According to a report published by Grand View Research, Inc.; the global blood preparation market is estimated to value USD 58.69 billion by 2022. Increasing cases of diseases, accidents, and surgeries requiring blood and its components are anticipated to propel global market in the forthcoming years. Timely availability of appropriate blood can save life of many patients in need. This factor is projected to create growth opportunities for the global market over the forecast period (2018 to 2025).
Increasing cases of gore transfusion owing to rising number of patients in emergency departments of hospitals can impel growth of the market. Growing health awareness among patients and introduction of novel technology are anticipated to boost market expansion. Government initiatives to increase the number of blood donations through reimbursement policies is expected to fuel the market. Rising number of geriatric population coupled with increasing healthcare expenditures can positively influence the market during the forecast period.
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The worldwide blood preparation market can be partitioned on the basis of product, application, and region. Based on product, the market can be divided into blood components, whole blood, and blood derivatives. In 2016, whole blood segment accounted for the maximum market share owing to high demand for major surgeries, transfusions, accidents. In addition, properties such as low cost, easy availability, and low maintenance can impel its demand over the forecast period.
On the other hand, the blood derivatives segment is predicted to emerge as the fastest growing segment in near future owing to government initiatives regarding development of plasma derived proteins such as human fibrin foam, immunoglobulins, and dried human plasma. Blood derivatives such as hyperimmune and intravenous immunoglobulin can be given to patients with weak immune system or in case of life threatening infections such as Ebola.
Based on application, the blood preparation market can be classified into renal impairment, pulmonary embolism, thrombocytosis, angina blood vessel complications and others. In the coming years, angina blood vessel complications segment is expected to grow at the fastest CAGR owing to high prevalence of cardiovascular disorders. In addition, growing R&D for development of anticoagulants for cardiac problems can drive market growth.
Blood preparation can also be used wisely in case of thrombocytosis. Under this condition patient is likely to suffer from high blood platelet count, which can lead to coagulation of blood in the circulatory system. In such situation, patient can face life threating heart conditions. Thrombocytosis can be further bifurcated into primary and secondary. Primary thrombocytosis is likely to be uncommon and can exist in 24 people per million globally. Women below 40 years of age and middle aged people can suffer from this disorder. On the other hand, secondary thrombocytosis is expected to be common owing to its conditions such as hemorrhage, asplenia, hyposplenism, splenectomy, osteosarcoma, and rheumatoid arthritis.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. In 2016, North America dominated the market in terms of revenue owing to high prevalence of cardiovascular diseases and blood cancer in the region. In addition, increasing healthcare expenditures due to rising awareness among patients is likely to stimulate growth of the regional market for blood preparation.
In Asia Pacific, the market is anticipated to witness maximum growth in the coming years owing to economic development and improving healthcare infrastructure. In addition, increasing initiatives by public and private organizations coupled with presence of untapped opportunities can boost the market in the forthcoming years. The Japanese society of blood transfusion (JSBT) and the Japanese Red Cross Society (JRCS) regulate the demand and supply of blood in Japan. Such societies are expected to review preclinical and clinical data on blood pathogen reduction in the country. The country is expected to depend on imports from other countries.
Some of the leading companies in the worldwide blood preparation market are AstraZeneca Co.; Celgene Corp; Pfizer Inc.; Bristol-Myers Squibb Co.; and Baxter Healthcare Corp. Most of these companies are likely to be involved in strategies such as mergers and acquisitions, new product developments, and collaborations to increase their market share.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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