North America is expected to dominate the global blood market during the forecast period. However, the market is growing at a faster rate in the developing countries, owing to the increase in demand for blood & blood components for faster recovery of patients who have undergone surgery, injury, or suffer from diseases, and improvement in the healthcare facilities.
According to a new report published by Allied Market Research, titled, “Blood Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global blood market was valued at $33,500 million in 2016, and is projected to reach $45,982 million by 2023, registering a CAGR of 4.6% from 2017 to 2023. The blood therapeutics segment contributed the highest share in 2016, owing to the increase in the demand for various plasma proteins for the recovery of patients.
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The blood market products include whole blood collection, source plasma collection, blood therapeutics, blood typing products, blood screening, and blood processing equipment & associated products. Increase in geriatric population, rise in trauma cases, technological advancement in medical technology for donor screening, and advancement in blood transfusion instruments drive the market growth. However, rise in minimal invasive technology, which no longer require the blood transfusion hamper the market growth. Increase in peripheral nerve injuries and improvement in the healthcare facilities in Asia-Pacific provide growth opportunities for the market.
Blood & blood component banks contributed the highest share in 2016, owing to the increase in the demand for using equipment for the blood processing and for segregation of the blood components. North America accounted for significant share in the global market in 2016, owing to an established healthcare industry and rise in number of patient population requiring blood & blood components.
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Key Findings of the Blood Market:
- In 2016, the blood therapeutics segment accounted for the highest share of the global blood industry market.
- The intravenous immunoglobulin segment contributed the highest revenue to the global market in 2016.
- The blood & blood component banks segment is projected to grow at the highest CAGR of 4.9% during the forecast period.
- North America is projected to grow at a CAGR of 4.4%.
The major companies profiled in the report include Abbott Laboratories, Baxter International Inc., Becton, Dickinson & Co., CSL Behring, Immucor, Novartis, Novo Nordisk, Ortho Clinical Diagnostics, Roche Diagnostics, and Grifols International SA.
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