
The global Blood and Blood Components market is expected to reach US$ 56,242.3 million by 2028 from US$ 40,779 Mn in 2021, at a CAGR of 4.7%. The base year considered for the study is 2020 and the forecast period 2021-2028.
Blood is a specialized bodily fluid that circulates through the entire body with the help of a network of blood vessels such as arteries, veins, and capillaries. Blood is made up of four major components, which include red blood cells, white blood cells, plasma, and platelets. Red blood cells, also known as erythrocytes or RBC account for the major portion of blood cells. RBC have a specialized red colored pigment called hemoglobin, which is responsible for carrying oxygen rich blood from the lungs to the rest of the body and deoxygenated blood from the body to the lungs. The average life cycle of RBC is 120 days after which they are removed by the spleen. White blood cells, also known as leukocytes are responsible for making the immune system of the body and help fight against microbial infections. Plasma is the liquid component of blood and is a mixture of water, protein, sugar, salts, and fat. Platelets, also known as thrombocytes help in clotting of blood at the site of tissue injury. Whole blood consists of 45% blood cells and 55% plasma.
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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.
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The objectives of this study are as follows:
To define, describe, and forecast the global Blood and Blood Components market by product & service, technique, design, application, end user, and region
To provide detailed information regarding the major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
To analyze market opportunities for stakeholders and provide details of the competitive landscape for the key players
To forecast the size of the market with respect to five regions: North America, Europe, Asia Pacific, and the Rest of the World
To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
To track and analyze competitive developments in the Blood and Blood Components market, such as agreements, collaborations, acquisitions, product launches, expansions, and R&D activities
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This report segments the Blood and Blood Components market into product & service, technique, design, application, end user, and region. Based on products & services, the market is segmented into test kits and testing services. In 2020, the test kits segment accounted for the largest share of the total market. The growing demand for Blood and Blood Components in research as well as diagnostics to understand the genetic variability of chronic disorders is propelling the growth of this Blood and Blood Components market segment.
Based on design, the Blood and Blood Components market is segmented into predesigned and customized panels. The customized Blood and Blood Components segment is expected grow at the highest CAGR during the forecast period. This growth is attributed to the evolving needs of the emerging therapeutic and diagnostic application sectors and the increasing number of clinical and preclinical research studies.
The Blood and Blood Components market is fragmented with the presence of several small and big players. Prominent players in this 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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