Portland, OR -- (SBWIRE) -- 11/20/2017 -- Blood is a major necessity for patients suffering from injuries and viral infections, which require blood transfusion. The patients are either given whole blood or blood components for quick recovery and healing, resulting into increased demand for blood banks.

The global blood market was valued at $33,500 million in 2016, and is estimated to reach $45,982 million by 2023, registering a CAGR of 4.6% from 2017 to 2023. The major factors that enhance the market growth are increase in geriatric population, rise in trauma cases, technological advancement in medical technology for donor screening, and advancement in blood transfusion instruments. However, rise in minimal invasive technology, which no longer requires blood transfusion restrains the market growth.

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The global blood market is segmented by product, end user, and geography. Based on product, it is divided into whole blood collection, source plasma collection, blood therapeutics, blood typing products, blood screening, and blood processing equipment & associated products. Blood therapeutics segment contributed the highest share in 2016, owing to the increase in the demand for various plasma proteins for the recovery of patients. Based on whole blood collection, the market is bifurcated into system and reagents. On the basis of source plasma collection, it is divided into system and reagents. Blood therapeutics are categorized into intravenous immunoglobulin (IVIG), factor IX, factor VIII, hyperimmune, and albumins. Blood typing products are classified into system and reagents. Blood screening is further divided into systems and reagents. Blood processing equipment & associated products are categorized into systems and reagents.

Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America market accounted for significant share in the global market in 2016, owing to a well-developed healthcare industry and rise in number of patient population requiring blood & blood components.

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KEY BENEFITS

The study provides an in-depth analysis of the global blood market, with the current trends and future estimations to elucidate the imminent investment pockets.

The report provides quantitative analysis of the industry from 2016 to 2023 to enable stakeholders to capitalize on the prevailing opportunities.

Extensive analysis of the market based on the product and end user elucidates the prevailing opportunities in these segments.

Comprehensive analysis of geographical regions is provided to determine the latent regional opportunities.

Key players operating in the market and their strategies are profiled to determine the competitive outlook of the market.