The global blood bank market was valued at $13.85 billion in 2019 and is expected to reach $21.86 billion by 2027, registering a CAGR of 5.7% from 2020 to 2027.
A blood bank is a non-profit organization that engages in all the operations such as collection, processing, testing, storage, and distribution of blood and blood components drawn from donors. A blood bank can be a separate free-standing organization or operates as a part of a hospital. In addition, a blood bank provides safe or disease-free blood for transfusion to save a patient's life and curb the complications that can arise due to severe blood loss.
Blood banks have witnessed an increase in demand, owing to high prevalence of hematological diseases and a rise in number of accidental cases across the world. In addition, growth in the geriatric population who is prone to blood disorders and high demand for blood transfusion supplement the market growth. However, wastage of the donated blood and stringent rules & regulations are anticipated to hamper the market growth. On the contrary, blood transfusion in emerging nations is expected to offer significant profitable opportunities for the market players.
The global blood bank market is segmented based on product type, function, bank type, end user, and region. Based on product type, the market is classified as whole blood, red blood cell, platelets, plasma, and white blood cell. The function segment studies collection, processing, testing, storage, and transportation. Based on bank type, the market is segmented into private and public. Depending on end user, the market is classified into hospital, ambulatory surgery center, pharmaceutical companies, clinics & nursing homes, and others. Based on region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Product Type
By Function
By Bank Type
By End User
By Region
KEY MARKET PLAYERS
A blood bank is a non-profit organization that engages in all the operations such as collection, processing, testing, storage, and distribution of blood and blood components drawn from donors. A blood bank can be a separate free-standing organization or operates as a part of a hospital. In addition, a blood bank provides safe or disease-free blood for transfusion to save a patient's life and curb the complications that can arise due to severe blood loss.
Blood banks have witnessed an increase in demand, owing to high prevalence of hematological diseases and a rise in number of accidental cases across the world. In addition, growth in the geriatric population who is prone to blood disorders and high demand for blood transfusion supplement the market growth. However, wastage of the donated blood and stringent rules & regulations are anticipated to hamper the market growth. On the contrary, blood transfusion in emerging nations is expected to offer significant profitable opportunities for the market players.
The global blood bank market is segmented based on product type, function, bank type, end user, and region. Based on product type, the market is classified as whole blood, red blood cell, platelets, plasma, and white blood cell. The function segment studies collection, processing, testing, storage, and transportation. Based on bank type, the market is segmented into private and public. Depending on end user, the market is classified into hospital, ambulatory surgery center, pharmaceutical companies, clinics & nursing homes, and others. Based on region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a detailed quantitative analysis of the current market trends and future estimations from 2020 to 2027, which assists in identifying the prevailing market opportunities.
- An in-depth analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the global blood bank market is provided.
- The key regulatory guidelines for the blood bank market are critically dealt with according to geography.
- An extensive analysis of various regions provides insights that allow companies to strategically plan their business moves.
