The global blood bank market size attained a value of USD 16.8 billion in 2022. The market is anticipated to grow at a CAGR of 4.7% during the forecast period of 2023-2031 to attain a value of USD 25.4 billion by 2031.
Blood Bank Market: Introduction
A blood bank is a specialized centre where blood and blood products are collected, stored, processed, and distributed for later use in blood transfusion. The term "blood bank" typically refers to a division of a hospital where the storage of blood product occurs, but it can also refer to a collection centre where donors come to donate blood.Uses of a blood bank include:
- Collection: Blood banks are responsible for collecting blood from voluntary donors. This process involves a pre-donation health screening to ensure the donor is healthy and the blood is safe
- Testing: Once blood is collected, it is tested for blood type (A, B, AB, or O) and Rh factor (positive or negative). It is also screened for any potential diseases that could be transmitted through transfusion, such as HIV, hepatitis B and C, syphilis, and others
- Storage: After testing, blood is separated into various components (red cells, plasma, platelets, etc.) and stored under appropriate conditions until needed
- Distribution: When a hospital or clinic requests blood for a patient, the appropriate blood type and component are selected and sent from the blood bank to the hospital
Benefits of a blood bank include:
- Saving Lives: Blood banks play a crucial role in healthcare by providing life-saving blood transfusions to patients in need, including those undergoing surgery, patients with blood disorders, accident victims, and others.
- Health Monitoring: Blood banks ensure that all donated blood is safe to use by conducting rigorous testing, thereby preventing the transmission of blood-borne diseases.
- Efficient Use of Donations: By separating blood into its various components, blood banks ensure that each donation can benefit multiple patients.
- Research: Blood banks also contribute to research by providing data on blood usage and trends, which can help to improve blood management strategies and patient care.
BLOOD BANK Market Segmentations
The market can be categorised into product type, function, bank type, end user, and region.Blood Bank Market Breakup by Product type
- Red Blood Cells
- White Blood Cell
- Platelet
- Plasma
Blood Bank Market Breakup by Function
- Collection
- Processing
- Testing
- Storage
- Transportation
Blood Bank Market Breakup by Bank Type
- Private
- Public
- Home Healthcare
- Others
Blood Bank Market Breakup by End user
- Hospital
- Ambulatory Surgery Centres
- Pharmaceutical Companies
- Clinics and Nursing Homes
- Others
Blood Bank Market Breakup by Region
North America
- United States of America
- Canada
Europe
- United Kingdom
- Germany
- France
- Italy
- Others
Asia Pacific
- China
- Japan
- India
- ASEAN
- Australia
- Others
Latin America
- Brazil
- Argentina
- Mexico
- Others
Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Nigeria
- South Africa
- Others
Blood Bank Market Scenario
- The global blood bank market is projected to experience substantial growth in the coming years, driven by several key factors. The rising prevalence of hematologic diseases and an increasing number of accidents and trauma cases requiring blood transfusions are significant contributors to the market's expansion
- Blood banks, which provide a vital service by collecting, testing, storing, and distributing blood and blood components, are indispensable in healthcare. There is a consistent demand for their services in various medical procedures, including surgeries, cancer treatment, and management of blood disorders. The increase in these procedures globally correlates to a rise in the demand for safe and efficient blood supply systems, positively influencing the blood bank market
- Technological advancements are also playing a crucial role in market growth. Innovations in blood bank technology, including automated devices for blood collection and processing, advanced refrigeration and storage solutions, and enhanced screening and testing technologies, are improving efficiency and safety in blood banking
- The COVID-19 pandemic has brought an additional dynamic to the blood bank market. The pandemic initially caused a significant decrease in blood donations due to safety concerns and social distancing measures. However, it also led to increased awareness of the critical role of blood donations in healthcare, prompting initiatives to increase donation rates and improve blood bank operations
- Geographically, North America is currently leading the global market, due to factors such as advanced healthcare infrastructure, high awareness about blood donation, and the presence of key market players. However, the Asia-Pacific region is expected to witness rapid growth, driven by improving healthcare facilities, growing population, and increasing awareness about the importance of blood donation
- Despite these positive trends, the blood bank market faces challenges, including the risk of transmitting diseases through transfusions and the high cost of testing and storage equipment. Overcoming these challenges will be crucial to maintaining the market's growth trajectory
Key Players in the Global Blood Bank Market
The report gives an in-depth analysis of the key players involved in the blood bank market, sponsors manufacturing the drugs, and putting them through trials to get FDA approvals. The companies included in the market are as follows:- American Association of Blood Banks
- America's Blood Centers
- Australian Red Cross Society
- Blood Bank of Alaska
- Canadian Blood Services
- Japanese Red Cross Society
- New York Blood Centre
- Sanquin Blood Supply Foundation
- The American Red Cross
- Vitalant
Table of Contents
1 Preface
3 Global Blood Bank Market Overview
4 Global Blood Bank Market Landscape
5 Global Blood Bank Market Dynamics
6 Global Blood Bank Market Segmentation
7 North America Blood Bank Market
8 Europe Blood Bank Market
9 Asia Pacific Blood Bank Market
10 Latin America Blood Bank Market
11 Middle East and Africa Blood Bank Market
12 Patent Analysis
13 Grants Analysis
14 Funding Analysis
15 Partnership and Collaborations Analysis
16 Regulatory Framework
17 Supplier Landscape
18 Global Blood Bank Market - Distribution Model (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
21 Payment Methods (Additional Insight)
Companies Mentioned
- American Association of Blood Banks
- America's Blood Centers
- Australian Red Cross Society
- Blood Bank of Alaska
- Canadian Blood Services
- Japanese Red Cross Society
- New York Blood Centre
- Sanquin Blood Supply Foundation
- The American Red Cross
- Vitalant
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 147 |
| Published | April 2023 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value ( USD | $ 17.6 Billion |
| Forecasted Market Value ( USD | $ 25.4 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
