Blood is an important part of life and is responsible for different physiological functions. It comprises plasma, platelets, white blood cells, and red blood cells. It plays an important role in transporting oxygen and nutrients and helps defend the body against infections and diseases. Red blood cells are responsible for delivering oxygen from the lungs to the tissues; white blood cells help defend the body against pathogens; platelets help with formation of clots and prevent excessive blood loss; and plasma helps facilitate different physiological processes.
The blood market is projected to grow at a CAGR of 4.5% from 2020 to 2027. The blood industry was valued at $7,201 million in 2020. It is anticipated to reach $10,253 million by 2027.
Rise in number of surgical procedures, cancer treatments, and trauma cases is a major factor that drives the growth of the blood market. In addition, a rise in the aging population, which is prone to chronic conditions like hemophilia, leukemia, and anemia, also fosters market growth. Developments in technology for processing, collection, and blood screening are also projected to drive the growth of the blood market in the upcoming years. Furthermore, initiatives by the government as well as investments in healthcare infrastructure are further anticipated to drive the blood market growth during the forecast period.
Frequently Asked Questions
Q1. What is the total market value of the blood market report?
Q2. What is the market value of the blood market in 2020?
Q3. Which are the top companies holding market share in the blood market?
Q4. What are the key trends in the blood market report?
Q5. What are the devices in the blood industry used for?
Key Developments in the Blood Market
Innovations in pathogen reduction technologies (PRT) help reduce the risk of transfusion-transmitted infections. In addition, the development of artificial blood substitutes boosts the ability of hemoglobin-based oxygen carriers to transport oxygen without refrigeration. 3D bioprinting and tissue engineering are also emerging trends in the blood market. These developments help support research and lead to new innovations across the blood sector. This is projected to boost the growth of the blood market in the upcoming years.
List of Key Players
MERCK & CO., INC.
GRIFOLS INTERNATIONAL SA
BIO-RAD LABORATORIES, INC.
NOVO NORDISK A/S
F. HOFFMANN-LA ROCHE LTD.
TERUMO CORPORATION (TERUMO BCT, INC.)
ORTHO CLINICAL DIAGNOSTICS
HAEMONETICS CORPORATION
CSL LIMITED (CSL BEHRING)
ABBOTT LABORATORIES
The above-listed players have adopted different key strategies to sustain their foothold in the competitive market. These strategies include product launch, collaboration, acquisition, and partnership. These strategies have helped the players to increase their portfolio in the blood market.
Regional Insights
The blood market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. By region, the North America blood market dominates the sector owing to a well-established network of blood banks and high donor participation. The Asia-Pacific region is the fastest-growing region, driven by population growth, increase in healthcare investments, and rise in demand for blood in China, India, and Japan. Each region is studied for different regulations laid by the government for healthcare advancements. These regions are also studied for initiatives taken by the government for public health awareness.
Conclusion
The report offers drivers, opportunities, and restraints to understand the market dynamics. It highlights major investment areas and studies the industry along with the role of each stakeholder with the help of Porter’s five forces. It also presents value chain analysis and includes research and development and post-sales services. It also presents strategies adopted by the key market players to strengthen their foothold among the competitors.
0 Comments