Blood and Blood Components Market, by Product Type (Whole Blood and Blood Components (Red Blood Cells, White Blood Cells, Platelets, and Plasma)), by Application (Anemia, Trauma and Surgery, Cancer Treatment, Bleeding Disorders, and Others (Others include rare blood diseases)), by End User (Hospitals, Ambulatory Surgical Centers, Blood and Blood Component Bank, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Published In : Aug 2021

Code : CMI4574

Pages :154

Formats :

Excel and PDF

Industry : Biotechnology

Market Challenges And Opportunities

Global Blood and Blood Components Market Restraint

The risk of adverse reactions and transmission of blood transfusion associated infections such as HIV, syphilis, Zika virus, Hepatitis B, and others are expected to hinder growth of the global blood and blood components market over the forecast period. For instance, according to an article published in the Nature Public Health Emergency Collection journal in March 2020, blood transfusion is often associated with immunological reactions such as acute hemolytic anemia, delayed hemolytic reaction, febrile nonhemolytic reactions, and others out of which febrile nonhemolytic reaction is the most common type of adverse reaction found in 7% of blood transfusion patients.

The increasing research and development activities for the development of safer blood transfusion strategies for the treatment of blood diseases and chronic diseases is expected to drive the market growth over the forecast period.

For instance, in March 2019, The Third Xiangya Hospital of Central South University, China initiated an observational clinical study to establish a safe blood transfusion in allogeneic liver transplantation patients using novel technology and methodologies. This clinical study is expected to be completed by December 2021.

Restraints & Challenges:

Risk of adverse reactions associated with blood transfusion
Risk of transmission of blood transfusion associated infections

Figure 2. Global Blood and Blood Components Market Value (US$ Mn), By Product Type, 2021

The increasing product launches and approvals are expected to drive the market growth over the forecast period.

For instance, in December 2020, Cerus Corporation, a U.S.-based blood product company received the U.S. Food and Drug Administration (FDA) approval for its new INTERCEPT blood system for cryoprecipitation. INTERCEPT blood system is used to produce safe pathogen reduced transfusion blood product known as fibrinogen complex, which is used to control life-threatening bleeding and hemorrhage related to fibrinogen deficiency.

Global Blood and Blood Components Market – Impact of Coronavirus (Covid-19) Pandemic

Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19, as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 193,657,725 cases and 4,154,660 deaths due to coronavirus disease (COVID-19) were reported till July 25, 2021, across the globe.

The COVID-19 pandemic and lockdown in various countries across the globe has negatively impacted the financial status of businesses across all sectors. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. Likewise, COVID-19 pandemic is expected to have a negative impact on blood and blood components market in this COVID-19 pandemic, owing to reduced blood transfusion services due to lockdown.

For instance, according to an article published in the Journal of Global Health in April 2021, a drop of 40% to 67% was observed in blood donations globally, especially in countries which had implemented lockdown during COVID-19 outbreak. The same source states that majority of mobile blood donation drives had been cancelled amidst growing COVID-19 cases.