Blood and Blood Components Market Analysis and Forecast to 2031: By Product (Whole Blood, Blood Components), Application (Anaemia, Trauma & Surgery, Cancer Treatment, Bleeding Disorders), End-User (Hospitals, Ambulatory Surgical Centers, Others), and Regi

Blood and Blood Components Market Analysis and Forecast to 2031: By Product (Whole Blood, Blood Components), Application (Anaemia, Trauma & Surgery, Cancer Treatment, Bleeding Disorders), End-User (Hospitals, Ambulatory Surgical Centers, Others), and Region

The global vacuum bearing market was valued at US$ 12.1 billion in 2021 and it is anticipated to grow up to US$ 16.5 billion by 2031, at a CAGR of 3.1% during the forecast period.

Blood and blood components are used in clinical settings for blood transfusion to save the lives of patients suffering from bleeding disorders, traumatic surgery, chronic diseases, or rare blood diseases. Patients who have been severely injured in car accidents or other traumatic incidents such as violence and assault usually require traumatic surgery. Road accidents cause significant blood loss and hemorrhage, necessitating an immediate blood transfusion to maintain blood volume and save the patient's life. Furthermore, blood transfusion is required in the treatment of chronic diseases such as blood cancer because cancer treatment involving surgery causes significant blood loss and blood cell loss. Patients undergoing stem cell transplantation for the treatment of blood cancers such as leukemia, myeloma, lymphoma, and others require high doses of chemotherapy, which causes blood cell depletion.
Global Blood and Blood Components Market Scope and Report Structure
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Market Drivers and Trends
The increase in cases of chronic diseases among people all over the world is the primary driver of the industry's growth. For example, according to the National Institute of Health, U.S. statistics 2018, approximately 459,058 people have suffered from leukemia, a type of blood cancer, in 2018. The NIH also predicts that approximately 61,090 new cases of leukemia will be diagnosed in the upcoming years. Therefore, the rise in the number of chronic illnesses, such as cancer and liver disease, as well as the large patient pool, is expected to fuel the growth of the blood and blood components market.

Furthermore, the industry's growth will be driven by rising of bleeding disorders and surgeries. The significant increase in the geriatric population, which is susceptible to a variety of chronic diseases such as liver cirrhosis, will drive a high demand for blood derivatives during the period. Rising public awareness of the importance of blood donations, as well as the increasing need for blood and blood derivatives in traumatic patients, are also factors influencing demand for whole blood, which will drive market growth. These factors are expected to drive the growth of the global Blood and Blood Components Market.
Market Restraints and Challenges
Over the period, the risk of adverse reactions and transmission of blood transfusion-associated infections such as HIV, syphilis, Zika virus, Hepatitis B, and others is expected to hinder growth in the global blood and blood components market. According to a March 2020 article published in the journal Nature Public Health Emergency Collection, blood transfusion is frequently associated with immunological reactions such as acute hemolytic anemia, delayed hemolytic reaction, febrile nonhemolytic reactions, and others, with febrile nonhemolytic reaction being the most common type of adverse reaction found in 7% of blood transfusion patients. This is a potential restraint hindering the global Blood and Blood Components Market growth.
Global Blood and Blood Components Market Segmental Overview
The report analyses the global Blood and Blood Components Market based on product, application, end-user, and region.

Global Blood and Blood Components Market by Product

Based on product, it is bifurcated into whole blood, and blood components. The blood components segment is expected to be the largest segment in the Blood and Blood Components Market in 2021. In 2021, the blood components segment accounted for more than USD 11.6 billion in market revenue. Blood components are required for a variety of surgeries and blood loss situations. Certain conditions, such as leukemia or long-term cancer treatment, interfere with the production of blood components in bone marrow. As a result, these components must be obtained from outside sources. The growing number of people who are concerned about their physical appearance and enhancement will drive the platelet and plasma market over the upcoming years.

Global Blood and Blood Components Market by Application

Based on application, the market is bifurcated into anemia, trauma & surgery, cancer treatment and bleeding disorders. The bleeding disorders segment dominated the market in 2021. In the upcoming years, the bleeding disorders market is expected to exceed USD 3.5 billion. Patients with lymphoma, leukemia, myelodysplastic syndrome, idiopathic thrombocytopenic purpura, von Willebrand disease, and other diseases that cannot produce these essential components require external supply. The majority of treatments also include surgeries that result in blood loss and necessitate external blood supply. Anemia, in its various forms, such as iron-deficiency anemia, pernicious anemia, aplastic anemia, and others, affects the bone marrow, depleting the supply of red blood cells. In such cases, red blood cells must be administered to the patients. As a result, the rising prevalence of bleeding disorders will drive up demand for blood and blood components.

Global Blood and Blood Components Market by End-User

Based on end-user, the Blood and Blood Components Market is segmented into hospitals, ambulatory surgical centers, and others. The ambulatory surgical centers segment dominated the market. In 2021, the ambulatory surgical centers segment accounted for approximately 23% of the business. The cost-effectiveness provided by ambulatory surgical centers, as well as surgeons' treatment preferences, are driving the end-use segment expansion. Ambulatory centers are where most non-hospitalized surgeries are performed in developed countries. Ambulatory care centers have increased significantly in developing countries, creating new growth opportunities for market participants. An increase in the number of surgeries and patients suffering from chronic illnesses will boost market statistics.

