Revolutionizing Healthcare: Blood Preparation Market Poised for Striking Growth, Projected to Exceed $72.94 Billion by 2030

According to Next Move Strategy Consulting, the global blood preparation market size is anticipated to surpass $72.94 billion by 2030 reflecting a CAGR of 5.69% during the forecast period till 2030. This surge is attributed to a myriad of factors driving the demand for advanced blood preparation technologies and solutions.

Market Overview:

The blood preparation industry is witnessing unprecedented growth as healthcare providers prioritize innovative solutions to enhance blood processing efficiency, improve patient outcomes, and meet evolving regulatory standards. This growth is further catalyzed by advancements in medical technologies and an increasing focus on personalized medicine, positioning the blood preparation sector as a pivotal player in shaping the future of healthcare.

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Key Market Drivers:

1. Medical Advancements: The continuous evolution of medical treatments, including complex surgeries and organ transplants, necessitates cutting-edge blood preparation technologies to ensure the availability of high-quality blood components. The market responds to the growing demand for advanced processing methods, ensuring the safety and efficacy of blood products.

2. Rising Blood Transfusion Needs: With a global increase in the number of surgeries, trauma cases, and chronic diseases, the demand for blood transfusions is escalating. The blood preparation market plays a vital role in meeting this demand by providing efficient and reliable systems for processing, storing, and delivering blood components.

3. Regulatory Compliance: Stringent regulatory standards regarding blood safety and product quality drive the adoption of state-of-the-art blood preparation technologies. Industry players are actively investing in research and development to ensure compliance with regulatory requirements and provide healthcare professionals with tools that meet the highest standards.

4. Growing Focus on Personalized Medicine: The paradigm shift towards personalized medicine amplifies the need for customized blood products. The blood preparation market is at the forefront of developing technologies that enable the customization of blood components to meet the specific needs of individual patients, fostering a new era in healthcare.

Market Segmentation:

The blood preparation market includes various segments, including:

Product: Based on product, the market is segmented into Whole Blood, Blood Components, and Blood Derivatives), by Antithrombotic and Anticoagulant Type (Inhibitors, Platelet Aggregation, and Fibrinolytic).

Application: Based on application, the market is divided into Thrombocytosis, Pulmonary Embolism, Renal Impairment, Angina Blood Vessel Complications, and Others.

End User: Based on end user, the market is classified into Hospitals, Clinics, Diagnostic Centers, Research Labs, Blood Banks, Pharmaceuticals, and Others.

Geographical Regions: Based on region, the market is analyzed into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

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Outlook and Future Prospects:

Technological advancements such as automated blood collection systems are revolutionizing the blood preparation market. These systems streamline the process, significantly reducing processing time and minimizing errors. This translates to higher-quality blood products reaching patients faster, opening up exciting growth opportunities in the coming years. It's a win-win for healthcare efficiency and patient outcomes.

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The blood transfusion market faces significant hurdles to growth due to safety concerns. The potential transmission of serious diseases like viral hemorrhagic fevers, HIV, and hepatitis B through transfusions casts a long shadow, discouraging wider adoption. Additionally, the rise in allergic reactions, including potentially life-threatening hypotensive reactions, further dampens enthusiasm for blood transfusions.

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Regional Analysis:

North America holds a predominant share of the blood preparation market and is expected to remain dominant during the forecast period. This is attributed to factors such as the presence of a large number of hospitals with advanced technology that execute high surgical procedures, along with growth in cases of leukemia, lymphoma, and hematological. In addition, high healthcare expenditure, along with the rise in the prevalence of blood cancer in this region is expected to boost the market growth.

In addition, increased usage of chemicals in the pharmaceutical industry fertilizers, insecticides, food additives, water treatment, and personal care products is further expected to drive the market growth. Moreover, laws and negotiations such as the North American Free Trade Agreement (NAFTA) in the USA exclude tariffs on exports and imports by the countries which eventually boosts the market growth.

On the other hand, Asia-Pacific is expected to show a steady rise in the market, owing to the rising geriatric population. The aging population is prone to various health conditions that require blood transfusions, such as cancer, cardiovascular diseases, and organ transplants. As the elderly population continues to grow, the demand for blood products and, consequently, blood preparation methods is expected to increase which in turn boosts the growth of the blood preparation market.

According to the National Library of Medicine, the proportion of individuals aged 60 years and above in China is projected to rise from 12.4% (168 million) to 28% (402 million) by 2040. This demographic shift is accompanied by a notable burden of chronic non-communicable diseases (NCDs), with approximately 80% of deaths among people aged 60 years and above attributed to chronic NCDs. Thus, proving growth opportunities for the blood preparation market.

Competitive Landscape

The blood preparation industry comprises various market players such as GlaxoSmithKline plc., Baxter Healthcare Corp., Pfizer Inc., Bristol-Myers Squibb Company, Sanofi Aventis, AstraZeneca plc., Celgene Corporation., Leo Pharma A/S, Shandong East Chemical Industry Co., and Daiichi Sankyo. These market players are adopting various strategies such as acquisitions across various regions to maintain their dominance in the blood preparation industry.

For instance, in October 2022, Pfizer completed its acquisition of Global Blood Therapeutics (GBT), a biopharmaceutical company dedicated to discovering, developing, and delivering life-changing treatments for people living with blood disorders. The acquisition is part of Pfizer's ongoing efforts to expand its portfolio of innovative therapies to increase its presence in the rare disease market.

Moreover, in July 2022, GlaxoSmithKline announced the acquisition of Sierra Oncology, Inc., a California-based biopharmaceutical company focused on targeted therapies for the treatment of rare forms of cancer. This acquisition includes momelotinib, a late-stage potential new medicine with a unique dual mechanism of action that may address critical unmet medical needs of myelofibrosis patients with anemia.

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This release was published on openPR.