Hormones secreted by the body stimulate the bone marrow to produce red blood cells. People on hemodialysis(due to kidney failure) with a low blood count take a synthetic(man- made) hormone called Epogen or Procrit to help stimulate blood cell production. It's very expensive, but since it came into use, it drastically reduced the need for blood transfusions in the dialysis clinic. A healthy person can produce enough hormone to stimulate red blood cell production & replace the blood lost, unless it's massive volume. I
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The plasma or liquid part of the blood is reproduced in about 24 hours. The red blood cells take and average of about 36 days to be replaced.
I recently had a miscarriage and my doctor told me that the body takes 100 days to reproduce the blood it has lost. Hope this helps you.
Red blood cells are produced by the marrow that is found inside certain hollow bones.