Market Size of Blood Preparation Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 5.50 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Blood Preparation Market Analysis
The blood preparation market is expected to register a CAGR of 5.5% over the forecast period.
The COVID-19 pandemic initially had a substantial impact on the blood preparation market. The strict lockdowns and government regulations intended to slow down the spread of COVID-19 resulted in a decrease in blood collection activities. For instance, according to an article published by PLoS One in March 2022, both active and inactive donors felt less responsible and less morally obliged to donate blood during the pandemic, which resulted in an overall negative effect on blood donation. The article also stated that the pandemic compromised blood donations and endangered the life-saving blood supply. Thus, the pandemic affected the market's growth significantly in its preliminary phase; however, the market has gained traction in the post-pandemic period, and it is expected to observe stable growth during the forecast period.
Furthermore, the growing demand for blood and its components in surgeries, growing government and private sector initiatives, and the increasing geriatric population are among the major factors driving the growth of the market studied. Currently, the number of surgeries is increasing, which, in turn, is increasing the demand for blood preparation products. Such factors are likely to contribute to the growth of the market studied. For instance, according to the data published by British Heart Foundation in December 2021, an estimated 32,938 completed heart operations and other heart procedures were performed in England in October 2021. Moreover, according to the article published by the Annals of Surgery in July 2021, in the United States, nearly nine major surgeries are performed annually for every 100 adults, and more than 1 in 7 Medicare beneficiaries underwent a major surgery over five years, representing almost 5 million unique adults. Hence, the rising number of surgeries is expected to create a demand for blood and its components, thus enhancing the market growth.
Growing initiatives by the government and private bodies to raise awareness regarding blood donations and saving patients with better network collaborations through hospitals and social networks have been observed in recent years.
In addition, new product launches and strategic activities by major players in the market are positively affecting the growth of the market studied. For example, in June 2021, the United States FDA approved Pradaxa (dabigatran etexilate) oral blood thinning pellets to treat children between 3 months to less than 12 years old with venous thromboembolism (a condition where blood clots form in the veins) directly after they have been treated with a blood thinner injected for at least five days. The FDA also approved Pradaxa oral pellets to prevent recurrent clots among patients 3 months to less than 12 years old who completed treatment for their first venous thromboembolism. Additionally, Pradaxa is the first FDA-approved blood thinning medication children can consume orally. Thus, due to product launches and partnerships among market players, the studied market is expected to have significant growth over the forecast period.
Therefore, all the factors above, such as the growing demand for blood and its components in surgeries, the new product launches, and strategic activities by major players in the market, are anticipated to witness growth over the analysis period. However, the risk of infection post-transfusion and irregular infrastructure scenario to preserve blood are likely to impede the market's growth.
Blood Preparation Industry Segmentation
Blood preparation involves a typical blood establishment process from collection to storage and transfer to hospitals for critical cases. Blood becomes an essential factor during life-threatening conditions, supportive therapy for surgery, chemotherapy, and stem cell and organ transplantation.
The Blood Preparation Market is Segmented by Product Type (Blood Components, Whole Blood, and Blood Derivatives), Blood Thinning Agents (Fibrinolytic, Anticoagulants, and Platelet Aggregation Inhibitor), Application (Thrombocytosis, Pulmonary Embolism, Renal Impairment, and Other Applications) and Geography (North America (United States, Canada, and Mexico), Europe ) Germany, United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), Middle East and Africa (GCC, South Africa, and the Rest of Middle East and Africa), and South America Brazil, Argentina, and Rest of South America)). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers value (in USD million) for the above segments.
By Product Type | |
Blood Components | |
Whole Blood | |
Blood Derivatives |
By Blood Thining Agents | |
Fibrinolytic | |
Anticoagulants | |
Platelet Aggregation Inhibitor |
By Application | |
Thrombocytosis | |
Pulmonary Embolism | |
Renal Impairment | |
Other Applications |
By Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Blood Preparation Market Size Summary
The blood preparation market is poised for steady growth, driven by an increasing demand for blood and its components, particularly in surgical procedures. The market experienced a significant downturn during the COVID-19 pandemic due to reduced blood donation activities, but has since rebounded. Factors such as the rising number of surgeries, government and private sector initiatives to promote blood donation, and the growing geriatric population are contributing to the market's expansion. The introduction of new products and strategic collaborations among key industry players further bolster market growth. However, challenges such as the risk of post-transfusion infections and infrastructure issues related to blood preservation may impede progress.
North America stands out as a major contributor to the blood preparation market, supported by a robust healthcare infrastructure, extensive hospital networks, and favorable reimbursement policies. The region benefits from increased awareness campaigns and blood donation drives, which are crucial for sustaining market growth. Key product launches and the presence of numerous market players in the United States and Canada also play a significant role in the region's dominance. The competitive landscape is characterized by a mix of international and local companies, with prominent players like AstraZeneca, Bayer AG, and Pfizer Inc. actively shaping the market dynamics.
Blood Preparation Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Growing Demand of Blood and Its Components in Surgeries
-
1.2.2 Growing Initiatives by Government and Private Sector
-
1.2.3 Increasing Geriatric Population
-
-
1.3 Market Restraints
-
1.3.1 Risk of Infection Post-Transfusion
-
1.3.2 Irregular Infrastructure Scenario to Preserve Blood
-
-
1.4 Porter's Five Forces Analysis
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size by Value in USD million)
-
2.1 By Product Type
-
2.1.1 Blood Components
-
2.1.2 Whole Blood
-
2.1.3 Blood Derivatives
-
-
2.2 By Blood Thining Agents
-
2.2.1 Fibrinolytic
-
2.2.2 Anticoagulants
-
2.2.3 Platelet Aggregation Inhibitor
-
-
2.3 By Application
-
2.3.1 Thrombocytosis
-
2.3.2 Pulmonary Embolism
-
2.3.3 Renal Impairment
-
2.3.4 Other Applications
-
-
2.4 By Geography
-
2.4.1 North America
-
2.4.1.1 United States
-
2.4.1.2 Canada
-
2.4.1.3 Mexico
-
-
2.4.2 Europe
-
2.4.2.1 Germany
-
2.4.2.2 United Kingdom
-
2.4.2.3 France
-
2.4.2.4 Italy
-
2.4.2.5 Spain
-
2.4.2.6 Rest of Europe
-
-
2.4.3 Asia-Pacific
-
2.4.3.1 China
-
2.4.3.2 Japan
-
2.4.3.3 India
-
2.4.3.4 Australia
-
2.4.3.5 South Korea
-
2.4.3.6 Rest of Asia-Pacific
-
-
2.4.4 Middle East and Africa
-
2.4.4.1 GCC
-
2.4.4.2 South Africa
-
2.4.4.3 Rest of Middle East and Africa
-
-
2.4.5 South America
-
2.4.5.1 Brazil
-
2.4.5.2 Argentina
-
2.4.5.3 Rest of South America
-
-
-
Blood Preparation Market Size FAQs
What is the current Blood Preparation Market size?
The Blood Preparation Market is projected to register a CAGR of 5.5% during the forecast period (2024-2029)
Who are the key players in Blood Preparation Market?
Bayer AG, Boehringer Ingelheim, GlaxoSmithKline PLC, Pfizer, Inc. and Leo Pharma are the major companies operating in the Blood Preparation Market.