Blood & Blood Components Market Value is Expected to Reach $44.34 Billion by 2022

LONDON, Dec. 18, 2019 /PRNewswire/ -- TheBusinessResearchCompany.com offers Blood And Blood Components Global Market Report 2019 from its research database. The report is spread across 200 pages covering Table of Contents, List of Tables and List of Figures. Increasing Collaborations And Acquisitions In The $37 Billion Blood & Blood Components Market. The most prominent trend that has been witnessed in the global blood and blood components market (https://www.thebusinessresearchcompany.com/report/blood-and-blood-components-global-market-report) is the growing number of collaborations between players involved in the market. Major players in the market are American Red Cross, Australian Red Cross Blood Service, Abbott Laboratories, Blood Centers of America, and Becton, Dickinson & Co. Companies are adopting partnerships and collaborations in order to expand their reach, increase customer base and generate awareness in the market. For example, in December 2018, the American Red Cross collaborated with HealthStream with an aim of introducing a new program for healthcare organizations. Similarly, the BloodCenter of Wisconsin collaborated with SysLogic Inc. to study how RFID (radio frequency identification) technology can be used to enhance safety of the patient while collecting and transfusing blood products.

Companies in the market have also been investing in mergers and acquisitions to expand and strengthen their business. In March 2019, Grifols SA, a Barcelona-based company, acquired a 26% stake in Shanghai RAAS Products Co., Ltd. for $1.9 billion. As per the agreement, Grifols agreed to share its technological know-how and engineering services with Shanghai RAAS. The acquisition was undertaken to manufacture, commercialize and develop plasma products and transfusion diagnostic solutions in China. Shanghai RAAS Products Co., Ltd. is a China-based company that is primarily engaged in the research and development, and manufacture and distribution of blood products. Request  a Sample of This Report @ https://www.thebusinessresearchcompany.com/sample.aspx?id=2573&type=smp

Increasing Road Accidents Will Drive The Blood And Blood Components Market

The global blood and blood components market was valued at about $36.76 billion in 2018 and is expected to grow to $44.34 billion at an annual growth rate of more than 4.5% through 2022. The blood and blood components market is driven by increasing incidence of trauma and road accidents. Sometimes, because of traumas such as hemorrhage, the volume of blood is reduced to a very low level and cannot be replaced fast enough by the body. Also, road accidents cause excessive blood loss from the body that has to be restored immediately. At times, the blood itself lacks a few components as in the case of hemophilia. All these conditions demand transfusion of blood and blood components into the patient's body. The growing prevalence of diseases and increasing numbers of road accidents and traumas are increasing the demand for blood, thus driving the market. According to a report by Globenewswire, in 2019, around 20,000 men suffered from Hemophilia in the US alone. Also, as per US NIH data, in 2019, traumatic injury was found to be the foremost reason of mortality among people aged between 1-40 years.

Risks Associated With Blood Transfusions

The growing possibilities of developing any transfusion transmitted infection (TTI) is imposing a restriction on the growth of the blood and blood components market. The fear of transfusion of diseases from the donor to the recipient, forces many customers to avoid using donated blood, thus hampering the growth of the blood and blood components market. The most common viral agents that can be transmitted through blood transfusion are Human Immunodeficiency Virus (HIV), hepatitis viruses, West Nile Virus (WNV), Human T-cell Lymphotrophic Viruses (HTLVs) etc. Also, according to the BMC Infectious Diseases report 2018, out of the total 60,236 blood donors that were screened between 2010-2016, almost 3.6% of the donors showed evidence of at least one TTI and 0.1% were positive of multiple infections.

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Governing Bodies In The Blood Market

The blood and blood components market in the European Union (EU) is governed by Directive 2002/98/EC of the EU regulations. The regulatory body engages itself in providing guidelines and setting standards for quality and safety of collection, testing, processing, storage, and distribution of blood and blood components. These guidelines ensure greater quality and safety of whole blood and its components to prevent transmission of diseases, and also highlight necessary measures for their collection and distribution.

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