Blood Market to Reach $10.25 Bn, Globally, by 2027 at 4.5% CAGR: Allied Market Research
- Rise in demand for blood and other blood related products and increase in geriatric population across the globe drive the global blood market
PORTLAND, Oregon, June 15, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Blood Market by Product (Whole Blood Collection and Processing, Source Plasma Collection, Blood Typing Products, and Blood Screening Products) and End User (Blood & Blood Component Bank, Diagnostic Laboratories, Ambulatory Surgical Centers, Hospitals, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global blood market garnered $7.20 billion in 2019, and is estimated to reach $10.25 billion by 2027, registering a CAGR of 4.5% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in demand for blood and other blood related products, upsurge in geriatric population and rise in blood donations and plasma donations across the globe drive the growth of the global blood market. However, high cost of advanced blood collection devices and lack of skilled laboratory professionals hinder the market growth. On the other hand, developing economies are anticipated to offer new opportunities in the coming years.
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Covid-19 Scenario-
- The coronavirus outbreak has not much affected the global blood market. In addition, the blood banks are gaining traction for the collection of blood from corona patients for plasma therapy.
- Moreover, all the nations are focusing towards expansion of blood storage capacity in the blood banks during coronavirus pandemic, which may aid the market in terms of revenue.
- In addition, governments in several regions are organizing blood donation camps followed by precautionary measures.
The whole blood collection and processing segment to maintain its lead status-
Based on product, the whole blood collection and processing segment accounted for more than half of the global blood market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to surge in demand for whole blood owing to increase in prevalence of chronic disorders which require donated blood for treatment. However, the source plasma collection segment is estimated to portray the highest CAGR of 6.4% from 2020 to 2027, owing to surge in plasma donations across the globe
The blood and blood component bank segment to maintain its leadership position-
Based on end user, the blood and blood component bank segment contributed to the highest market share with more than one-third of the global blood market in 2019, and is estimated to maintain its leadership position during the forecast period. Moreover, the same segment is estimated to generate the fastest CAGR of 5.4% from 2020 to 2027. This is attributed to surge in number of blood banks, rise in awareness associated with blood donation, and increase in number of plasma and blood donations.
North America to maintain its dominant by 2026-
Based on region, North America accounted for the highest share based on revenue, holding for around two-fifth of the global blood market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed to easy availability of systems and reagents used in blood collection, processing, and screening in this region. However, Asia-Pacific is estimated to portray the fastest CAGR of 6.2% from 2020 to 2027, owing to factors including rise in number of patients suffering from chronic diseases and improving healthcare facilities in the region.
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Leading market players
- Abbott Laboratories
- Bio-Rad Laboratories, Inc.
- CSL Limited (CSL Behring)
- F. Hoffmann-La Roche Ltd.
- Grifols International SA
- Haemonetics Corporation
- Merck & Co., Inc.
- Novo Nordisk A/S
- Ortho Clinical Diagnostics
- Terumo Corporation (Terumo BCT, Inc.).
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