Blood Product Market Size, Share, Growth, and Industry Analysis, By Type (Albumin, Immunoglobulin, Clotting Factor, and Others), By Application (Bleeding Wound, Immunodeficiency, HBV, Tetanus, Rabies, Hemophilia, and Others), and Regional Forecast to 2031

Updated On: 29 April 2024

REPORT OVERVIEW

The global blood product market size was 27700 million in 2021. As per our research, the market is expected to reach USD 47120 million by 2028, exhibiting a CAGR of 7.9% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with blood product experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s demand returning to pre-pandemic levels.

Blood products are vital components of medical treatment, consisting of various fractions derived from whole blood. These products include red blood cells for oxygen transport, platelets for clotting, plasma for maintaining fluid balance, cryoprecipitate for clotting factors, and more. They are used to address a wide range of medical conditions, such as anemia, clotting disorders, and severe blood loss. Rigorous screening and safety measures ensure that blood products are free from infectious diseases, making them a critical resource in modern healthcare for transfusions and therapeutic interventions tailored to individual patient needs.

Blood banks and transfusion services play a pivotal role in collecting, processing, and distributing these products, ensuring their availability for emergency situations and ongoing medical treatments. Their importance in maintaining patient health and saving lives cannot be overstated, as blood products continue to be an essential cornerstone of modern medicine.

COVID-19 IMPACT: Strain on Healthcare Systems to Hamper Demand Significantly

COVID-19 had a life changing impact globally. The blood product market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for blood product experienced a reduced demand.

The pandemic strained healthcare systems, leading to potential disruptions in the supply chain and distribution of blood products. Hospitals and blood banks had to adapt their processes to ensure the safety of donors and recipients, further complicating the blood product supply chain. The pandemic led to a decrease in the number of blood donations due to factors such as lockdowns, social distancing measures, and fear of exposure to the virus. Many blood drives were canceled or postponed, and regular donors may have been less inclined to donate, resulting in reduced blood product supplies.

At the same time, the demand for certain blood products, particularly convalescent plasma, increased as it was explored as a potential treatment for COVID-19 patients. Additionally, the healthcare system faced challenges dealing with COVID-19 patients, which could lead to a greater need for blood products in certain cases, such as patients requiring surgery or those with severe respiratory complications. The market is anticipated to boost the blood product market growth following the pandemic.

LATEST TRENDS

"Pathogen Inactivation to Broaden Market Prospects"

Ongoing research and development in pathogen inactivation technologies have aimed to enhance the safety of blood products. These methods work to inactivate pathogens in blood components to reduce the risk of transfusion-transmitted infections. Scientists have been working on the development of artificial blood substitutes, which could serve as alternatives to traditional blood products. These substitutes have the potential to address blood supply shortages and storage challenges.

Advancements in genetic and molecular techniques have allowed for a more personalized approach to blood product transfusions. Tailoring blood components to a patient's specific needs based on their genetic makeup is an emerging area of interest. Researchers have been exploring methods to produce platelets in the lab, which could help address shortages of this critical blood component. Stem cell research has led to new therapies for various medical conditions, and these therapies may impact the demand for blood products in the future.

SEGMENTATION

By Type

Based on type, the market is divided into Albumin, Immunoglobulin, Clotting Factor, and Others.

Albumin holds a major segment by type of the global market.

By Application

Based on application, the market is bifurcated into Bleeding Wound, Immunodeficiency, HBV, Tetanus, Rabies, Hemophilia, and Others.

Bleeding Wound as application holds a major segment by application of the global market.

DRIVING FACTORS

"Advancements in Medicine to Boost Market Demand"

Advances in medical treatments, such as cancer therapies, have increased the demand for blood products, as some treatments may result in low blood cell counts and the need for transfusions. Some medical conditions and surgeries require blood products as a preventive measure to manage potential complications. For instance, patients with low platelet counts may receive platelet transfusions before surgery to reduce the risk of bleeding. As seen during the COVID-19 pandemic, health crises can impact the supply and demand for blood products. Lockdowns and other measures may limit blood donation drives, while the treatment of severe cases may require blood products.

"War and Conflict to Boost Market Flux"

In regions experiencing armed conflict, the demand for blood products can spike due to injuries sustained in combat. Blood banks may also face challenges in maintaining a stable supply during times of conflict. Natural disasters, accidents, and other emergencies can lead to sudden and significant increases in the demand for blood products, as they are essential in critical care and emergency medicine. As the global population grows and ages, the demand for blood products increases. Elderly individuals may require blood products for various age-related health issues. These factors are anticipated to drive the blood product market share.

RESTRAINING FACTORS

"Donor Shortages to Hamper Market Necessity"

Insufficient numbers of blood donors can restrict the supply of blood products. Factors like donor eligibility criteria, public awareness, and willingness to donate can affect donor recruitment. Seasonal factors, such as holidays and extreme weather conditions, can disrupt blood collection efforts and lead to shortages. The presence of transmissible diseases in potential donors, such as HIV or hepatitis, can limit the number of eligible donors and the safety of the blood supply. An aging population may result in more frequent demand for blood products due to age-related health issues, potentially outpacing the ability to meet that demand.

REGIONAL INSIGHTS

"North America Dominates the Market Owing to Large Involvement of Private Sectors"

North America is the major shareholder for the blood product market. In some countries, private companies participate in blood collection and processing. This approach is more common in regions with privatized healthcare systems, where competition and market dynamics can influence the major shareholders in the blood product industry. In some regions, especially in countries with nationalized or government-funded healthcare systems, the government plays a major role in blood collection and processing. Many regions have hybrid models that involve both government agencies and nonprofit organizations working together. This model aims to ensure the financial sustainability of blood collection and processing whilemaintaining a focus on public health and safety.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Takeda [Japan]
• Commonwealth Serum Laboratories [Australia]
• Grifols [Spain]
• Octapharma [Switzerland]
• Kedrion [Italy]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.