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December 2024
The global blood product market was estimated at US$ 36.52 billion in 2023 and is projected to grow to US$ 59.89 billion by 2034, rising at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2034. The demand for blood and blood products is high due to their usage during surgeries, emergency situations, blood-related health issues, and many more health problems.
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The blood product market is responsible for collecting, separating, storing, and distributing various blood products. These include whole blood, RBCs, WBCs, plasma, and platelets. The market is growing strongly because whole blood or components derived from blood are used during surgery, accidents, blood loss, blood cancer, or any particular health condition. Red blood cells are used for anemia, platelets for cancer treatment, plasma for trauma, shock, and burn, cryo for preventing and controlling bleeding, and WBCs for immunity.
Since millions of new cases of cancer are identified each year, cancer is becoming a bigger global problem. According to research on 29 diseases in 204 nations, the total cost of cancer to the world economy is predicted to exceed 25.2 trillion international dollars between 2020 and 2050. About half of it will be spent on five different forms of cancer. Because platelet counts drastically decline after cancer therapy and platelets are transfused to minimize bleeding issues, platelet transfusion is an essential and frequently required part of cancer management.
Blood donations are usually made via free campaigns, and many people are not willing to donate blood, which becomes a growth barrier for the blood product market. The number of donors is reduced even more when people are unable to donate blood due to health issues like HIV, cancer, sickle cell, anemia, or any other disease. Apart from this, many people, especially in rural areas, are not aware of such practices or refrain from donating blood due to different beliefs.
North America dominated the blood product market in 2023.
Many factors contribute to the growth of the market in North America. People often participate in blood donation campaigns; there is a huge presence of blood donation centers, and governments make continuous efforts to create awareness and develop better facilities for blood donation, component separation, and storage.
The U.S. dominated the blood product market in North America due to continuous efforts taken by the government, NGPs, public & private organizations, and other key stakeholders.
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Every year, around 16 million blood components are transfused in the United States. There are 90,000 to 100,000 cases of sickle cell disease in the United States. The condition affects about 1,000 newborns annually. People with sickle cell disease may need blood transfusions for the rest of their lives. In 2023, about 1.9 million individuals are anticipated to receive a cancer diagnosis, according to the American Cancer Society. During their chemotherapy treatment, many patients may require blood transfusions on a regular basis.
Asia Pacific is expected to grow at the fastest rate during the forecast period.
The blood product market is growing strongly in Asia Pacific, mainly due to the growing population. A large population increases the number of people in need of blood or blood products. In addition, governments are also making efforts to increase blood donation and increase awareness about blood donation.
Every two seconds, there is a need for blood transfusions in India. An average of 14.6 million transfusions of blood are required annually. There were 4153 authorized blood banks (also known as blood centers) in the nation as of November 30, 2023; 1266 of them were government-affiliated, while the remaining 2887 were private. 5,897,452 blood units have been collected by the MoHFW as of October 2024, and 5,899,116 donors have signed up on the website.
By product type, the red blood cells (RBCs) segment dominated the blood product market and is estimated to grow at the fastest rate during the forecast period. The blood component that is transfused most frequently is red blood cells. Individuals who suffer from acute blood loss due to trauma or chronic anemia brought on by renal failure or gastrointestinal bleeding benefit the most from obtaining red blood cells.
By end-use, the blood station segment held the largest share of the market. The segment is dominating due to the growing number of blood stations worldwide. These stations have made blood collection, storage, and transfer easy. A large population visits blood stations for donation, and the collected blood is further transferred to hospitals, ambulatory centers, and clinics.
The hospital segment is estimated to grow rapidly in the blood product market during the forecast period. Hospitals are the major users of blood and blood products for treating anemia, cancer, or any other health issue requiring blood transfusion. Apart from this, blood transfusion is used during severe blood loss due to accidents, childbirth, and surgeries. All of these things also happen in hospitals, which is why a continuous high demand for blood occurs.
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December 2024
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December 2024
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