Blood Market Size

Blood is a vital body fluid that is responsible for the proper functioning of organs. However, there are several chronic medical conditions that cause a decrease in red blood cell count in the body. For example, diseases like leukaemia, cancer, and end-stage renal disorders cause serious complications that necessitate blood transfusions. Furthermore, other conditions, such as a trauma injury with significant blood loss, necessitate blood transfusion therapy. Furthermore, major surgical procedures can result in blood loss, necessitating the use of donated whole blood. As a result, there has been an increase in demand for whole blood, plasma, and their components. Various systems, consumables, and reagents are required for the collection of whole blood and plasma. The increased demand for blood and plasma around the world, as well as the growing geriatric population, are expected to drive market growth. Furthermore, an increase in blood and plasma donations around the world, as well as favourable government regulations for blood screening, are driving market growth. Additionally, advancements in blood transfusion and blood screening instruments are a major factor driving blood market growth. However, factors such as the high cost of advanced blood collection devices and a shortage of skilled laboratory professionals impede market growth. Furthermore, developing economies provide lucrative opportunities for market growth.