KEY MARKET SEGMENTS
By Product Type
- Whole blood
- Red Blood Cell
- Platelet
- Plasma
- White Blood Cell
By Function
- Collection
- Processing
- Testing
- Storage
- Transportation
By Bank Type
- Private
- Public
By End User
- Hospital
- Ambulatory Surgery Centers
- Pharmaceutical Companies
- Clinics & Nursing homes
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Rest of Europe
- Asia-Pacific
- Australia
- Japan
- India
- China
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
KEY MARKET PLAYERS
- The American Red Cross
- Vitalant
- New York Blood Centre
- Australian Red Cross
- Japan Red Cross Society
- American Association of Blood Banks
- America's Blood Centers
- Canadian Blood Services
- Sanquin Blood Supply Foundation
- Blood Bank of Alaska
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Blood Bank Market, by Product Type
Chapter 5: Blood Bank Market, by Function
Chapter 6: Blood Bank Market, by Bank Type
Chapter 7: Blood Bank Market, by End-user
Chapter 8: Blood Bank Market, by Region
Chapter 9: Company Profiles
Executive Summary
According to the report titled, 'Blood Bank Market by Product Type, Function, Bank Type, and End User: Opportunity Analysis and Industry Forecast, 2020-2027' the global blood bank market size was valued at $13.85 billion in 2019 and is expected to reach $21.86 billion by 2027, registering a CAGR of 5.7% from 2020 to 2027. The hospital segment accounted for more than one-third of the total market share in 2019.Blood bank is a place where whole blood and its components are stored for the need of blood transfusion in future. Blood bank’s major function includes donor recruitment, collection of blood, donor processing, diagnostic testing, preparation of blood components, recordkeeping, typing & cross matching, medical or legal evaluation of blood, storage, and transportation. Most of the blood banks are non-profit organization where blood and blood components are stored. The major function of a blood bank includes donor recruitment, collection of blood, donor processing, diagnostic testing, preparation of blood components, recordkeeping, typing & cross matching, medical or legal evaluation of blood, storage, and transportation. A blood bank may be a separate free-standing organization or a division of a hospital.. There is an increase in demand for blood banks, owing to high prevalence of hematological diseases and rise in accidents. In addition, growth in geriatric population prone to blood disorders further drives the blood bank market growth. However, wastage of donated blood and stringent rules & regulations are projected to impede market growth. On the contrary, blood transfusion in emerging nations are expected to offer significant profitable opportunities for the market players.
The blood bank market is expected to exhibit significant growth during the forecast period, due to growth in geriatric population, rise in number of accidents, and high prevalence of hematological diseases across the globe. However, wastage of donated blood and stringent rules & regulations are projected to impede the blood bank market growth. On the contrary, blood transfusion in emerging nations is expected to offer significant profitable opportunities for the market players.
Based on product type, the global blood bank market is categorized into whole blood, red blood cell, platelet, plasma, and white blood cell. The red blood cell segment was the major revenue contributor in 2019 and is anticipated to continue this trend during the forecast period, due to high demand for transfusion of red blood cells over whole blood in patients suffering from anemia or in cases of excessive bleeding due to trauma as well as during surgery or childbirth.
By function, the market is classified into collection, processing, testing, storage, and transportation. The collection segment is projected to exhibit fastest growth during the forecast period, due to increase in demand for blood transfusion and rise in prevalence of hematological diseases globally.
Key Findings of the Study:
Based on product type, the platelet segment is expected to experience rapid growth, registering a CAGR of 7.5% from 2020 to 2027.
Based on function, the testing segment dominated the global blood bank market in 2019 and is expected to maintain this trend during the forecast period.
Depending on bank type, the private segment was the major revenue contributor in 2019 and is anticipated to continue this trend during the forecast period.
U.S. generated the highest revenue in the global blood bank market in 2019 accounting for more than four-fifths of the global market in 2019.
China is a lucrative segment that is estimated to grow at a CAGR of 7.8% during the forecast period.
Europe accounted for more than one-third of the global blood bank market share in 2019 and is expected to remain dominant throughout the forecast period. This is attributed to the well-established healthcare infrastructure, large number of diagnosed patients, rise in number of blood donations, and supportive healthcare policies. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period, majorly due to increase in demand for blood transfusion and introduction of supportive reimbursement policies by the healthcare system.
Companies Mentioned
- American Red Cross
- Vitalant
- New York Blood Centre
- Australian Red Cross
- Japan Red Cross Society
- American Association of Blood Banks
- America's Blood Centers
- Canadian Blood Services
- Sanquin Blood Supply Foundation
- Blood Bank of Alaska
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 245 |
| Published | May 2020 |
| Forecast Period | 2019 - 2027 |
| Estimated Market Value ( USD | $ 13.85 billion |
| Forecasted Market Value ( USD | $ 21.86 billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
