Blood Management Market to Grow at 6.88% CAGR through 2029

Surge in the prevalence of blood cancer and rise in number of blood donors is expected to drive the Global Blood Management Market growth in the forecast period, 2025-2029.

According to TechSci Research report, “Blood Management Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2019-2029F”, the Global Blood Management Market stood at USD 12.74 Billion in 2023 and is anticipated to project steady growth in the forecast period with a CAGR of 6.88% through 2029. The growth of the global blood management market is driven by various factors such as improving healthcare infrastructure, unmet healthcare needs, increased blood donation, rising prevalence of blood cancer, and increased government expenditure on healthcare.

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One of the major factors boosting the market is the increasing demand for donated blood. The incidence of chronic diseases is on the rise, leading to a higher demand for blood donation. For instance, according to the American Cancer Society, more than 1.8 million people are expected to be diagnosed with cancer in 2020, many of whom will require blood transfusions during their chemotherapy treatment. Similarly, sickle cell patients also require regular blood transfusions. The American National Red Cross reports that sickle cell disease affects 90,000 to 100,000 people in the U.S., with approximately 1,000 babies born with the disease each year. The introduction of advanced molecular platforms by key market players has led to a shift from manual tests and instruments to semi-automated and fully automated instruments. These automated platforms have played a crucial role in swiftly detecting Transfusion Transmissible Infections (TTIs) in blood samples and eliminating human error during the transfusion process. Consequently, the launch of such advanced automated systems has significantly contributed to the adoption of blood transfusion diagnostics and is projected to drive further market growth in the forecast period. The rising prevalence of blood-related disorders, such as hemophilia, cancer, thrombocytopenia, and chronic kidney disease (CKD), has led to an increased demand for blood products and complete blood transfusion.

For instance, according to data published by World Kidney Day in 2020, approximately 850 million people worldwide were affected by kidney disorders. It was also observed that one in ten adults suffers from chronic kidney disease (CKD), which is projected to become the fifth most common cause of death by 2040.

The growing number of patients with anemia, necessitating red blood cell transfusion for treatment, is expected to drive the demand for blood transfusion diagnostics. According to the World Health Organization (WHO), anemia affects approximately 1.62 billion individuals globally.

Additionally, the increasing awareness regarding blood safety from infectious diseases through various programs in developed and emerging countries has resulted in a high demand for blood screening tests and other diagnostic tools. Consequently, these factors are driving the demand for transfusion diagnostics and contributing to the market's growth during the forecast period. However, the high cost associated with automated systems remains a key restraint in the blood management market. On average, a unit of blood costs between USD 200 to USD 300, considering the additional costs for storage, processing, hospital, and equipment fees. Also, if a transfusion leads to an infection or serious health issue, the costs can be significantly higher. According to a study, when all activities involved in blood transfusion are taken into account, the estimated price of transfusing one unit of red cells ranges from USD 700 to USD 1,200.

The Global Blood Management Market is segmented into product, component, end user, regional distribution, and company.

Based on the component, the patient blood management market has been categorized into whole blood, red blood cells, and plasma. The whole blood segment is anticipated to exhibit the highest revenue growth rate during the forecast period. This can be attributed to the increasing number of road accidents. For instance, traffic-related injuries are the leading cause of mortality among children and adults aged 5 to 29 years. More than 90% of fatal traffic accidents occur in low- and middle-income countries. The most vulnerable road users, such as motorcyclists, cyclists, and pedestrians, account for over half of all traffic-related fatalities. Approximately 50% of these fatalities occur within the first 24 hours after admission to the emergency room due to bleeding. Moreover, trauma patients constitute 70% of all blood transfusions at trauma centers, placing significant demands on hospital resources. Consequently, the growing need for whole blood and blood transfusion is driving the revenue growth of this segment.

Based on region, North America segment is expected to grow during the forecast period.  The North America market is projected to hold the largest revenue share during the forecast period. This is attributed to the increasing demand for whole blood components in the region. For example, in January 2022, the American Red Cross faced the largest blood shortage in over a decade, posing a risk to patient care. In this critical situation, healthcare professionals had to make difficult decisions regarding patients requiring blood transfusions. Timely donations of blood and platelets are crucial to prevent delays in essential medical procedures. Also, the growing number of collaborations and programs for Patient Blood Management (PBM) is another factor contributing to the market's revenue growth.

Major companies operating in Global Blood Management Market are:

• Haemonetics Corporation
• Fresenius SE & Co. KGaA
• Terumo Corporation
• Immucor, Inc.
• B Braun Melsungen AG
• bioMérieux Inc.
• Kaneka Corporation
• Bio-Rad Laboratories, Inc.
• Grifols, S.A.
• F. Hoffmann-La Roche Ltd.

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“The patient blood management market has witnessed significant growth due to the escalating incidence of trauma and accidents resulting in blood loss. Every year, approximately 1.19 million lives are lost, and 20 to 50 million individuals are injured or disabled as a consequence of road traffic crashes. Moreover, the prevalence of blood cancer, including leukemias and cancers that metastasize to the bone marrow, contributes to the accumulation of normal blood-making cells, leading to decreased blood counts. Consequently, the rising prevalence of blood cancer has propelled the expansion of the patient blood management market. Also, the surge in government healthcare expenditure has facilitated the establishment of new blood banks, diagnostic clinics, pathology labs, and government hospitals. This, in turn, has increased the adoption of patient blood management products and bolstered market growth. Therefore, the increment in government expenditure on healthcare is a driving force behind the expansion of the patient blood management market share. Additionally, the growing demand for patient blood management is a direct result of the increasing number of people worldwide with various medical conditions. The aging population, in particular, is more susceptible to anemia and requires blood transfusions, thereby amplifying the demand for patient blood management products.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Blood Management Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Instruments, Accessories, Reagents & Kits, Software), By Component (Whole Blood, Red Blood Cells, Plasma), By End User (Blood Banks, Hospitals, Diagnostic Clinics, Pathology Labs), By Region and Competition, 2019-2029F”, has evaluated the future growth potential of Global Blood Management Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Blood Management Market.

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