Blood component therapy involves the intravenous administration of whole blood or blood components like red blood cells, platelets, or plasma to treat medical conditions. It is used to increase blood volume after surgery/trauma/hemorrhage, treat severe anemia, infections with low white blood cell count, or bone marrow issues. Proper blood typing and screening is crucial to avoid transfusion reactions. Nurses must carefully monitor patients during transfusions for signs of complications like circulatory overload, allergic reactions, or disease transmission.