Blood and Blood Components Market, by Product (Whole Blood, Blood Components, Blood Derivatives), Application (Thrombocytosis, Pulmonary Embolism, Renal Impairment, Angina Blood Vessel Complications, Others), Type (Platelet Aggregation Inhibitors, Fibrinolytics, Anticoagulants): Global Opportunity Analysis and Industry Forecast, 2024 to 2033

The blood and blood components market was valued at $12.83 billion in 2023 and is estimated to reach $17.94 billion by 2033, exhibiting a CAGR of 3.5% from 2024 to 2033.

Market Definition and Overview

Blood is a vital bodily fluid that circulates through veins and arteries, carrying essential nutrients, oxygen, hormones, and waste products. Composed of cells suspended in plasma, it consists mainly of red blood cells, white blood cells, and platelets. Each component serves unique functions; red blood cells transport oxygen, white blood cells fight infections, and platelets aid in blood clotting. Blood transfusion, a common medical procedure, involves transferring blood or its components to patients to replace lost components or treat specific conditions like anemia or clotting disorders. Understanding blood and its components is crucial in diagnosing and treating various illnesses, ensuring proper circulation, and maintaining overall health.

Key Takeaways

• The blood and blood components market study covers 20 countries. The research includes a segment analysis of each country in terms of value ($billion) for the projected period from 2024 to 2033.
• More than 1,500 product literatures, industry releases, annual reports, and other such documents of major blood and blood components industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
• The study integrates high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach intends to provide a balanced view of global markets and to assist stakeholders in making informed decisions in order to achieve their most ambitious growth objectives.

Industry Trends

• In January 2022, America's Blood Centers, the Association for the Advancement of Blood & Biotherapies, and the American Red Cross issued a joint statement highlighting critical shortages in the national blood supply. They appealed to the public, urging individuals to donate blood and its components to address the urgent demand within the country.
• In October 2022, Pfizer, a leading pharmaceutical company headquartered in the US, completed the acquisition of Global Blood Therapeutics for an undisclosed sum. This strategic move aims to bolster Pfizer's expertise in addressing sickle cell disease, reinforcing its commitment to innovation while upholding its distinguished 30-year history. Global Blood Therapeutics, also based in the US, specializes in developing cutting-edge treatments for various blood disorders, with a particular focus on sickle cell disease. The acquisition underscores Pfizer's dedication to advancing healthcare solutions and marks a significant step forward in the fight against complex blood-related ailments.

Key Market Dynamics

The global demand for blood donors is a significant driver of growth in the blood and its components market. Factors such as an aging population, increasing prevalence of chronic illnesses, and a rise in medical procedures contribute to the need for more blood products. According to the World Health Organization (WHO), over 118.5 million blood donations are made annually worldwide. These donations are crucial for treating conditions like cancer, hematological diseases, and supporting complex surgeries. Moreover, advancements in medical technology have led to a growing trend in using blood components, like platelet-rich plasma (PRP), in aesthetic procedures. This surge in demand for blood components underscores the importance of the industry, particularly as medical practices evolve to include complex therapies such as organ transplants and cancer treatments, requiring a steady supply of blood products. All these factors drive the market growth during the forecast period.

The global blood and blood components market may face obstacles to growth due to risks associated with transfusion-related adverse reactions and infections like HIV, syphilis, Zika virus, and Hepatitis B. An article in the Nature Public Health Emergency Collection journal (March 2020) highlights immunological reactions such as acute hemolytic anemia and febrile nonhemolytic reactions. Febrile nonhemolytic reaction, occurring in 7% of patients, is the most prevalent adverse reaction during blood transfusions. All these factors restrain the market growth during the forecast period.

Technological advancements in medical technology are revolutionizing the blood and blood components market. Continuous innovation is leading to safer and more efficient methods for blood collection, processing, and transfusion. Automated systems and advanced equipment are streamlining processes, reducing the risk of errors, and enhancing the quality of blood products. Additionally, novel techniques for blood typing, screening for infectious diseases, and storage preservation are improving safety standards. These advancements not only meet the increasing demand for blood products but also ensure better patient outcomes and reduce the likelihood of adverse reactions. As technology continues to evolve, the blood and blood components market is poised for further expansion and improvement.

