Blood and Blood Components Market Size By Product (Whole Blood, Blood Components {Red Blood Cells, Platelets, Plasma, White Blood Cells}), By Application (Anaemia, Trauma & Surgery, Cancer Treatment, Bleeding Disorders), By End-Use (Hospitals, Ambulatory

Blood and Blood Components Market Size By Product (Whole Blood, Blood Components {Red Blood Cells, Platelets, Plasma, White Blood Cells}), By Application (Anaemia, Trauma & Surgery, Cancer Treatment, Bleeding Disorders), By End-Use (Hospitals, Ambulatory Surgical Centres), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 - 2028

The blood and blood components market is expected to gain impetus through 2028 owing to rising number of cancer patients across the globe. Additionally, high prevalence of bleeding disorders is likely to further fuel industry expansion over the forecast period.

A blood product refers to a therapeutic substance that is derived from human blood. Blood donation is crucial to ensure continuous supply of blood and blood components. The emergence of COVID-19 caused a significant decline in blood donations since people feared the risk of exposure to the novel coronavirus.

The ongoing blood shortage across several economies has prompted various organizations to initiate blood campaigns. The American Red Cross, the U.S.-based non-profit organization that covers 40% of blood supply needs in the nation, reportedly announced a national blood crisis, urging people to make blood and platelet donations.

The blood and blood components market has been bifurcated based on application, end-use, product, and region. In terms of product, the market has been split into whole blood and blood components. Of the total market revenue, the blood components sub-segment accounted for more than USD 11.5 billion in 2021 and is slated to witness substantial growth by 2028 due to rapid rise in surgeries worldwide.

Blood components consist of plasma, white blood cells (leukocytes), platelets, and red blood cells (erythrocytes). Blood components support highly complex medical and surgical procedures like transplantation, facilitating high-efficiency healthcare. Safe and quality-assured blood products help address child mortality and maternal healthcare. They also considerably improve life expectancy and quality for patients suffering from fatal diseases, such as cancer, thalassemia, hemophilia, traumatic hemorrhage, and others.

With respect to application, the blood and blood components market has been fragmented into cancer treatment, anemia, bleeding disorders, trauma & surgery, and others. Among these, the bleeding disorders sub-segment garnered above 23% market share in 2021 and is projected to grow at a steady pace over the review timeline. Patients suffering from hematology disorders frequently need blood components like red blood cells and others, which is projected to drive segmental demand in the coming years.

The American Cancer Society recorded about 60,650 new cases of leukemia and 24,000 deaths from the blood cancer in the region in 2022. Von Willebrand Disease (VWD) is the most common bleeding disorder affecting up to 1% of the global population. It occurs when a protein called the von Willebrand Factor (VWF) that is vital for blood clotting and coagulation is either absent or present in insufficient quantities.

Based on end-user, the blood and blood components market has been categorized into ambulatory surgical centers, hospitals, and others. In 2021, the ambulatory surgical centers (ASCs) sub-segment was valued at more than USD 2.5 billion and is anticipated to showcase significant growth over 2022-2028 driven by high patient preference and cost-effectiveness of these facilities.

On the regional front, the Latin America blood and blood components market is slated to exhibit sustainable growth at about 3.6% between 2022 and 2028. Several blood organizations like the Brazilian Red Cross would boost blood donations in the region, which is primed to foster market outlook in LATAM in the future.