Blood and Blood Components Market Size, Share, Report by 2033

Prathamesh

10 months ago

The global blood and blood components market size is expected to increase USD 18.42 billion by 2033 from USD 13.15 billion in 2023 with a CAGR of 3.43 % between 2024 and 2033.

Key Points

Europe dominated the market with the largest revenue share of 35% in 2023.
North America is expected to gain a significant share of the market during the forecast period.
By product, the blood components segment held the largest revenue share in 2023.
By product, the whole blood segment is expected to witness the fastest growth in the market during the forecast period.
By end use, the hospitals segment dominated the market in 2023.
By end use, the ambulatory surgical centers segment is expected to grow rapidly in the market during the forecast period.
By application, the cancer treatment segment held a significant share of the market in 2023.
By application, the anemia segment is expected to grow rapidly during the forecast period.

The blood and blood components market encompasses the collection, processing, storage, and distribution of whole blood and its components, including red blood cells, white blood cells, platelets, and plasma. These components are essential for various medical treatments, such as surgeries, trauma care, cancer treatment, and chronic illnesses. The market is driven by the growing demand for blood transfusions, advancements in blood storage and preservation techniques, and the increasing prevalence of blood-related disorders.

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Growth Factors

Several factors are contributing to the growth of the blood and blood components market. Firstly, the rising incidence of chronic diseases and conditions, such as cancer and hemophilia, which require regular blood transfusions, is a significant driver. Additionally, advancements in medical technology and procedures, such as organ transplants and complex surgeries, have increased the need for blood and its components. Furthermore, increased awareness and improved healthcare infrastructure in developing regions are enhancing the capacity for blood collection and storage.

Region Insights

The market for blood and blood components is segmented across various regions, with North America and Europe being the largest markets due to well-established healthcare systems, high awareness, and significant investments in healthcare infrastructure. The Asia-Pacific region is expected to witness the fastest growth, driven by increasing healthcare expenditure, rising prevalence of chronic diseases, and improving healthcare facilities. Countries like China and India are particularly notable for their rapid development in healthcare services and infrastructure.

Blood and Blood Components Market Scope

Report Coverage	Details
Blood and Blood Components Market Size in 2023	USD 13.15 Billion
Blood and Blood Components Market Size in 2024	USD 13.60 Billion
Blood and Blood Components Market Size by 2033	USD 18.42 Billion
Blood and Blood Components Market Growth Rate	CAGR of 3.43% from 2024 to 2033
Largest Market	Europe
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	Product, End-use, Application, and Regions
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Blood and Blood Components Market Dynamics

Drivers

Key drivers of the blood and blood components market include the increasing number of surgeries and trauma cases, the rising prevalence of chronic diseases requiring blood transfusions, and the growth of healthcare facilities worldwide. Additionally, governmental and non-governmental initiatives to promote blood donation, coupled with technological advancements in blood collection and storage, are significantly propelling the market forward.

Opportunities

The blood and blood components market presents several opportunities for growth and innovation. The development of advanced blood preservation solutions and blood substitutes offers potential to enhance the efficacy and shelf-life of blood products. There is also significant scope for improving blood collection and storage techniques in developing regions, which can lead to better accessibility and reduced wastage. Moreover, increasing investments in healthcare infrastructure and the expansion of blood banks in emerging markets offer substantial growth opportunities.

Challenges

Despite its growth potential, the blood and blood components market faces several challenges. One of the primary challenges is the risk of bloodborne infections and the need for stringent screening processes to ensure the safety of blood products. Additionally, the logistics of blood storage and transportation require robust infrastructure and significant investment. There is also a persistent shortage of blood donors in many regions, which can limit the availability of blood and its components. Moreover, the high cost of advanced blood processing technologies can be a barrier for smaller healthcare facilities, particularly in low-income regions.

Blood and Blood Components Market Recent Developments

In January 2024, Today, Inspira Technologies OXY B.H.N Ltd., a leader in life support technology with the goal of replacing conventional mechanical ventilators, announced its intention to provide a single-use, disposable blood oxygenation kit (the “Kit”) for its INSPIRA ART medical device series.
In January 2024, in a race with Apple Inc. and other electronic behemoths, Samsung Electronics Co. is pursuing the development of continuous blood pressure monitoring and noninvasive glucose monitoring. The company has high aspirations for the healthcare industry.