The blood and blood components market expansion would be augmented by the high prevalence of bleeding disorders and the surge in the number of surgeries globally.
The blood and blood components market expansion would be augmented by the high prevalence of bleeding disorders and the surge in the number of surgeries globally. A significant rise in the geriatric population base, which is vulnerable to many chronic conditions such as liver cirrhosis, would create a considerable demand for blood derivatives in the upcoming years.
The growing need for blood and blood derivatives in traumatic patients and the increasing awareness regarding the importance of blood donations among people will positively impact the industry outlook. The number of blood donations across the world is rising considerably. As per the WHO, blood donations collected globally had reached 118.5 million. The high-income countries, where 16% of the world’s population resides, accounted for 40% of these donations.
According to Global Market Insights, Inc., the blood and blood components market size will exceed an annual valuation of US$43.5 billion by 2024. Described below are some factors fueling the need for blood components.
Wide applicability in treatment of chronic diseases
Blood and blood components can be used in the treatment of various medical conditions such as cancer treatment, anemia, trauma and surgery, and bleeding disorders. They are also widely used in resuscitation applications and the surgery of severely traumatized patients. With a market share of more than 40% in 2017, the trauma and surgery segment is likely to dominate the industry by 2024.
Increasing demand for whole blood
The industry size from the whole blood product segment is poised to grow considerably at a CAGR of 3.7% up to 2024. The growing awareness regarding blood donations and the rising number of surgeries is influencing the demand for whole blood. In addition, the demand for autologous donations in elective surgeries in the U.S. which require whole blood will certainly augment the market for blood components.
Growing consumer preference towards ASCs
Blood & blood components market share from the ambulatory surgical center end-use segment is estimated to grow at a 4.9% CAGR up to 2024. The benefits such as cost-effectiveness, improved patient satisfaction and outcomes have increased the popularity of outpatient surgical facilities among patients. Ambulatory surgical centers, as compared to hospital settings, provide 40-60% less expensive treatments.
Favorable blood donation initiatives in Europe
Germany blood and blood components market share will exceed US$3.1 billion by 2024. The regional industry growth trends will be driven by the high rate of blood transfusions and the presence of a large number of blood donation camps and blood banks in the nation. Also, initiatives such as the European Union Blood Safety and Quality Directives to ensure optimum safety and quality standards during collection, testing, processing, storage, and supply of human blood and blood components will complement the regional outlook.
To access sample pages of this report titled, “Blood and Blood Components Market Size By Product (Whole Blood, Blood Components {Red Blood Cells, Platelets, Plasma, White Blood Cells}, By Application (Anemia, Trauma & Surgery, Cancer Treatment, Bleeding Disorders), By End-Use (Hospitals, Ambulatory Surgical Centers) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/3067
Large geriatric population base in Japan
Japan blood and blood components market size will grow considerably at a CAGR of 5% in the forthcoming years, on account of a rising elderly population and the growing prevalence of cancer in the nation. The presence of several governments undertaken initiatives to develop blood transfusion services would create a sustainable business environment in the region. For example, the Japanese government had joined hands with WHO in December 2017 to enhance blood transfusion services in South Sudan.
Leading companies which constitute the global blood and blood components market include American Association of Blood Banks, Vitalant, National Blood Authority Australia, AVIS National, and American Red Cross. The risk of infectious complications that occur post-blood transfusions could affect the demand for blood and blood components slightly. Also, shifting consumer inclination towards non-invasive surgeries which do not require external supply of blood would negatively impact the industry growth.
However, initiatives such as ‘The Blood Matters program’ undertaken by the Australian government to support and upgrade patient blood management program would positively influence the regional blood and blood components market forecast.
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