, resulting in an average reduction of 49.4 per cent in operating room capacity and an expected 29.3 per cent loss of revenue in these departments. This decrease in surgical procedures is projected to impact the market's overall growth.

Segment Analysis

The red blood cell segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)

Over the projection period, the red blood cells segment is expected to increase health. The increased demand for transfusion, the rising number of operations, the rising number of trauma cases, and the rising frequency of chronic disease-induced anaemia contribute to the segment's rise. For example, in the United States, 50,000 to 100,000 new amputation procedures are performed each year, according to an article published by Michigan State University College of Human Medicine on National Centers for Biotechnology Research in 2018. Red blood cell transfusions frequently accompany amputation surgeries. Therefore the rising trend in amputation surgeries is predicted to increase demand for red blood cell transfusions.

Furthermore, according to an article published on the National Center of Biotechnology Information in July 2019 by the College of Medicine and Health Science in Ethiopia, the total prevalence of anaemia in children under the age of five was 41.1 per cent. Red blood cells also have the advantages of cheap availability, low storage and maintenance costs, and rising demand in surgeries and transfusions, all of which are key drivers to the segment's growth.

Geographical Analysis

North America region holds the largest market share of global blood and blood products market

North America held the largest blood market share in 2020 and is expected to maintain this position throughout the forecast period, owing to the easy availability of systems, reagents, and consumables used in whole blood collection, processing, typing, and screening. Other factors that contribute to the market's growth include increased awareness about the use of these products and the presence of a large number of blood collection and plasma collection centres throughout the region. Furthermore, according to the CDC and Prevention, haemophilia affects about 1 in 5000 male births and 400 newborn newborns in the United States each year. Cancers such as lymphoma, myeloma, leukaemia, and myelodysplastic syndromes are extremely common. At least one person in the United States is diagnosed with blood cancer every three minutes on average. Furthermore, the presence of many key players in North America is a major factor driving market growth.

On the other hand, Asia-Pacific is assessed to grow the fastest during the forecast period, owing to increased healthcare spending and increased awareness about blood and plasma donation. Other factors that contribute to the market's growth include a large patient base of various chronic diseases such as metabolic diseases and cancer, which necessitate the use of whole blood and plasma, which contribute to the growth of the Asia-Pacific blood market.

Competitive Landscape

The blood and blood products market is highly competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include American Red Cross, Australian Red Cross Blood Service , Abbott Laboratories ,Blood Centers of America , Becton , Dickinson & Co ,German Red Cross , Nipro Medical Corporation ,American Association of Blood Banks , AVIS National ,National Blood Authority Australia, Vitatant, Baxter International Inc, Immucor ,Novartis, Novo Nordisk ,Ortho Clinical Diagnostics, Roche Diagnostics, Sarstedt AG &Co. , Medtronic Plc.

The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the blood and blood products market globally. For instance, the American Red Cross and HealthStream teamed to launch a new platform for healthcare organizations. Similarly, the Wisconsin Blood Center partnered with SysLogic Inc. to investigate how RFID technology may be utilised to improve patient safety when collecting and transfusing blood products. Grifols SA, a Barcelona-based company, paid $1.9 billion for a 26 per cent stake in Shanghai RAAS Products Co., Ltd. in March 2019. Grifols agreed to share its technological know-how and engineering services with Shanghai RAAS under the agreement terms. The acquisition was made to manufacture, commercialize, and develop plasma products and transfusion diagnostic solutions in China. Shanghai RAAS Products Co., Ltd. is a Chinese company that specializes in blood product research and development, manufacturing, and distribution.

Key Developments

Boekel Scientific in September 2020 unveiled The FS100, a new high-capacity floor standing platelet incubator and agitator for storing platelets in hospitals and blood centres.

The SARS-CoV-2 Multi-Antigen Serology Panel, which tests for antibodies the body produces in response to SARS-CoV-2, was launched in May 2020 by Genalyte in collaboration with San Diego Blood Bank.

Medtronic Plc

Overview: Medtronic is a medical technology and services corporation based in the United States. Hospitals, physicians, clinicians, and patients are served by the Company's medical devices and technologies, developing, manufacturing, and markets. The Cardiovascular Portfolio, the Medical-Surgical Portfolio, the Neuroscience Portfolio, and the Diabetes Operating Unit are the Company's four operating and reportable segments, which develop, manufacture, distribute, and sell device-based medical medicines and services.

Product Portfolio:

autoLog: The autoLog Autotransfusion System is a complex technology that supplies autologous blood during surgical procedures. It has an extremely effective design. Returning cleaned red blood cells to a patient via autologous red blood cell salvage is a safe, dependable, and cost-effective procedure. An autotransfusion is a tempting option for clinicians and surgical teams concerned with blood conservation. The autoLog has played a critical role in treating patients who refuse transfusions for religious or other reasons.

Why Purchase the Report?

Visualize the composition of the global blood and blood products market segmentation by product, application, blood components, end user, and region highlighting the key commercial assets and players.

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Excel data sheet with thousands of data points of global blood and blood products market- level 4/5 segmentation.

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Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers

Market Segmentation

Global Blood And Blood Products market– By Product

Whole Blood

Blood components

Global Blood And Blood Products market- By Application

Anemia

Trauma and Surgery

Cancer treatment

Bleeding disorders

Global Blood And Blood Products market– By Blood Components

Red blood cells

White blood cells

Platelets

Global Blood And Blood Products market– By End User

Hospitals

Blood and blood component bank

Diagnostic Laboratories

Ambulatory Surgical Centers

Others

Global Blood And Blood Products market- By Region

North America

Europe

Asia-Pacific

Middle East & Africa

South America