Blood and Blood Components Market size to exceed $43.5 Bn by 2024
Sellbyville, DE -- (SBWIRE) -- 04/30/2019 -- Blood and Blood Components Market size is set to exceed USD 43.5 billion by 2024; according to a new research report by Global Market Insights. Increasing incidence of trauma and road accidents has stimulated demand for blood and blood components. Blood transfusion assists in maintaining oxygen levels, preserving organ function and supports tissue healing process in burn patients. As per U.S. NIH data, traumatic injury is foremost reason of mortality among 1-40 years old people, out of which around 10-20% of deaths are preventable. Uncontrolled hemorrhage post 6 hours of injury is prime reason of avoidable death, among traumatic injury patients.
Increasing number of surgeries requiring whole blood will act as high impact rendering factor for blood and blood components market growth. Nearly 1.32 caesarean sections were performed in European region in the year 2016. Moreover, technological advancements in blood transfusion technique, instruments and donor screening has enabled utilization of only required blood components during transfusion in comparison to conventional technique of using whole blood during transfusion.
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Growing prevalence of bleeding disorders such as Hemophilia will support industry growth. Nearly 20,000 men in the U.S., suffer from hemophilia. However, risk of developing infection post blood transfusion coupled with growing demand for non-invasive surgeries that does not require blood transfusion will hamper industry expansion to certain extent over the coming years.
Blood components product segment estimated to reach over 6.6 billion by 2024, includes red blood cells, platelets, plasma and white blood cells. Growing demand for blood components along with development of apheresis allowing separation of specific blood component that is required, while returning remainder to circulation will drive segment growth during the forecast period. Red blood cells are generally given to newborns, emergency transfusions during birth, sickle cell anemia patients, and trauma patients. Increasing prevalence of such condition will drive red blood cells component segment.
Cancer treatment application segment is estimated to witness lucrative growth of 4.7% during the forecast timeframe owing to increasing number of people suffering from the target disease. Surgery as a treatment to cancer patient requires transfusion of platelets or red blood cells, chemotherapy drugs and radiation affect bone marrow cells resulting in low blood cell counts should drive segmental growth. Growing number of surgeries and other treatments such as chemotherapy performed in hospitals will drive hospital end-user segment during the forecast period, to reach 27.4 billion by 2024.
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U.S. blood and blood components market dominated the global industry with more than 35% market share in 2017. Rising number of surgeries coupled with increasing prevalence of disorders including anemia and cancer will drive industry growth. Rising awareness regarding significance of blood donation will render positive impact on U.S. market during the forecast period.
Saudi Arabia blood and blood components market accounted for 38.6% market share of Middle east and Africa region in 2017 owing to growing adoption of enhanced transfusion services along with rising incidences of anemia. Sickle cell disease is endemic among eastern and southern parts of Saudi Arabia, thereby stimulating demand for blood components in the region.
Few notable players operating in blood and blood components market are German Red Cross, American Red Cross, Australian Red Cross Blood Service, Blood Centers of America among other players. Industry players are currently adopting various strategies such as organizing free blood checkup and blood donation camps to create awareness about importance of blood donation thereby escalating number of blood donation units to fulfil recurring demand for blood and blood components.
Blood and blood components market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Blood and Blood Components Market, by Product
o Whole blood
o Blood components
o Red blood cells
o White blood cells
Blood and Blood Components Market, by Application
o Trauma & surgery
o Cancer treatment
o Bleeding disorders
Blood and Blood Components Market, by End-use
o Ambulatory surgical centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
o South Africa
o Saudi Arabia