Patent Analysis of Global Blood and Blood Components Market

A patent analysis of the blood and blood components market reveals ongoing innovation in transfusion technologies, testing methods, and therapeutic applications. Key areas of focus include advancements in blood storage techniques, screening technologies for infectious diseases, and novel treatments utilizing blood components, reflecting a dynamic landscape of intellectual property within the industry.

• In August 2023, Shri Ramdeobaba College of Engineering and Management, developed a microfluidic device in India. This device aims to efficiently extract various blood components from a blood sample.. The present invention provides a microfluidic device for extracting blood components from a blood sample. The microfluidic device includes an inlet, a channel and an outlet. A plurality of sensors is connected to the outlet for sensing the blood sample.
• In December 2021, in Europe, ASAHI KASEI MEDICAL CO. LTD launched a safe extracorporeal blood circulation device. This device includes a blood purification unit and a blood component adjuster. It features a system of pipes with a pump that moves blood from a collection point to the blood component adjuster. . .

Market Segmentation

The market is segmented into types, applications, and region. On the basis of product, the market is divided into whole blood, blood components, and blood derivatives. As per application, the market is segregated into anemia, trauma & surgery, cancer treatment, and bleeding disorders. As per end user, the market is segregated into hospitals, ambulatory surgical centers, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Regional Market Outlook

Driving factors of the North American blood and blood components market include increasing awareness about blood donation, advancements in transfusion medicine, and rising demand for blood products due to surgical procedures and chronic diseases. Additionally, initiatives to improve blood safety, such as stringent regulations and technological innovations, are stimulating market growth in the region.

• On World Blood Donor Day in June 2023, the Pan American Health Organization (PAHO) called for increased blood and plasma donations, highlighting their pivotal role in maintaining safe and dependable supplies worldwide. PAHO underscores the necessity of maintaining robust and sustainable reserves to meet healthcare demands and adequately support patients in need of transfusions.
• In December 2020, Cerus Corporation, a blood product company headquartered in the United States, obtained approval from the U.S. Food and Drug Administration (FDA) for its latest innovation, the INTERCEPT blood system for cryoprecipitation. This system facilitates the production of a safe, pathogen-reduced transfusion blood product called fibrinogen complex. It is instrumental in managing life-threatening bleeding and hemorrhage associated with fibrinogen deficiency.

Competitive Landscape

The major players operating in the blood and blood components market include Becton, Dickinson & Co., Kidde-Fenwal Inc., Bio-Rad Laboratories, Inc., Cerus Corporation, Immucor, Beckman Coulter, Inc., bioMérieux SA, Octapharma AG, and Abbott

Recent Key Strategies and Developments

• In April 2023, the San Diego Blood Bank, based in the United States, launched its Precision Blood Initiative. This initiative aims to elevate patient care quality for those in need of blood transfusions through the expansion of precision blood typing procedures. By setting higher standards of care, the program anticipates positive transformations and potentially life-saving outcomes for individuals requiring transfusions.
• In January 2022, America’s Blood Centers, the Association for the Advancement of Blood & Biotherapies, and the American Red Cross released a collective statement concerning the nation's dwindling blood supply. They called upon individuals to contribute blood and its components to alleviate the pressing demand for donations and support the country's healthcare requirements.

Key Sources Referred

1. Annual Reports
2. Investor Presentations
3. Press Releases
4. Research Papers
5. Blood and Blood Components Industry Trend Report
6. D&B Hoovers
7. Company Analyses

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the blood and blood components market segments, current trends, estimations, and dynamics of the blood and blood components market analysis from 2024 to 2033 to identify the prevailing blood and blood components market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the blood and blood components market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global blood and blood components market statistics.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global blood and blood components market trends, key players, market segments, application areas, and market growth strategies.

The global blood and blood components market encompasses a wide range of products and services related to blood collection, processing, testing, storage, and transfusion. This market is driven by factors such as increasing demand for blood transfusions, rising prevalence of chronic diseases, advancements in blood screening technologies, and growing awareness about blood donation. The report delves into market segmentation, including by product type, end-user, and geography, providing insights into key market trends, competitive landscape, regulatory environment, and future prospects.