Geographical Analysis of Global Blood and Blood Components Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The European region is dominating in the Blood and Blood Components Market. In 2021, the European blood and blood component market was worth USD 4 billion. The region's supportive regulatory system stimulates market growth. It also encourages people to donate blood by organizing blood donation camps and raising awareness about blood donation. The European Blood Alliance also works to implement new innovative changes to its current management model in order to improve blood management in the region. As a result, an increase in the number of awareness and initiative programs will boost regional blood and blood component market growth.

Asia-Pacific is anticipated to dominate the market in the upcoming years due to the growth factors such as the advanced healthcare infrastructure and the existence of a high number of donors. Other factors that are likely to fuel the Asia-Pacific market include the encouraging government initiatives as well as numerous untapped prospects in the rising markets of India and China.
Major Players in the Global Blood and Blood Components Market
The key players studied in the global Blood and Blood Components Market are Association for the Advancement of Blood & Biotherapies (US), American Red Cross (US), Australian Red Cross (Australia), Carter BloodCare (US), Indian Red Cross (India), National Blood Authority Australia (Australia), OneBlood (US), South African National Blood Service (South Africa), Versiti (US), and Vitalant (US) among others.
COVID-19 Impact
The COVID-19 pandemic and lockdown in various countries around the world has had a negative impact on businesses in all sectors. The COVID-19 pandemic has impacted the entire healthcare supply chain, owing to strict lockdown in several regions. Similarly, the COVID-19 pandemic had a negative impact on the blood and blood component markets due to reduced blood transfusion services due to lockdown. For example, according to an article published in the Journal of Global Health in April 2021, a drop in blood donations of 40% to 67% was observed globally, particularly in countries that had implemented lockdown during the COVID-19 outbreak. According to the same source, the majority of mobile blood donation drives have been cancelled due to an increase in COVID-19 cases.

The number of blood donors and donations has decreased significantly in recent years, particularly during the COVID-19 situation all over the world. Since the beginning of the COVID-19 situation, the American Red Cross has seen a 10% decrease in total donors. Such organizations have faced issues such as staffing shortages and blood drive cancellations.
Recent Developments

In January 2022, America's Blood Centers, the Association for the Advancement of Blood & Biotherapies, and the American Red Cross issued a joint statement addressing the country's low blood supply. These organizations urged people to donate blood and blood components to help meet the country's rendering needs.
In January 2022, The French blood service, Etablissement Français du Sang, launched the MissingType campaign to encourage people to come forward and donate blood in order to meet the country's demand for blood and blood components. This strategic campaign launch will result in increased public awareness of blood donation.
In March 2019, Grifols SA, paid $1.9 billion for a 26% stake in Shanghai RAAS Products Co., Ltd. Grifols agreed to share its technological know-how and engineering services with Shanghai RAAS under the terms of the agreement. In China, the acquisition was made to manufacture, commercialize, and develop plasma products and transfusion diagnostic solutions.
On March 2019, The Third Xiangya Hospital of Central South University in China launched an observational clinical study to establish safe blood transfusion in allogeneic liver transplantation patients by utilizing novel technology and methodologies. This clinical trial was scheduled to end in December 2021.

Frequently Asked Questions
Q1. How big is the Blood and Blood Components Market?

Ans. The global Blood and Blood Components Market size was US$ 12.1 billion in 2021 and is anticipated to reach US$ 16.5 billion in 2031, growing at a rate of 3.1% from 2022 to 2031.

Q2. What is the Blood and Blood Components Market growth rate?

Ans. The growth rate of the Blood and Blood Components Market is 3.1% from 2022 to 2031.

Q3. Which region holds a major market share for the Blood and Blood Components Market?

Ans. Europe region holds a major market share of the Blood and Blood Components Market in 2021.

Q4. Which segment accounted for the largest Blood and Blood Components Market share?

Ans. Based on product, it is bifurcated into whole blood, and blood components. The blood components segment is expected to be the largest segment in the Blood and Blood Components Market in 2021.

Q5. Who are the key players in the Blood and Blood Components Market?

Ans. The global Blood and Blood Components Market report includes players such as Association for the Advancement of Blood & Biotherapies (US), American Red Cross (US), Australian Red Cross (Australia), Carter BloodCare (US), Indian Red Cross (India), National Blood Authority Australia (Australia), OneBlood (US), South African National Blood Service (South Africa), Versiti (US), and Vitalant (US) among others.

Q6. What are the factors driving the Blood and Blood Components Market growth?

Ans. The major factors driving the growth of the market are the increase in cases of chronic diseases and rising of bleeding disorders and surgeries.

Q7. What are the key growth strategies of Blood and Blood Components Market players?

Ans. The key growth strategies of Blood and Blood Components Market players are product launch, partnerships, and government initiatives.

Q8. Which region will provide more business opportunities for the Blood and Blood Components Market during the forecast period?

Ans. The European region will provide more business opportunities for the Blood and Blood Components Market during the forecast period.

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