Competitive Landscape and Key Players in the Blood Product Market
The global blood product market was estimated at US$ 36.52 billion in 2023 and is projected to grow to US$ 59.89 billion by 2034, rising at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2034. The demand for blood and blood products is high due to their usage during surgeries, emergency situations, blood-related health issues, and many more health problems.
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Blood Product Market Trends
- In October 2024, the $5 million AUD grant that Australia’s National Health and Medical Research Council (NHMRC) recently gave to the Blood Synergy research program is the first time that this funding has been utilized to expand an already-existing project.
- In September 2024, in addition to the more than $15 million in investment that the U.S. Department of Defense has already provided, Safi Biotherapeutics, the pioneer in the creation of manufactured red blood cells (mRBCs) as a substitute for donor blood transfusions, announced a $5 million seed round headed by J2 Ventures.
- In May 2023, with $50 million in hand from the innovative York Blood Center, NYBC Ventures was announced as one of the first venture firms to concentrate only on developing innovative blood and cell-based medicines.
- 40% of the 118.5 million blood donations that are collected worldwide take place in high-income nations, which are home to sixteen percent of the world’s population. A total of 106 million contributions have been reported by 13,300 blood clinics throughout 169 countries.
Blood Product Market is Growing Due to Cancer
- Higher Demand from Cancer Treatments: Cancer treatments like chemotherapy and radiation often lead to a drop in blood cell production, making patients need more blood products such as platelets, red blood cells, and plasma. This creates a continuous demand for blood transfusions.
- Stem Cell Therapies: Blood products, including stem cells, are becoming essential in cancer care, helping patients recover after treatments and supporting the regeneration of their immune systems.
- Aging Population: As the global population ages, more people are being diagnosed with cancer. Older adults are more prone to cancer and its related complications, which further increases the need for blood products.
- Innovations in Blood Products: New developments in blood storage and transfusion methods, along with alternatives like blood substitutes, are making it easier to provide these life-saving treatments, which is also fueling the market’s growth.
- Better Cancer Survival Rates: Thanks to improved cancer treatments, survival rates are higher, but many cancer survivors still need ongoing support from blood products as part of their recovery.
Recent Developments
- In April 2024, the BD Vacutainer® UltraTouchTM Push Button Blood Collection Set was recently introduced in India by BD (Becton, Dickinson, and Company) with the goal of reducing patient pain and suffering and facilitating single-prick success during the blood collection procedure.
- In February 2024, patients with sickle cell disease in England will soon have access to better care nearer to their homes thanks to an announced £1.5 million investment in 25 red blood cell exchange machines.
Top Companies in the Blood Product Market
- KM Biologics
- Nanyue Bio
- Nordisk
- Weiguang Bio
- Yuanda Shuyang
- Boya Bio
- F. Hoffmann-La Roche Ltd.
- Shuanglin Bio
- Bio-Rad Laboratories Inc.
- Tiantan Bio
- Hualan Bio
- CBPO
- LFB Group
- Merck & Co, Inc.
- RAAS
- Biotest
- Octapharma
- Haemonetics Corporation
- Grifols
- Kedrion
- CSL
- Ortho Clinical Diagnostics
- Takeda
- BPL
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