Ocean View, DE -- (SBWIRE) -- 04/14/2020 -- Blood and Blood Components Market will reach over USD 43.5 billion by 2024; as per a new research report. Rising prevalence of bleeding disorders coupled with increasing number of surgeries is anticipated to escalate demand for blood and blood components during the forecast period. Development of apheresis has enabled transfusion of only blood components as per requirement should further drive industry growth.

Growing utilization of blood components in burn and traumatic patients along with rising awareness pertaining to significance of blood donation will positively impact blood and blood components market growth. Expanding geriatric population base, prone to suffer from conditions including liver cirrhosis will support industry expansion during the forecast timeframe.

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Government initiatives such as 'The Blood Matters program' initiated in Australia to support and improve patient blood management program in the country should positively impact industry expansion. However, risk of developing infection post blood transfusion coupled with rising demand of non-invasive surgeries not requiring external supply of blood will restrain blood and blood components industry growth to certain extent during the forecast period.

Whole blood product segment is estimated to grow by 3.7% during the forecast period owing to rising awareness about blood donation coupled with increasing number of surgeries requiring whole blood. Currently, whole blood is most commonly used for autologous donations in elective surgeries in the United States.

Application segment of blood and blood components market includes anemia, trauma and surgery, cancer treatment and other bleeding disorders. Trauma and surgery segment dominated the industry with more than 40% market share in 2017 due to increasing utilization of blood and blood products during surgery and resuscitation of severely traumatized patient.

Ambulatory surgical center is anticipated to be fastest growing end-use segment, witnessing 4.9% CAGR during the forecast period owing to cost efficiency and improved outcomes delivered at outpatient surgical facilities. Ambulatory surgical centers are 45-60% less expensive as compared to hospital setting will drive segment growth during the forecast period.

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Germany blood and blood components market will reach 3.1 billion by 2024, owing to increasing blood transfusion rate coupled with rising number of blood banks and blood donation camps in the country. Major European initiatives including European Union Blood Safety and Quality Directives issued to establish standards of safety and quality during collection, processing, testing, storage and distribution of human blood and blood components will positively support industry growth.

Japan blood and blood components market is estimated to grow at 5.0% during the forecast period owing to increasing geriatric population base and rising incidences of conditions such as cancer. Numerous initiatives undertaken by country's government to enhance blood transfusion services will support market size growth. For instance, In December 2017, Japanese government partnered with WHO to improve blood transfusion service provision in South Sudan.

Few notable players operating in global blood and blood components market are American Red Cross, American Association of Blood Banks, AVIS National, National Blood Authority Australia, and Vitalant. Industry players are undertaking various strategies to augment blood donation rate to fulfil increasing demand of blood and blood derivatives. Initiatives such as establishment of Blood Network, D-Health App, virtual blood donation platform such as Simply Blood will positively impact business growth during the forecast timeframe.