Market Size of Blood Preparation Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Blood Preparation Market Analysis
The blood preparation market is expected to register a CAGR of 5.5% over the forecast period.
The COVID-19 pandemic initially had a substantial impact on the blood preparation market. The strict lockdowns and government regulations intended to slow down the spread of COVID-19 resulted in a decrease in blood collection activities. For instance, according to an article published by PLoS One in March 2022, both active and inactive donors felt less responsible and less morally obliged to donate blood during the pandemic, which resulted in an overall negative effect on blood donation. The article also stated that the pandemic compromised blood donations and endangered the life-saving blood supply. Thus, the pandemic affected the market's growth significantly in its preliminary phase; however, the market has gained traction in the post-pandemic period, and it is expected to observe stable growth during the forecast period.
Furthermore, the growing demand for blood and its components in surgeries, growing government and private sector initiatives, and the increasing geriatric population are among the major factors driving the growth of the market studied. Currently, the number of surgeries is increasing, which, in turn, is increasing the demand for blood preparation products. Such factors are likely to contribute to the growth of the market studied. For instance, according to the data published by British Heart Foundation in December 2021, an estimated 32,938 completed heart operations and other heart procedures were performed in England in October 2021. Moreover, according to the article published by the Annals of Surgery in July 2021, in the United States, nearly nine major surgeries are performed annually for every 100 adults, and more than 1 in 7 Medicare beneficiaries underwent a major surgery over five years, representing almost 5 million unique adults. Hence, the rising number of surgeries is expected to create a demand for blood and its components, thus enhancing the market growth.
Growing initiatives by the government and private bodies to raise awareness regarding blood donations and saving patients with better network collaborations through hospitals and social networks have been observed in recent years.
In addition, new product launches and strategic activities by major players in the market are positively affecting the growth of the market studied. For example, in June 2021, the United States FDA approved Pradaxa (dabigatran etexilate) oral blood thinning pellets to treat children between 3 months to less than 12 years old with venous thromboembolism (a condition where blood clots form in the veins) directly after they have been treated with a blood thinner injected for at least five days. The FDA also approved Pradaxa oral pellets to prevent recurrent clots among patients 3 months to less than 12 years old who completed treatment for their first venous thromboembolism. Additionally, Pradaxa is the first FDA-approved blood thinning medication children can consume orally. Thus, due to product launches and partnerships among market players, the studied market is expected to have significant growth over the forecast period.
Therefore, all the factors above, such as the growing demand for blood and its components in surgeries, the new product launches, and strategic activities by major players in the market, are anticipated to witness growth over the analysis period. However, the risk of infection post-transfusion and irregular infrastructure scenario to preserve blood are likely to impede the market's growth.
