Increasing Demand of Blood Transfusion and Growing Technological Advancement Are Likely to Aid in the Market Growth of the Blood Preparation Market
Blood Preparation Market size is estimated to reach $3,670 million by 2026, growing at a CAGR of 5.6% during 2021-2026. Blood is a combination of different types of components such as Red Blood Cells (RBC), White Blood Cells (WBC), plasma, and platelets that circulate continuously inside the body to provide nutrition, and oxygen to body. Platelet aggregation inhibitor reduces the clot formation and inhibit thrombus formation.—
Fibrinolytics is a body process that occur naturally from growing and causing problems and helps to prevent from blood clot. Blood thinners, also known as anticoagulants, are medications that are used to treat and avoid blood clots in blood vessels. The major factors driving the growth of this market are the rising demand for blood transfusions and the development of technology.
Blood Preparation Segment Analysis – By Product
The global Blood Preparation Market based on Product can be further segmented into Whole Blood, Blood Derivatives, and Components. In 2020, the Whole Blood market was the most revenue-generating segment. The increased demand for whole blood for major operations and transfusions is primarily to claim. Furthermore, the market's growth is fueled by the easy availability, low cost, and easy maintenance of whole blood products.
The Blood Derivatives segment is estimated to register the fastest CAGR of 1.5% for the period 2021-2026. In cases of life-threatening infections including Ebola, blood derivatives like intravenous immunoglobulin and hyperimmune are used to boost immunity.
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Blood Preparation Segment Analysis – By Application
The global Blood Preparation Market based on Application can be further segmented into Thrombocytosis, Pulmonary Embolism, Renal Impairment, Angina Blood Vessel Complications, and Others.
The Angina Blood Vessel Complications segment is estimated to register the fastest CAGR of 1.3% over 2021-2026. This is primarily due to increased R&D for the production of anticoagulants for cardiac problems, as well as the rising prevalence of Cardiovascular Disorders (CVDs), which are fueling the market's growth.
Blood Preparation Segment Analysis – By Geography
North America dominated the Blood Preparation Market with major share of 40% in 2020. This is owing to high incidence of CVDs, leukemia, and hematological and neurological diseases, increasing healthcare expenditure and presence of sophisticated healthcare infrastructure. According to National Institute of Health, in 2018 about 100,000 to 300,000 people in the U.S. die owing to venous thrombosis that increases the need of platelet aggregation inhibitor and are rising the market growth. However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 2.8% during the forecast period 2021-2026 owing to number of blood related disorder and increasing development in healthcare.
Blood Preparation Market Drivers
Increasing Demand for Blood Transfusion
The Blood Preparation Market is expected to rise due to rising demand for blood transfusions, high-demand blood during surgical procedures, and an increase in the number of blood disorders. According to the World Health Organization (WHO), approximately 118.4 million blood donations will be received worldwide in 2020, propelling the Blood Preparation Market to new heights between 2021 and 2026.
Growing Technological Advancement
The market is expected to expand due to the increasing production of anticoagulant drugs such as Xa inhibitors, tissue factor inhibitors, direct thrombin inhibitors, factor IX inhibitors, and novel vitamin K a. Furthermore, the emergence of fibrinolytics and new oral anticoagulants, as well as the re-launch of drugs such as Urokinase, as well as the rising demand for source plasma, are all contributing to the market's rise.
COVID-19 pandemic had greatly affected the Blood Preparation Market. During pandemic, plasma therapy requires blood plasma donations from people who have recovered from Covid-19.This plasma is provided to Covid-19 patients who have not been able to produce enough antibodies against the virus, necessitating the need for blood preparation, i.e. plasma, which has a positive effect on the market's development.
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Blood Preparation Market Challenges
Rising Transmission of Disease in Blood Preparation
The factors that is set to impede the growth of the Blood Preparation Market are the rising transmission of disease in blood preparation. Moreover, allergic reaction caused due to blood preparation tests is set to create hurdles for the Blood Preparation Market.
Blood Preparation Industry Landscape
Blood Preparation top 10 companies include, AstraZeneca PLC; Sanofi S.A.; LEO Pharma A/S; Bristol-Myers Squibb Company; Baxter International, Inc.; Pfizer, Inc.; Portola Pharmaceuticals, Inc.; and GlaxoSmithKline PLC.
Geographically, in 2020, North America dominated the Blood Preparation Market. This is owing to the high prevalence of cardiovascular disease, leukaemia, and haematological and neurological disorders, as well as rising healthcare costs and the presence of advanced healthcare infrastructure.
Increasing demand of blood transfusion and growing technological advancement are likely to aid in the market growth of the Blood Preparation.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Blood Preparation Market report.
Rising transmission of disease in blood preparation is set to create hurdles for the Blood Preparation Market.
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