Global Blood and Blood Components Market, by Product Type (Whole Blood and Blood Components (Red Blood Cells, White Blood Cells, Platelets, and Plasma)), by Application (Anemia, Trauma and Surgery, Cancer Treatment, Bleeding Disorders, and Others (Others include rare blood diseases)), by End User (Hospitals, Ambulatory Surgical Centers, Blood and Blood Component Bank, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), 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), as highlighted in a new report published by Coherent Market Insights.
Key players operating in the market are focusing on receiving product approvals from regulatory authorities and this is expected to drive the market growth over the forecast period.
For instance, in December 2020, NanoEntek, Inc., a Korea-based technology solution provider for biotechnology industry received the U.S. Food and Drug Administration (FDA) approval for its ADAM-rWBC HT system, which is used for counting residual white blood cells in blood products, which can be further used for blood transfusion.
Moreover, in October 2020, Haemonetics Corporation, a U.S.-based medical technology provider received the U.S. FDA approval for its NexSys PCS, a plasma collection system enabled with Persona technology and is used as an automated blood cell separator as well as a blood component collector.
Global Blood and Blood Components Market – Impact of Coronavirus (Covid-19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 193 million cases and 4.1 million deaths due to Coronavirus (COVID-19) were reported up till July 25, 2021 across the globe.
The COVID-19 pandemic has negatively affected several markets across the globe and is also expected to hamper the demand and supply in global blood and blood components market, owing to reduced services of blood transfusion during the COVID-19 outbreak.
For instance, according to an article published in the Hematology, Transfusion and Cell Therapy journal in April 2021, disruption of blood transfusion services was observed globally due to COVID-19 pandemic. This source states that in 2019, around 58.1% outdoor blood donation drives were carried out at workplaces and educational institutes in western parts of India but during lockdown these places were shut, hence, resulting in a decrease in the regular number of blood donation activities.
Browse 38 Market Data Tables and 26 Figures spread through 154 Pages and in-depth TOC on “Blood and Blood Components Market”- Global Forecast to 2028, by Product Type (Whole Blood and Blood Components (Red Blood Cells, White Blood Cells, Platelets, and Plasma)), by Application (Anemia, Trauma and Surgery, Cancer Treatment, Bleeding Disorders, and Others (Others include rare blood diseases)), by End User (Hospitals, Ambulatory Surgical Centers, Blood and Blood Component Bank, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),
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Key players operating in the market are focusing on adoption of inorganic growth strategies such as mergers, collaborations, partnerships, and acquisitions, in order to strengthen their position in the global market. For instance, in March 2019, Grifols, S.A., a Spain-based pharmaceutical company acquired some part of Shanghai RAAS, a China-based blood products company to develop plasma products, as well as blood transfusion diagnostic solutions.
Key Takeaways of the Global Blood and Blood Components Market:
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