Market Trends of Blood Platelets Industry
This section covers the major market trends shaping the Blood Platelets Market according to our research experts:
Platelet Function Disorders Segment is Expected to Witness a Significant CAGR During the Forecast Period
Based on applications, platelet function disorders are predicted to witness significant growth. The major factors owing to the growth of the segment are the increasing prevalence of cancer. Chronic myelogenous leukemia and multiple myeloma cancers lead to the development of acquired platelet function disorders in some cancer patients. Therefore, cancer patients must undergo platelet transfusions frequently. For instance, the American Cancer Society predicted in 2022 that approximately 34,470 people were likely to be diagnosed with multiple myeloma in the United States. Such numbers indicate the rising demand for platelet transfusions in the treatment of cancer patients. Moreover, chronic platelet function disorders contribute to the increasing demand for platelet transfusions. Thus, the administration of platelets in such patients is frequently performed to mitigate complications, including RBC requirements, surgical blood loss, and reoperation for bleeding.
Growing R&D activity by research institutes is also expected to support market growth. For instance, in March 2021, Dr. Bethan Psaila, Group Leader at the Medical Research Council Molecular Haematology Unit (MRC MHU) and principal investigator at the Radcliffe Department of Medicine at Oxford University and Cancer Research UK (CRUK) Advanced Clinician Scientist looked into the possibility of circulating blood platelets for early diagnosis of various cancer types. Thus, such R&D activity is expected to bring advanced blood platelet products into the market, and it is likely to support the growth of the segment during the forecast period.
Thus, due to the above-mentioned factors, the segment is anticipated to grow significantly during the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period.
North America is expected to show a similar trend during the forecast period without significant fluctuations. This is largely due to the presence of several organizations engaged in the distribution of blood components. Moreover, the organizations in the region are engaged in increasing awareness regarding the importance of blood donation, which is increasing the number of blood donors in the region. For instance, according to the American Red Cross in January 2022, an estimated 6.8 million people in the United States donate blood each year. In the United States, 13.6 million units of whole blood and red blood cells are collected each year.
Additionally, the number of platelet transfusions in the region has boosted the demand for blood platelets. For instance, as per January 2022 statistics by The American National Red Cross, approximately 16 million blood components are transfused each year in the United States. Thus, due to the above-mentioned factors, the blood platelets market is anticipated to grow significantly during the forecast period in North America. Moreover, the growing prevalence of blood-related diseases is expected to boost market growth. According to the World Federation of Hemophilia 2021 report, there were 14,816 patients with hemophilia in the United States in 2020, including (Hemophilia A -11,790 and Hemophilia B-3,026) and people diagnosed with hemophilia in the United States, and 3,924 patients with hemophilia in Canada in 2020, including Hemophilia A -3,223 and Hemophilia B-701. Thus, the increasing prevalence of hemophilia is likely to support the growth of the market.
In addition, strategic activity by the key market players is expected to boost market growth. For instance, in May 2021, Canadian Blood Services entered a contract with Cercus Corporation for the INTERCEPT Blood System for platelets.
Thus, all the aforementioned factors are expected to boost the market in the region.
