By Areena Fx
Introduction:
The global blood market witnessed a valuation of $7,201 million in 2020 and is poised to reach $10,253 million by 2027, projecting a robust CAGR of 4.5% from 2020 to 2027. This comprehensive report delves into the intricacies of the market, offering valuable insights into its dynamics, segmentation, and key players.
Market Overview:
Blood, a crucial bodily fluid responsible for organ function, plays a pivotal role in medical treatments for conditions such as leukemia, cancer, and trauma-induced injuries. The demand for whole blood, plasma, and their components is on the rise, driving the need for advanced collection systems, consumables, and reagents. While the market is propelled by global demand and an aging population, challenges such as high device costs and a shortage of skilled professionals hinder growth. Nevertheless, burgeoning opportunities in developing economies and technological advancements in blood screening instruments present promising avenues.
Market Segmentation:
The blood market is meticulously segmented based on products (whole blood collection, source plasma collection, blood typing, and blood screening), end users (blood and blood component banks, diagnostic laboratories, ambulatory surgical centers, hospitals, and others), and regions (North America, Europe, Asia-Pacific, and LAMEA). This detailed segmentation aids in a comprehensive understanding of market trends and dynamics.
Segment Review:
In 2019, the whole blood collection and processing segment dominated the market, fueled by the increasing demand for whole blood globally. The source plasma collection segment is anticipated to exhibit the highest growth rate due to the rising prevalence of diseases necessitating plasma usage. Among end users, blood and blood component banks secured a major share, driven by a surge in the number of blood banks and donations. Geographically, North America held the largest market share in 2019, while Asia-Pacific is expected to register the fastest growth during the forecast period.
Key Players and Strategies:
The global blood market is fiercely competitive, with major players adopting strategies such as collaboration, product launches, partnerships, and acquisitions. Key market players include Abbott Laboratories, Bio-Rad Laboratories, Inc., CSL Limited, F. Hoffmann-La Roche Ltd., Grifols International SA, Haemonetics Corporation, Merck & Co., Inc., Novo Nordisk A/S, Ortho Clinical Diagnostics, and Terumo Corporation.
Key Benefits for Stakeholders:
This report provides a detailed quantitative analysis, covering global blood market trends from 2019 to 2027, offering stakeholders strategic insights and opportunities. The forecast spans from 2020 to 2027, relying on a comprehensive analysis of industry developments. The report also includes a qualitative analysis of innovative products, facilitating strategic business planning.