Global Blood Market to Reach $10.25 Billion by 2027: AMR

Surge in plasma and blood donations across the globe drives the growth of the global blood market.North America contributed the highest share in 2019, and will maintain its dominance throughout the forecast period. The market growth is likely to decline during the COVID-19 pandemic due to the cancellation of blood drives amid lockdown, implementation of social distancing, and low donor turnout owing to fears surrounding coronavirus.

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Portland, OR, June 17, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global blood market generated $7.2 billion in 2019, and is estimated to reach $10.25 billion by 2027, registering a CAGR of 4.5% from 2020 to 2027.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.           

Surge in plasma and blood donations across the globeand growing advancement in blood screening and blood transfusion instruments drive the growth of the global blood market.However,high cost associated with advanced blood collection deviceshinders the market growth. On the other hand,rise in demand for blood plasma to treat the COVID-19 patients creates new opportunities for the market player in the coming years.

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Covid-19 scenario:

  • There has been cancellation of blood drives amid lockdown and implementation of social distancing rules has decreased the number of blood donors across the globe.
  • Governments have been appealing patients recovered from the Covid-19 to donate their plasma for infected patients.The report offers a detailed segmentation of the global blood market based onproduct, end-user,and region.

Based on product, the white blood collection and processing segment contributed to the largest share in 2019, accounting formore than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the source plasma collection segment isestimated to portray the highest CAGR of 6.4% during the forecast period.

Based on enduser, the blood and blood component bank segment accounted for the largest share in 2019, holding more than one-thirdof the total share, and is expected to maintain the largest share throughout the forecast period. In addition, the segment is expected to register the highest CAGR of 5.4% from 2020 to 2027.

Based on region, North Americacontributed the highest share, accounting for aroundtwo-fifthsof the total market sharein 2019, and will maintain its dominance throughout the forecast period.However,Asia-Pacific is expected to grow at the highest CAGR of 6.2% from 2020 to 2027.

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Leading market players analyzed in the research include Bio-Rad Laboratories, Abbott Laboratories,CSL Limited (CSL Behring),Bio-Rad Laboratories, Inc., Grifols International SA, F. Hoffmann-La Roche Ltd., Merck & Co., Inc.,Haemonetics Corporation, Ortho Clinical Diagnostics, and Novo Nordisk A/S.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

 

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