Animal Blood & Blood Components Market Trends

Animal Blood & Blood Components Market Trends

• The increasing prevalence of chronic diseases in aging pets is a significant driving force behind the expanding utilization of animal blood and blood components. As pets age, they are more susceptible to various chronic health conditions such as kidney disease, cancer, and heart disease, which can necessitate advanced medical treatments.
   
• For instance, pets with chronic kidney disease frequently develop anemia. In this scenario, blood transfusions, particularly packed red blood cells (PRBCs), become a crucial component of the treatment plan.
   

Furthermore, technological advancements have played a paramount role in reshaping the way blood typing, cross-matching techniques, and storage methods are employed in the veterinary field. These advancements have not only improved the quality and availability of blood products but have also expanded the potential applications, leading to a substantial expansion of the market.
 

• Moreover, rise in pet insurance coverage encourages pet owners to seek comprehensive healthcare services for their animals. This includes routine check-ups, specialized treatments, and emergency medical care, all of which may require blood transfusions.
   
• Additionally, the surge in animal health expenditure is contributing to advancements in veterinary medicine. For instance, according to the American Pet Products Association, in 2022, the U.S. spent USD 136.8 billion, of which around USD 58.1 billion was spent on pet food, USD 31.5 billion was spent on supplies, live animals, and OTC medicine, USD 35.9 billion was spent on vet care and product sales, and USD 11.4 billion was spent on other services.
   

Thus, the combined impact of rising pet insurance and increased animal health expenditure highlights the growing importance of animal blood and blood components in veterinary care.