US Blood Bank Market Forecast to 2027 - COVID-19 Impact and Analysis - by Type, Function, Bank Type, End User

The US blood bank market is expected to reach US$ 6,025.26 million by 2027 from US$3,975.02 million in 2019; it is expected to grow with a CAGR of 5.5% from 2020 to 2027. The growth of the market is attributed to key factors such as the high prevalence of hematologic diseases and the rise in the number of road accidents. On the other hand, the market growth would be hindered by the disability of blood banks to comply with regulations.

Distracted driving is a growing concern in the US. As per the National Highway Traffic Safety Administration, the country witnesses ~5.5 million car accidents, accounting for 3 million injuries and 40,000 fatalities each year. Also, ~60,000 injuries and 5,000 deaths occur as a result of truck accidents each year. Rising accident count in the country is leading to a high demand for blood for treating trauma cases and carrying out surgeries. For instance, as per The American National Red Cross, a single-car accident patient can require ~100 units of blood. In the last few years, cases of fatal injuries have increased in the US. As per the National Center for Health Statistics, ~31 million injured people seek medical treatment each year in the country. Of these, ~2 million are severe enough to require some form of hospitalization. Apart from this, workplace injuries have also increased in the last few years. As per the National Safety Council, a worker is injured at the workplace every 7 seconds. Thus, increasing accidents, trauma cases, and severe injuries are emphasizing the huge requirement of stored blood, thereby boosting the blood bank market in the country.

Based on type, the US blood bank market is segmented into whole blood, plasma, RBC, platelets, and WBC. In 2019, the whole blood segment held the largest share of the market. Moreover, the plasma segment is anticipated to register the highest CAGR in the market during the forecast period.

Based on the function, the US blood bank market was segmented into testing, processing, storage, transportation, and collection. The testing segment held the largest share of the market in 2019 and is anticipated to register the highest CAGR during the forecast period.

Based on bank type, the US blood bank market is segmented into private and public. In 2019, the private segment accounted for a larger share of the market and is anticipated to register a higher cagr during the forecast period.

The market has been segmented on the basis of end-user into hospitals, ambulatory surgery centers, pharmaceutical companies, and others. The hospital segment accounted for the largest market share in 2019, and the market for the same is also anticipated to grow at the highest CAGR during the forecast period.

A few of the major primary and secondary sources referred to while preparing this report on the US blood bank market are the American Association of Blood Banks (AABB), America's Blood Centers (ABC), Food and Drug Administration (FDA), and the Centers for Disease Control and Prevention (CDC).