Blood and Blood Components Market: By Product (Whole Blood, Red Blood Cells, Platelets, Plasma, and Others), By Collection Method (Manual Method and Apheresis), By End-user (Hospitals, Ambulatory Surgical Centers, Blood Banks, and Others), and Geography

Blood and Blood Components Market size was valued at USD 13,732.9 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 2.9% from 2024 to 2030. Blood and blood components are essential for various medical treatments, including surgeries, trauma care, and haematological disorders. The market encompasses whole blood, red blood cells, platelets, plasma, and other blood-derived products. These components play crucial roles in transfusion medicine, with applications ranging from treating anaemia to supporting patients undergoing chemotherapy. The market's growth is driven by factors such as the increasing prevalence of chronic diseases, rising surgical procedures, and advancements in blood collection and processing technologies.

According to the World Health Organization, approximately 118.5 million blood donations are collected globally each year, yet there remains a significant gap between supply and demand, particularly in developing countries. The COVID-19 pandemic has further highlighted the importance of a robust blood supply chain, with many regions experiencing shortages due to reduced donations and increased demand for convalescent plasma. This has spurred innovations in blood collection, storage, and distribution methods. However, the market faces challenges such as the risk of transfusion-transmitted infections, stringent regulatory requirements, and the high cost of blood screening and processing. These factors can limit access to safe blood products, especially in resource-constrained settings

Blood and Blood Components Market Key Developments:

• In March 2022, the U.S. FDA approved Bluebird Bio's Zynteglo, the first gene therapy for beta-thalassemia, potentially reducing the need for regular blood transfusions in affected patients.
• In August 2023, Terumo Blood and Cell Technologies (Terumo BCT) announces U.S. Food and Drug Administration (FDA) clearance of the Reveos Automated Whole Blood Processing System, the first whole blood automation device available in the U.S. that processes whole blood into platelets and other components in a single centrifugation cycle.