Blood Market to Grow by USD 2.60 Billion (2024-2028) with Rising Number of Hospitals & Blood Banks Boosting the Market, Report on How AI is Redefining Market Landscape - Technavio

NEW YORK, Feb. 6, 2025 /PRNewswire/ -- Report with market evolution powered by AI - The global blood market size is estimated to grow by USD 2.60 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.94%  during the forecast period. Rising number of hospitals and blood banks is driving market growth, with a trend towards rising awareness about blood donation. However, low availability of blood storage/transfusion facilities in rural areas  poses a challenge. Key market players include Abbott Laboratories, AXO Science, BAG Health Care GmbH, Becton Dickinson and Co., Bio Rad Laboratories Inc., Cardinal Health Inc., CSL Ltd., Danaher Corp., DIAGAST SAS, F. Hoffmann La Roche Ltd., Grifols SA, Haemonetics Corp., Medtronic Plc, Merck KGaA, Mesa Laboratories Inc., Nipro Corp., QuidelOrtho Corp., Rapid Labs Ltd., Terumo Corp., Thermo Fisher Scientific Inc., and Werfenlife SA.

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Market Driver

The global Blood Market is experiencing significant growth due to increasing chronic medical conditions such as leukemia and cancer requiring blood transfusions and advanced tests. The market encompasses body fluids like red blood cells, plasma, and white blood cells, with a major focus on organs for transplantation and therapeutic applications. Key drivers include trauma injuries, surgical procedures, and the aging population with chronic kidney diseases, liver diseases, and metabolic disorders. Major players include hospitals, diagnostic laboratories, ambulatory surgical centers, and blood banks. Whole blood, plasma, and blood components are in high demand for therapeutic and diagnostic applications. Blood typing products, blood screening instruments, and blood typing systems are essential for ensuring safe blood transfusions. Advanced technology and design features are crucial for blood collection devices, such as specialized needles, syringes, and collection tubes, to minimize contamination and mishandling. Healthcare services continue to invest in blood screening reagents, blood typing reagents, and blood screening systems to ensure patient safety and effective patient care. The market is expected to grow due to rising healthcare expenditure, trauma and casualties, and the increasing number of medical procedures and emergencies. 

The global blood market is witnessing a significant trend in heightened awareness regarding blood donation. Misconceptions and benefits surrounding this vital process are being addressed through various initiatives by organizations and institutions. Notably, developed countries like the US, UK, Canada, and Germany collect substantial amounts of blood through donation camps. Government bodies, NGOs, and educational institutions are instrumental in conducting these camps to educate the public on blood donation. This increased awareness is leading to more openness towards donating blood, thereby boosting the blood market. 

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 Market Challenges

• The Blood Market faces several challenges in the healthcare industry. With a focus on body fluids like Red Blood Cells (RBCs) and Plasma, the market caters to various needs such as Chronic Medical Conditions, Leukemia, and Cancer. Blood Transfusion for Trauma Injuries and Surgical Procedures requires Donated Whole Blood and Plasma. Screening and testing for Geriatric Population, Blood Typing, and Source Plasma Collection are crucial. Blood Screening Instruments, Blood Typing Products, and Blood Screening Reagents are essential for Diagnostic Laboratories, Ambulatory Surgical Centers, Hospitals, and Major Shareholders like Blood Banks. Chronic Kidney Diseases, Liver Diseases, and Metabolic Diseases increase Healthcare Expenditure. Advanced Blood Tests for diseases like Anemia, Bleeding, and Medical Treatments/Interventions are in high demand. Organ Transplants, Cardiac Surgeries, and Blood Supply for Elderly Population and Aging Population require specialized Blood Collection Devices and skilled laboratory professionals. Contamination and Mishandling are significant challenges, along with ensuring patient care for Trauma Cases, Blood Transfusions, and Patient Health. Blood-related Disorders, Therapeutic Applications, and Diagnostic Applications rely on Blood Components and Consumables like Blood Transfusion Instruments.
• The scarcity of blood storage and transfusion facilities in rural regions poses a significant challenge in the global blood market. Due to lower disposable incomes, these areas exhibit a minimal demand for healthcare services. The underdeveloped healthcare infrastructure in rural regions restricts patient access to advanced medical treatments, including surgeries, blood transfusions, and advanced diagnostics. Consequently, the need and consumption of blood for transfusions remain low, leading to limited adoption of blood storage facilities in these areas. This situation necessitates addressing the infrastructure gap and enhancing healthcare accessibility in rural regions to ensure adequate blood storage and availability for patients when needed.

