North America is expected to dominate the global blood market during the forecast period. However, the market is growing at a faster rate in the developing countries, owing to the increase in demand for blood & blood components for faster recovery of patients who have undergone surgery, injury, or suffer from diseases, and improvement in the healthcare facilities.
According to a new report published by Allied Market Research, titled, "Blood Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global blood market was valued at $33,500 million in 2016, and is projected to reach $45,982 million by 2023, registering a CAGR of 4.6% from 2017 to 2023.

The blood therapeutics segment contributed the highest share in 2016, owing to the increase in the demand for various plasma proteins for the recovery of patients.

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The blood market products include whole blood collection, source plasma collection, blood therapeutics, blood typing products, blood screening, and blood processing equipment & associated products.

Increase in geriatric population, rise in trauma cases, technological advancement in medical technology for donor screening, and advancement in blood transfusion instruments drive the market growth. However, rise in minimal invasive technology, which no longer require the blood transfusion hamper the market growth. Increase in peripheral nerve injuries and improvement in the healthcare facilities in Asia-Pacific provide growth opportunities for the market.

Top Investment Pockets

Blood therapeutics is considered as the top investment pocket, owing to the significant growth opportunity. Blood therapeutics market is projected to grow at a highest CAGR of 5.0% during the analysis period, owing to the rise in demand for the use of blood components in treatments for fast recovery or healing purposes. Thus, the demand for blood components is high as compared to whole blood.

Geographical Analysis

Geographically, the market is divided into North America, Europe, Asia-Pacific, and LAMEA. North America held the leading position, owing to its well-developed healthcare industry and rise in number of patients population requiring blood & blood components. However, Asia-Pacific is anticipated to grow at a highest growth rate due to rise in government initiatives for the improvement of the healthcare facilities and increase in the number of blood banks.

The major companies profiled in the report include Abbott Laboratories, Baxter International Inc., Becton, Dickinson & Co., CSL Behring, Immucor, Novartis, Novo Nordisk, Ortho Clinical Diagnostics, Roche Diagnostics, and Grifols International SA.
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Author's Bio: 

I am Srushti Helwande . My keen interest in reading and writing. I forayed into the field of writing due to my love for words and the urge to do something different. I have been a part of the content resource team here in Allied Market Research. We have a dedicated team for content development wherein, we coordinate with the Market Analysts and create a precise content. I am personally involved in writing content for user engagement. I owe a responsibility to make sure the content is rich and user-centric. Allied Market Research has given me the chance to gain knowledge about different subjects.