Blood and blood components are clinically used for blood transfusion to provide life-saving intervention to patient suffering from bleeding disorders, traumatic surgery, chronic diseases or rare blood diseases. Some of the bleeding disorders, which require blood transfusions include hemophilia A or B, sickle cell anemia, Von Willebrand disease, and others. Traumatic surgery is usually required in patients who have been severely injured in road accidents or other traumatic incidences such as violence and assault. Road accidents lead to major blood loss as well as hemorrhage and immediate blood transfusion is required in these patients to maintain blood volume and to save life of the patient. Moreover, blood transfusion is required in the treatment of chronic diseases such as blood cancer as huge blood loss and blood cell loss occurs during cancer treatment involving surgery. Patients undergoing stem cell transplantation for treatment of blood cancers such as leukemia, myeloma, lymphoma, and others require high doses of chemotherapy, which leads to depletion of blood cells in the blood. Moreover, plasma donation is essential for maintaining the levels of immunoglobulin, an antibody protein in the body to ensure proper functioning of the body’s immune system.
The global blood and blood components market is estimated to be valued at US$ 40,779 million in 2021 and is expected to exhibit a CAGR of 4.7% over the forecast period (2021-2028).
Figure 1. Global Blood and Blood Components Market Share (%), By Region, 2021
The increasing cases of bleeding disorders and chronic diseases such as blood cancer is expected to drive growth of the global blood and blood components market over the forecast period.
For instance, according to the National Institute of Health (NIH), U.S. statistics 2018, around 459,058 people suffered from leukemia, a type of blood cancer, in the U.S. in 2018. NIH also estimates that around 61,090 new cases of leukemia would be recorded in U.S. in 2021.
Blood and Blood Components Market Report Coverage
|Base Year:||2020||Market Size in 2021:||US$ 40,779 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||4.7%||2028 Value Projection:||US$ 56,242.3 million|
Becton, Dickinson & Co., Kidde-Fenwal Inc., Bio-Rad Laboratories, Inc., Cerus Corporation, Immucor, Beckman Coulter, Inc., bioMérieux SA, Octapharma AG, Abbott, CSL Behring LLC, MacoPharma, Shanghai RAAS, China Biologic Products Holdings, Inc., Takeda Pharmaceutical Company Limited, Grifols S.A., Bharat Serums and Vaccines Ltd., and Terumo BCT Inc.
|Restraints & Challenges:||
Figure 2. Global Blood and Blood Components Market Value (US$ Mn), By Product Type, 2021
The increasing research and development activities for the development of safer blood transfusion strategies for the treatment of blood diseases and chronic diseases is expected to drive the market growth over the forecast period.
For instance, in March 2019, The Third Xiangya Hospital of Central South University, China initiated an observational clinical study to establish a safe blood transfusion in allogeneic liver transplantation patients using novel technology and methodologies. This clinical study is expected to be completed by December 2021.
The increasing product launches and approvals are expected to drive the market growth over the forecast period.
For instance, in December 2020, Cerus Corporation, a U.S.-based blood product company received the U.S. Food and Drug Administration (FDA) approval for its new INTERCEPT blood system for cryoprecipitation. INTERCEPT blood system is used to produce safe pathogen reduced transfusion blood product known as fibrinogen complex, which is used to control life-threatening bleeding and hemorrhage related to fibrinogen deficiency.
Global Blood and Blood Components Market – Impact of Coronavirus (Covid-19) Pandemic
Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19, as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 193,657,725 cases and 4,154,660 deaths due to coronavirus disease (COVID-19) were reported till July 25, 2021, across the globe.
The COVID-19 pandemic and lockdown in various countries across the globe has negatively impacted the financial status of businesses across all sectors. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. Likewise, COVID-19 pandemic is expected to have a negative impact on blood and blood components market in this COVID-19 pandemic, owing to reduced blood transfusion services due to lockdown.
For instance, according to an article published in the Journal of Global Health in April 2021, a drop of 40% to 67% was observed in blood donations globally, especially in countries which had implemented lockdown during COVID-19 outbreak. The same source states that majority of mobile blood donation drives had been cancelled amidst growing COVID-19 cases.
Global Blood and Blood Components Market Restraint
The risk of adverse reactions and transmission of blood transfusion associated infections such as HIV, syphilis, Zika virus, Hepatitis B, and others are expected to hinder growth of the global blood and blood components market over the forecast period. For instance, according to an article published in the Nature Public Health Emergency Collection journal in March 2020, blood transfusion is often associated with immunological reactions such as acute hemolytic anemia, delayed hemolytic reaction, febrile nonhemolytic reactions, and others out of which febrile nonhemolytic reaction is the most common type of adverse reaction found in 7% of blood transfusion patients.
Major players operating in the global blood and blood components market include Becton, Dickinson & Co., Kidde-Fenwal Inc., Bio-Rad Laboratories, Inc., Cerus Corporation, Immucor, Beckman Coulter, Inc., bioMérieux SA, Octapharma AG, Abbott, CSL Behring LLC, MacoPharma, Shanghai RAAS, China Biologic Products Holdings, Inc., Takeda Pharmaceutical Company Limited, Grifols S.A., Bharat Serums and Vaccines Ltd., and Terumo BCT Inc.
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