Market Trends of Blood Preparation Industry
This section covers the major market trends shaping the Blood Preparation Market according to our research experts:
Whole Blood is Expected to Have a Significant Growth Over the Forecast Period
Whole blood contains a combination of cellular elements, colloids, and crystalloids. Some of the indications in which whole blood becomes very important are therapies when no specific blood components are available and RBC replacement in acute active blood loss. The centrifugation machines and other preservation reagents and devices are readily available and cost-effective for companies to manage. In several types of blood loss and blood infection disorders, whole blood becomes a primary necessity for hospitals and blood donation centers. Some indications include hemophilia A, hereditary factor II, IX, thrombocytopenia, etc. The maintenance and preservation of whole blood are also cost-effective compared to other blood products.
The major factors driving the segment's growth are increasing blood donation campaigns worldwide, increasing awareness about the importance of whole blood, the rising number of surgeries, and the increasing geriatric population.
The increasing number of blood donation camps around the world is a major factor driving the growth of the segment. For instance, in September 2022, the Akhil Bhartiya Terapanth Yuvak Parishad (ABTYP), with 350 branches and a strength of more than 45000 members, launched a major Mega Blood Donation Drive, the drive intends to organize more than 2000 camps and donate over 100000 units of blood across the globe. Moreover, in June 2022, ZKTeco West Africa partnered with the Lagos State Government for the blood donation campaign titled 'Give Blood and Keep the World Beating' in Lagos State in Nigeria.
In addition, the increasing number of surgeries is one of the key factors for the segment's growth. For instance, according to the WHO updates from June 2021, cesarean section use continues to rise globally, accounting for more than 1 in 5 (21%) childbirths. Moreover, several countries are also experiencing a rise in surgical procedures owing to the rising burden of non-communicable diseases and injuries. Furthermore, as per the data published by CDC in July 2022, the rate of cesarean delivery increased to 32.1% in the United States in 2021. Cesarean delivery is an abdominal surgery that requires the use of whole blood. Thus, the segment is expected to witness significant growth over the forecast period due to the abovementioned factors.
North America is Expected to Hold A Significant Market Share over the Forecast Period
North America is among the major contributing regions for the blood preparation market. A large number of factors help the United States, Canada, and Mexico to dominate the other regions of the world. Well-established infrastructure, hospital networks, reimbursement scenarios for managing chronic diseases, medical tourism growth, and healthy trade relations with the developed and parts of emerging markets highly contribute to the overall growth of the market studied.
The increasing blood donation campaigns and the increasing awareness about the importance of blood and plasma donations in the region are major factors driving the segment's growth. For instance, in August 2022, the United States Department of Health and Human Services (HHS) announced a new campaign to increase United States blood and plasma donations. The campaign was aimed to raise awareness of the importance of donating blood and plasma and to encourage Americans to create new, regular donation habits.
Furthermore, key product launches, high concentration of market players, and manufacturers' presence in the United States and Canada are some of the factors driving the growth of the blood preparation market in the region. For instance, in September 2022, Grifols announced that they had signed a pioneering long-term agreement with Canadian Blood Services, Canada's national blood authority, to significantly increase the country's self-sufficiency in immunoglobulin (Ig) medicines, essential plasma-protein therapies used to treat a wide range of immunodeficiencies and other medical conditions. These continuous product launches in the region are anticipated to drive the growth of the market in the country.
Therefore, owing to the aforesaid factors, the growth of the studied market is anticipated in the North American region.
