Blood Market Report 2024

The blood market size has grown strongly in recent years. It will grow from $7.83 billion in 2023 to $8.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The historic growth can be attributed to the rising demand for blood and plasma, an increase in surgical procedures, a growing global population, higher incidence of chronic diseases, and a greater number of blood banks.

The blood market size is expected to see strong growth in the next few years. It will grow to $10.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth during the forecast period can be attributed to supportive government regulations, an increase in the aging population, growing awareness about blood donation, a rise in blood transfusions, and a higher number of ambulatory surgical centers (ASCs). Key trends in this period include advancements in blood transfusion and screening instruments, computerized immunoassays, smart inventory control systems for blood banks, technological innovations, and precise temperature monitoring and control.

The anticipated rise in the number of surgeries is projected to boost the growth of the blood market. This increase is attributed to advancements in medical technology, an aging population, and a higher incidence of chronic diseases. Blood plays a critical role in surgeries by delivering oxygen and nutrients, aiding clotting to control bleeding, and enhancing the immune response to fight infections. For example, in December 2023, the Australian Institute of Health and Welfare reported that in 2022-2023, 735,500 patients were admitted for surgery from public hospital elective surgery waiting lists, an 18% increase from 2021-2022. Hence, the surge in surgeries is driving growth in the blood market.

Key players in the blood market are focusing on developing advanced blood transfusion technologies, such as plasma collection systems, to enhance efficiency, improve donor safety, and boost the overall quality of blood products. A plasma collection system extracts plasma from a donor's blood by separating it from other components and returning the remaining components to the donor through plasmapheresis. For instance, in March 2022, Terumo Blood and Cell Technologies, a US-based company specializing in blood components and cellular technology, received Food and Drug Administration approval for the Rika Plasma Donation System (Rika). This next-generation plasma collection system aims to enhance the experience for plasma center staff and donors, featuring safety enhancements to minimize operator errors and complete plasma collection in 35 minutes or less. Rika ensures that no more than 200 milliliters of blood are outside the donor’s body at any time and includes an advanced control system for operators.

In March 2023, Werfen, a Spain-based medical equipment manufacturer, acquired Immucor Inc. for $2 billion. This acquisition is intended to broaden Werfen's diagnostic solutions portfolio, particularly in specialized diagnostics, allowing it to offer a more comprehensive range of products to customers, including hospitals, blood banks, and clinical laboratories. Immucor Inc., a US-based company, develops, manufactures, and markets products used by hospitals, blood banks, and clinical laboratories to detect and identify blood properties prior to transfusion.

Major companies operating in the blood market are Cardinal Health Inc., Roche Holding AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic Plc, Danaher Corp., Merck KGaA, Asahi Kasei Medical Co. Ltd., Henry Schein Inc., Medline Industries Inc., B. Braun Melsungen AG, Grifols SA, Terumo Corp., Nipro Corp., QuidelOrtho Corp., Bio Rad Laboratories Inc., LivaNova PLC, Haemonetics Corp., Macopharma, DIAGAST SAS, BAG Health Care GmbH, Kawasumi Laboratories America Inc.

North America was the largest region in the blood market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the blood market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Blood is a crucial bodily fluid essential for the proper functioning of organs. It is a complex mixture of components, including red blood cells, white blood cells, platelets, and plasma, which are vital for maintaining health and facilitating medical treatments.

The primary blood-related products include whole blood collection and processing, source plasma collection, blood typing products, and blood screening products. Whole blood collection and processing involves the collection, separation, and storage of whole blood, which encompasses red blood cells, white blood cells, platelets, and plasma. Various modes of delivery include infusion solutions, gels, sprays, and biomedical sealants. These products are utilized by a range of end users, such as blood and blood component banks, diagnostic laboratories, ambulatory surgical centers, hospitals, and others.

The blood market research report is one of a series of new reports that provides blood market statistics, including blood industry global market size, regional shares, competitors with a blood market share, detailed blood market segments, market trends and opportunities, and any further data you may need to thrive in the blood industry. This blood market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The blood market consists of sales of blood bags, blood glucose analyzers, blood collection tubes, and blood transfusion sets. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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