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The global blood market size is estimated to grow by USD 2.60 billion at a CAGR of 5.94% between 2023 and 2028.
The increase in the number of surgeries implies the growing use of different blood to aid in the various surgical procedures. Moreover, the increasing incidence of chronic diseases is leading to the rising demand for ostomy procedures across the globe. In addition, people undergoing surgeries often require blood transfusions when a lot of blood is lost during surgical procedures. Transfusions are mostly required in cardiovascular surgeries, massive trauma surgeries, transplant surgeries, and therapies for solid and hematological malignancies. Hence, the high prevalence of surgeries requiring blood transfusions leads to the increasing demand for blood, which drives the growth of the market during the forecast period.
Technavio has segmented the market into Product, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2018-2022, besides analyzing the current market scenario.
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The market share growth by the whole blood collection and processing segment will be significant during the forecast period. This is due to the growing demand for blood for different factors, such as surgical procedures, blood transfusions, and other diseases. Whole blood is simply the blood that flows through the veins. It is widely used during blood transfusion or in patients who have sustained significant blood loss due to trauma or surgery.
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The whole blood collection and processing segment was valued at USD 4.26 billion in 2018. Blood is collected in blood collection bags and is used for the storage and processing of whole blood and its components. Furthermore, standardized coiling methods are used during the manufacturing of these bags to prevent any breakages or twists to ensure a free flow during blood separation and collection. Thus, such advantages drive the demand for blood collection bags, which are anticipated to fuel the growth of the whole blood collection and processing segment in the global blood market during the forecast period.
The hospitals segment is expected to grow due to the high use of blood in hospitals due to increased demand for blood transfusion. This high demand can be primarily attributed to increasing hospitalizations for cancer treatment and other chronic conditions and increasing emergency cases such as road accidents. Therefore, blood has extensive applications in emergency departments, urgent care centers, and intensive care units of hospitals. Additionally, with an increase in their number and the convenience provided by them, hospitals are expanding their services related to medical care. Furthermore, the growing number of hospitals will also see a similar rise in the use of blood owing to the need for hospitals. Therefore, the rise in the number of hospitals to treat people with conditions and diseases that involve transfusions of blood is expected to drive the growth of the hospital segment of the market in focus during the forecast period.
The ASCs are modern healthcare facilities focused on providing same-day surgical care, including diagnostic and preventive procedures that drive the requirement for blood in these centers. Over the last few decades, ASCs have become a popular alternative to inpatient hospital settings due to their flexible scheduling options, calmer and more comfortable environments, and lower costs. Moreover, there is a growing number of ASCs; for instance, in 2020, 174 Medicare-certified ASCs were opened, bringing the total number of ASCs in 2020 to 5,930, representing an approximate 1.9% increase between 2019 and 2020, performing 22.5 million surgical procedures annually. Therefore, the increasing number of ASCs and growing demand for ASCs due to their services such as surgical care, is driving the growth of the ASCs segment of the global blood market during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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