Market Size of Blood Platelets Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.00 % |
| 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 Platelets Market Analysis
The blood platelets market is projected to register a CAGR of 3% during the forecast period.
The COVID-19 pandemic was an unprecedented health concern that impacted the blood platelets market. During the COVID-19 epidemic, there was an international shortage of blood donors since most donors were afraid of contracting the infection. For instance, according to the American Red Cross in January 2022, since the start of the pandemic, the Red Cross has seen a 10% drop in the number of people donating blood, and the organization has dealt with pandemic-related concerns such as ongoing blood drives cancellations and personnel shortages. The increase in COVID-19 cases adds to the concern. The Red Cross had seen low donor turnout during the pandemic. Thus, a decline in blood donation and the cancellation of blood donation drives during the pandemic severely impacted the market growth during the COVID era. Nevertheless, since the limits were removed, the sector has been recovering strongly. The market recovery over the following years has been driven by an increase in blood donation drives and a decline in COVID-19 infection apprehension.
Market growth can be largely attributed to factors such as the increasing prevalence of chronic blood-related disorders and the rising number of surgical procedures. These factors have created significant demand for blood platelets over the years and may continue to do so in the future.
With the increasing prevalence of chronic blood-related disorders, such as myelofibrosis, leukemia, hemophilia, and thrombocytopenia, there is an increased demand for blood platelets. According to the World Federation of Hemophilia's October 2021 report, owing to the sex linkage of the disorder, there is a higher prevalence of hemophilia in males than in females. Hemophilia occurs worldwide and across all racial groups. According to the World Federation of Hemophilia global report published in October 2021, there were 209,614 people diagnosed with hemophilia. These included 165,379 Hemophilia A patients, 33,076 Hemophilia B patients, and 11,159 Hemophilia type unknown patients. Such a huge prevalence of hemophilia will lead to increased adoption of therapies for hemophilia, driving the market growth. Leukemia affects a considerable proportion of the world's population.
According to GLOBOCAN 2020 statistics, leukemia accounted for 474,519 cases for both sexes and all ages globally in 2020. Furthermore, according to the Leukemia & Lymphoma Society's 2021 statistics, an estimated 397,501 persons in the United States are living with or in remission from leukemia. As a result, overall statistics show that many people are at risk of developing leukemia, which may directly impact market growth during the projection period.
The increasing number of surgical procedures worldwide contributes to the increasing demand for blood platelets. Similarly, an increase in the number of orthopedic and cardiac surgeries contributes to the rising demand for blood platelets in hospitals. Additionally, an increase in organ transplantations has boosted the demand for blood platelets. As per the data published by the Health Resources and Services Administration in March 2022, about 40,000 organ transplants were performed in the United States in 2021. In addition, 26,670 kidney transplants and 9,236 liver transplants were performed in the United States in 2021. Moreover, an increase in the number of trauma surgeries due to impact forces, such as accidents, falls, sports, and crush injuries, is projected to boost the demand for blood platelets in the coming years. For instance, according to 2021 statistics by the World Health Organization, 20-50 million people suffer from non-fatal road injuries each year. Such a huge number indicates these populations' rising need for blood platelets.
Thus, all the above-mentioned factors are currently augmenting the growth of the blood platelets market. However, the shortage of blood donors, the risk of infections, and the high cost of surgeries are a few factors that restrain the market growth.
