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 report published by Allied Market Research, Global Blood Market was valued at $33,500 million in 2016, and is estimated to reach $45,982 million by 2023, growing at a CAGR of 4.6% from 2017 to 2023.
Increase in geriatric population, rise in incidence in trauma cases, technological advancement in medical technology for donor screening, and advancement in blood transfusion instruments are the major factors that drive the market growth. However, minimal invasive technology, which no longer need the blood transfusion, restrains the market growth. Improvement in the healthcare facilities in Asia-Pacific provide growth opportunities for the market.
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The global blood market is segmented based on product, end user, and geography. Based on product, it is classified into whole blood collection, source plasma collection, blood therapeutics, blood typing products, blood screening, and blood processing equipment & associated products. 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 wellness. Further, based on whole blood collection, the market is bifurcated into systems and reagents. Source plasma collection is classified into system and reagents. Blood therapeutics are divided into intravenous immunoglobulin (IVIG), factor IX, factor VIII, hyperimmune, and albumins. Blood typing products are categorized into systems and reagents. Blood screening is divided into systems and reagents. Blood processing equipment & associated products are bifurcated into systems and reagents. Based on end user, the market is divided into blood & blood component bank, diagnostics laboratories, ambulatory surgical centers, hospitals, and others. Blood & blood component banks contributed highest share in 2016, owing to the increase in the demand for blood processing in the blood banks and for segregation of components in the blood.
Top Investment Pockets
Blood therapeutics is considered as the top investment pocket, owing to the significant growth opportunity. Blood therapeutics market is projected to grow at a highest CAGR of 5.0% during the analysis period, owing to the rise in demand for the use of blood components in treatments for fast recovery or healing purposes. Thus, the demand for blood components is high as compared to whole blood.
Geographically, the market is divided into North America, Europe, Asia-Pacific, and LAMEA. North America held the leading position, owing to its well-developed healthcare industry and rise in number of patients population requiring blood & blood components. However, Asia-Pacific is anticipated to grow at a highest growth rate due to rise in government initiatives for the improvement of the healthcare facilities and increase in the number of blood banks.