Wellesley, Mass., May 23, 2017 (GLOBE NEWSWIRE) -- A new report by BCC Research profiles major shifts in the blood and blood products industry. The safety of blood supply remains the primary concern, but, globally, lower transfusion rates in both developed and developing countries are redefining medical care and the need for blood.
However, an increasing number of surgical procedures, chronic wound care and innovative new products are creating growing markets, according to BCC Research's The Global Blood Industry.
Opportunities are emerging, for example, in surgical sealant fibrin glue, a market with an anticipated 15.8% CAGR in the forecast period, 2016–2021. Some widely used sealants have a collagen-based composition that lowers infection risks and are gentler to skin. The U.S. accounts for $832 million in 2016 sales, thanks to a rising number of wound repair surgeries and an aging population.
According to the American Red Cross, transfusions have dropped by 33% in the past five years – to about 11 million units in 2016, down from 15 million in 2015. American Red Cross (ARC) is the largest single organization supplying blood, with an estimated 40% market share.
Research Highlights
- Changes in prescriptions related to medicines and therapeutics for patients undergoing coronary bypass and other procedures are reducing the need for blood transfusions.
- Blood bank revenue is also diminishing and is anticipated to reach $1.8 billion in 2016, down from around $4 billion in 2013.
"Another need exists in the $5 billion U.S. market for hemophilia each year,” says Kevin Fitzgerald, BCC Research editorial director. "There are plasma-derived products with an annual CAGR just over 5% that could reach $6.2 billion by 2021.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.