NEW YORK, Nov. 2, 2022 /PRNewswire/ — The Blood Market share is expected to increase by USD 2195.69 million from 2022 to 2027, with an accelerated CAGR of 5.31% – according to a recent market study by Technavio. This report also offers a 5-year historic (2017-2021) data projection of market size, segment, and region. The YOY growth rate of the Blood Market is estimated at 4.13% as of 2023. Moreover, the market is fragmented. Our analysts have conducted an internal and external analysis of vendors to help companies understand the wider business environment as well as the strength and weaknesses of key market players. Our report also forecasts the Bargaining Power of Buyers & Suppliers and the Threat of New Entrants & Rivalry ranging between LOW-MODERATE during the forecast period.
Find Analysis of Price Sensitivity, Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria Prepared Exclusively by Technavio Research Analysts
- One of the core components of customer landscape is Price Sensitivity – an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
- Moreover, this report also provides impact of price sensitivity drivers (purchases are undifferentiated, purchase is a key cost to the buyer, and quality is not important) which are expected to range between LOW-HIGH from 2023-2027.
- Our report provides extensive information on the customer landscape of the Blood marketinvolving qualitative and quantitative intelligence.
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The Blood Market Report Also Offers Information on the Criticality of Inputs, R&D, Capex, Technology, Labor, and Brand of 20 Vendors Listed Below –
- Agena Bioscience Inc.
- AXO Science
- BAG Health Care GmbH
- Beckman Coulter Inc.
- Becton Dickinson & Co.
- Cardinal Health Inc.
- CSL Ltd.
- DIAGAST SAS
- F. Hoffmann La Roche Ltd.
- Grifols SA
- Haemonetics Corp.
- Immucor Inc.
- Medtronic Plc
- Nipro Medical Corp.
- Quest Diagnostics Inc.
- Rapid Labs Ltd.
- Terumo Corp.
- Merck KGaA
- Abbott Laboratories
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Chart & Data Table on 5-Year Historic (2017-2021) Market Size, Comparison, and YOY Growth of Blood Industry Segment
- The market is segmented by Product (Whole Blood Collection and Processing, Blood Screening Products, Blood Typing Products, and Source Plasma Collection) and End-user (Hospitals, Ambulatory Surgical Centers (ASCs), and Others).
- By Product – The whole blood collection and processing segment shows a gradual increase in demand during 2023-2027.
- The growth of this segment is attributed to factors such as the growing demand for blood for various applications such as blood transfusions, surgical procedures, and the treatment of diseases.
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Rising Number of Hospitals and Blood Banks is Notably Driving the Blood Market Growth
The number of healthcare providers and their capability to provide specific services is increasing. The rising incidence of medical emergencies, chronic diseases, and disease outbreaks is supporting the expansion of patient care centers and hospitals. Donated blood needs a stand-by of blood bags to be stored at appropriate temperatures . In addition, improvements in healthcare coverage and changes in related laws have improved the accessibility and affordability of different types of medical treatment. The rise in the volume of blood and blood components available in storage facilities has led to a high demand for blood. Such factors are expected to drive market growth during the forecast period.
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Chart & Data Table on Historic Market Size (2017-2021), Comparison and YOY Growth of 11 Countries of Blood Industry
- The market is segmented by Geography into North America (The US and Canada), Europe (The UK, Germany, Franceand Rest of Europe), Asia (China and India), and Rest of World (Argentina, Australia, Braziland Rest of the world).
- North America is projected to contribute 40% of the market growth by 2027. The growth of this region is attributed to factors such as the growth in the number of different surgical procedures, the rising number of road accidents and sports injuries, the increasing number of blood donors, and the rising prevalence of different types of cancer. Growth in the end-user base will also drive the growth of the regional market.
- The COVID-19 pandemic led to a rise in demand for blood in North America. As the pandemic spread across the region, the regional market was impacted in terms of supply of and demand for blood. In April 2020the US FDA issued guidelines to address the urgent need for blood and blood components. This is expected to increase the number of blood donation drives, in turn, will drive the growth of the regional blood market during the forecast period.
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Blood Market Scope
Growth momentum & CAGR