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Segment Overview 

This blood market report extensively covers market segmentation by  

• Product
• Whole Blood Collection And Processing
• Blood Screening Products
• Blood Typing Products
• Source Plasma Collection
• End-user
• Hospitals
• Ambulatory Surgical Centers (ASCs)
• Others
• Geography
• North America
• Asia
• Europe
• Rest Of World (ROW)

1.1 Whole blood collection and processing- The global blood market's whole blood collection and processing segment are projected to expand steadily due to increasing demand for whole blood for medical procedures, blood transfusions, and disease treatment. Whole blood, which is the blood flowing through veins, is essential during emergencies and surgeries. Trauma, a leading cause of death worldwide, with over 5 million fatalities and 1 billion requiring medical care, fuels this demand. Blood is collected in specialized bags, typically made from high-molecular-weight PVC, ensuring safe collection, separation, storage, and transportation. Standardized manufacturing processes prevent bag damage, allowing for optimal blood separation and collection. These bags enhance red blood cell storage and lower plasma viscosity, maximizing plasma harvesting. The advantages of blood collection bags are driving their demand, consequently propelling the growth of the whole blood collection and processing segment in the global blood market.

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Research Analysis

Blood Market: A Thriving Industry Dedicated to Saving Lives The Blood Market is a dynamic and essential industry that focuses on the collection, processing, testing, storage, and distribution of various blood components for therapeutic and diagnostic applications. This vital market caters to the demand for blood and its components in the face of chronic medical conditions, trauma injuries, and medical procedures. Body fluids, including red blood cells and leukemia cells, play a significant role in this market. Cancer and other blood-related disorders such as anemia and end-stage renal disorders necessitate the use of blood transfusion therapy and its components. Major surgical procedures, emergencies, and patient care require an uninterrupted supply of blood and related consumables. Skilled laboratory professionals ensure the safety and quality of blood components, while blood transfusion instruments facilitate the efficient administration of these lifesaving products. Bleeding due to trauma injuries or medical procedures can lead to severe blood loss, necessitating immediate attention from the blood market. Blood components, such as platelets and plasma, are crucial in addressing these situations and supporting patient care. The therapeutic applications of blood components extend beyond transfusions, with diagnostic applications providing valuable insights into various conditions. The industry continues to evolve, driven by advancements in medical technology and the increasing demand for personalized patient care.

Market Research Overview

Blood Market: A Thriving Industry Dedicated to Saving Lives The global Blood Market is a critical and dynamic sector, focusing on the collection, testing, processing, and distribution of various blood components for therapeutic and diagnostic applications. This industry caters to the demand for essential body fluids like red blood cells, plasma, and platelets, required for addressing chronic medical conditions, trauma injuries, surgical procedures, and emergencies. Organs and body fluids, including blood, play a vital role in maintaining patient health. Chronic medical conditions such as leukemia, cancer, chronic kidney diseases, liver diseases, and metabolic disorders necessitate regular blood transfusions and advanced blood tests. Blood collection devices, such as specialized needles, syringes, and collection tubes, employ advanced technology and design features to ensure contamination-free procedures. Blood typing products, blood screening instruments, and blood typing systems facilitate accurate identification and classification of blood types and components. Hospitals, diagnostic laboratories, ambulatory surgical centers, and blood banks are significant contributors to the blood market, with major shares held by key players. The aging population and increasing prevalence of chronic conditions and comorbidities fuel the demand for blood components and related services. Blood transfusion therapy, organ transplants, cardiac surgeries, and emergency medical interventions are some therapeutic applications of the blood market. Blood components also find diagnostic applications in identifying diseases and monitoring patient health during medical procedures. The blood market is a complex ecosystem, involving various stakeholders, from skilled laboratory professionals and healthcare services to blood collection devices, blood screening and typing reagents, and blood transfusion instruments. The industry's growth is driven by healthcare expenditure, technological advancements, and the increasing need for patient care, especially in trauma and casualty situations.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Whole Blood Collection And Processing
• Blood Screening Products
• Blood Typing Products
• Source Plasma Collection
• End-user
• Hospitals
• Ambulatory Surgical Centers (ASCs)
• Others
• Geography
• North America
• Asia
• Europe
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio