Published Date : 29 Dec 2023
The global blood preparation market size was valued at USD 46 billion in 2022 and is expected to be worth around USD 81.99 billion by 2032, growing at a CAGR of 6% from 2023 to 2032.
Blood is composed of several elements, such as plasma, platelets, blood cells, etc. These constituents and their derived are called blood components and are derivative from the blood by procedures like phlebotomy or hemapheresis. Laboratories and blood centers use differential centrifugation to extract the required components from the whole blood that are then sent to patients through transfusions. The increasing demand for blood and blood components in surgeries and growing private sector and government initiatives are supporting the blood preparation market growth notably.
The blood preparation market is driven by several other factors, including rising knowledge of transfusion procedures in advancing countries, growing enthusiasm and stated initiative for blood donation, increasing incidences of conditions requiring transfusion or plasma therapies, etc. The requirement for plasma is growing rapidly in various parts of the world. This is supported by the data generated by Friends2support. According to their reports, around 30 million blood components are transfused every year, and over 38,000 blood donations are needed in India every day. Increasing blood donation is strengthening the blood preparation market from the supply side, while upcoming research on products like immunoglobulins, coagulation factor products, human thrombin, and dried plasma is predicted to generate newer opportunities for the future.
Asia Pacific is expected to dominate the blood preparation market in terms of growth rate during the forecast period. The high donation of blood and blood components is supporting the European blood preparation market from the supply side. Spain reported over 1.1 million individuals donating blood and blood components in 2022 alone. This donor solidarity enabled over 1.7 million transfusions in the country. According to the Association of Voluntary Blood Donors (AVIS), in Italy, Lombardy, Emilia-Romagna, and Veneto lead the county in terms of blood donation counts in 2022 with 466,346, 259,295, and 193,660 donations, respectively. Piedmont, Sicily, and Tuscany followed close behind with 167,675, 127,425, and 105,799 donations. As per the Singapore Red Cross Society, 15 units of blood are used every hour of the day in Singapore. Singapore requires around 120,000 units of blood to meet the transfusion requirements of patients each year. This is equivalent to over 400 units of blood per day. Thus, higher demand for blood is expected to drive the growth of the blood preparation market in the Asia Pacific region during the forecast period.
|Market Revenue in 2023
|USD 48.53 Billion
|Projected Forecast Revenue by 2032
|USD 81.99 Billion
|Growth Rate from 2023 to 2032
|CAGR of 6%
|2023 to 2032
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
High rate of transfusions
Each year in the U.S., around 21 million blood components like platelets, red blood cells, and plasma are transfused. These transfusions help in improving the lives of more than 4 million Americans. As per an article shared by springer nature, 1.13 million blood transfusions are performed in Japan each year. Thus, the high requirement for transfusions is majorly driving the blood preparation market growth worldwide.
High price of blood products
The storage of blood and its components is expensive, resulting in an increased retail price of their products. Developing economies are generally unable to afford the costs associated with blood products-based treatment. As per the World Bank’s latest data, the poorest nations in Africa by Gross National Income (GNI) per capita in 2023 are Burundi, Somalia, and Central African Republic, with $220, $430, and $480 estimates, respectively. The high price of plasma tends to hinder its adoption to a considerable extent. Thus, unaffordability in poor countries is restraining the blood preparation market growth to a certain extent.
Increasing awareness about donation
Countries across the world celebrate World Blood Donor Day (WBDD) every year, according to the World Health Organization (WHO). This day aims to increase understanding of the necessity for blood and blood products and encourage voluntary unpaid blood donation. In August 2022, the U.S. Department of Health and Human Services (HHS) launched a new campaign, ‘Giving = Living’. This new campaign was initiated in order to increase awareness of the significance of blood and plasma donation and encourage Americans to create new, regular donation habits. The increase in the donation of blood components supports the blood preparation process. Thus, the rising awareness of donating blood products is creating promising growth opportunities for the blood preparation market.
After-effects of transfusion
Some of the after-effects of transfusion include chest pain and nausea. These symptoms can be experienced immediately or within the next 24 hours. Non-infectious complications of transfusion are classified as acute (<24 hours) and delayed (>24 hours) reactions. Immune-mediated acute reactions include febrile nonhemolytic transfusion reactions, acute hemolytic transfusion reactions, anaphylactic reactions, and transfusion-related acute lung injury. Immune-mediated delayed reactions include delayed hemolytic transfusion reaction, transfusion-related immunomodulation, transfusion-associated graft versus host disease, and post-transfusion purpura. As per the National Library of Medicine, the incidence of hemolytic transfusion reaction is 2.0 per 100,000 RBC transfusions, and alloimmunization is 2 to 8% in chronic RBC transfusion recipients. The after-effects of transfusion are proving to be a major challenge for the growth of the blood preparation market.
Segments Covered in the Report
By Antithrombotic and Anticoagulants Type
By End User
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