Blood preparation market to witness lucrative growth prospects in U.S., Global industry revenue to surpass USD 64 billion by 2024
Rise in the worldwide demand for transfusion of blood due to increasing prevalence of blood related disorders has driven blood preparation market. The growing geriatric population base which is more susceptible to such disorders is one of the major factors driving the industry trends. According to Global Market Insights, Inc., “Blood preparation market is estimated to record a CAGR of over 4.4% over the period of 2016-2024 with a target revenue worth USD 64.38 billion by 2024.”Blood preparation industry is gaining considerable traction with the increasing government initiatives to spread awareness pertaining to blood disorders. For instance, CDC and NIH are actively launching awareness programs to combat the complications associated with thrombosis. Moreover, swift technological improvements in the testing equipment such as analyzers and centrifuges have aided in accurate and rapid diagnostics of the disorders.
China and India are expected to hold major revenue share of Asia Pacific. The rising healthcare expenditure, increasing blood-associated disorders and larger number of unmet medical needs are the attributing factors for the regional growth of blood preparation industry. Presence of a huge geriatric population base in China will further complement the regional growth.
U.S. Blood Preparation Market Size, by Product, 2012- 2024 (USD Million)
Pulmonary embolism and thrombocytosis are reported to be the leading causes of demise. In 2015, these two disorders together accounted for over 43% of total blood preparation market. Other applications of this industry include angina blood vessel complications and renal impairment.
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On the product front, the blood preparation industry is segmented into blood derivatives, components and whole blood. Blood components refer to products derived from platelet-rich plasma. This segment is likely to account for a considerable share in the coming years, owing to the increasing use of frozen plasma, platelet concentrate, leucocyte reduced RBCs, packed red cells and whole blood components. The whole blood product segment of the blood preparation market generated the highest revenue share, having accounted over 48% in 2015. Blood derivatives segment stood second by contributing 34% of the overall blood preparation industry share in 2015.
With reference to antithrombotic and anticoagulants type of drugs pipeline, blood preparation market is segmented into fibrinolytic, anticoagulants and platelet aggregation inhibitors. Rise in the incidences of thrombosis, and growing geriatric population has raised the demand for more efficacious drugs. Due to these reasons, anticoagulants led the overall blood preparation industry by collecting revenue over USD 17 billion in 2015. Government initiative regarding the awareness and prevention of thrombosis disorders is also likely to give a major push to the industry growth.
Developed and well equipped healthcare infrastructure in U.S. will propel the regional blood preparation market. U.S. also witnesses an increasing prevalence of thrombocytosis disorder which will contribute toward industry growth. U.S. market is estimated to surpass 25 billion by 2024, backed by several government initiative and high patient awareness levels.
The major industry participants are focusing on the research for efficient and cost-effective drugs to cure blood related disorders. To cope up with the ever-rising patient pool, the blood preparation market players are constantly engaged in developing innovative technologies. The companies are set to introduce rapid and easy handling instruments for the preparation of blood components. Key industry players include Pfizer, Sanofi Aventis, Leo Pharma, Bristol-Myers, Shandong East Chemical, GlaxoSmithKline, Celgene, Baxter Healthcare, and AstraZeneca.
Author Name : Ojaswita Kutepatil