Blood Preparation Market 2019: Detailed Analysis of Production Demand and Consumption Growth Rate by 2028
Blood is a body fluid in humans, and other animals that delivers necessary substances such as nutrients and oxygen to the cells and transports metabolic waste products away from those same cells. The whole blood is a mixture that contains cells, colloids, and crystalloids which can be separated into different blood components namely packed red blood cell (PRBC) concentrate, platelet concentrate, fresh frozen plasma, and cryoprecipitate. Different components need different storage conditions and temperature requirements for therapeutic efficacy.
Introduction of advanced technology in the field of transfusion medicine, rising demand of blood for surgical procedures, and increasing number of cardiac surgeries in developed and developing economies are key factors driving growth of the global blood preparation market. Additionally, increasing number of non-fatal accidents, growing awareness among individuals about quality of blood transfusion services, increasing government initiative for R&D, and high expenditure on healthcare sector by governments of countries are other factors expected to fuel growth of the global blood preparation market over the forecast period.
However, high risk of transmission of disease such viral fever, HIV is a key factor restraining growth of the global blood preparation market. In addition, increasing incidence of allergic reactions at the time of blood transfusion such as hypotensive transfusion reaction is another factor hampering growth of the global blood preparation market over the forecast period.
The global blood preparation market is segmented on the basis of product, anti-thrombotic and anticoagulant type, application, and region. On the basis of region, the global blood preparation market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in North America accounted for highest share in terms of revenue in the global blood preparation market, owing to increasing incidence of thrombocytosis disorders, growing patient awareness about blood transfusion services, high expenditure on healthcare infrastructure, and in development of novel drugs in countries in the region. The market in Europe accounted second- highest share in terms of revenue, owing to favorable reimbursement policies for blood components in the region. The market in Asia Pacific is expected to witness fastest growth in terms of revenue owing to favorable government initiatives for development of appropriate healthcare infrastructure in emerging economies such as China and India.
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Prominent players in the global blood preparation market include Bristol-Myers Squibb Company, Pfizer Inc., Baxter Healthcare Corporation, LEO Pharma Inc., Sanofi-Aventis SA, Celgene Corporation, GlaxoSmithKline plc., and AstraZeneca.
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