According to a new report published by Allied Market Research, titled, "Blood Market by Product Type and End User: Opportunity Analysis and Industry Forecast, 2019–2026," the global blood market was valued at $7 billion in 2019, and is expected to reach $10 billion by 2027, registering a CAGR of 4.5% from 2019 to 2027.
Blood is defined as the transport medium of the body responsible for carrying oxygen and nutrients to cells. Furthermore, blood is pumped by heart to all body parts, which is returned back to the heart by organs to complete the cycle. Hence, blood is vital for the human body as it is required for proper functioning of organs. However, various conditions such as traumatic injury and surgical procedures can lead to loss of blood form the body. In addition, certain medical conditions such as cancer, hemophilia, and kidney diseases also lead to lowering of blood cells in the body.
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Surge in demand for blood and plasma across the globe and rise in geriatric population worldwide are the major factors that boost the market growth. In addition, other factors such as increase in blood and plasma donations across the globe and favorable government regulations for blood screening. Furthermore, advancements in blood transfusion and blood screening instruments is another major factor that drives the growth of the blood blood market.
COVID-19 scenario analysis:
1) The COVID-19 impact on the Blood market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of nonessential items for most of 2021. This led to sudden fall in the availability of important raw materials.
3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.
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Key Findings of the Blood market:
By product, the whole blood collection and processing segment occupied more than half of the share of global blood market in 2020.
By end user, the blood and blood component bank segment is anticipated to grow with the highest CAGR throughout the forecast period.
By product, the source plasma collection segment is expected to grow with the highest CAGR during the forecast period.
By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period.
On the basis of region, North America occupied the largest share of the blood market in 2020, and is expected to maintain a dominant position during the forecast period, owing to factors such as easy availability of systems, reagents, and consumables used in whole blood collecting, processing, typing, and screening. Furthermore, other factors such as rise in awareness related to use of these products and presence of large number of blood collection and plasma collection centers also contribute to the growth of the market. Moreover, presence of large number of key players in North America is another major factor that drives the growth of the market.
List of Key Players Profiled in the Report:
Abbott Laboratories, Bio-Rad Laboratories, Inc., CSL Limited (CSL Behring), F. Hoffmann-La Roche Ltd., Grifols International SA, Haemonetics Corporation, Merck & Co., Inc., Novo Nordisk A/S, Ortho Clinical Diagnostics, and Terumo Corporation (Terumo BCT, Inc.).
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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